<SEC-DOCUMENT>0001104659-20-041302.txt : 20200401
<SEC-HEADER>0001104659-20-041302.hdr.sgml : 20200401
<ACCEPTANCE-DATETIME>20200331180537
ACCESSION NUMBER:		0001104659-20-041302
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		104
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200401
DATE AS OF CHANGE:		20200331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBUS MARITIME LTD
		CENTRAL INDEX KEY:			0001499780
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34985
		FILM NUMBER:		20763126

	BUSINESS ADDRESS:	
		STREET 1:		128 VOULIAGMENIS AVENUE 3RD FL
		STREET 2:		166 74 GLYFADA
		CITY:			ATHENS GREECE
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30 210 960 8300

	MAIL ADDRESS:	
		STREET 1:		128 VOULIAGMENIS AVENUE 3RD FL
		STREET 2:		166 74 GLYFADA
		CITY:			ATHENS GREECE
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>tm2014261d1_20f.htm
<DESCRIPTION>FORM 20-F
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on March 31, 2020</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 8.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>FORM 20-F</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 8.5pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp; OR</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9745;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><B>For
the fiscal year ended December 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">OR</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">OR</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; text-align: center; margin-bottom: 0">Date of event requiring this shell company report ________________</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>For the transition period from ___________ to ___________</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; text-align: center; margin-bottom: 0">Commission file number 001-34985</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Globus Maritime Limited</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Exact name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Translation of Registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Republic of the Marshall Islands</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Jurisdiction of Incorporation or Organization)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>128 Vouliagmenis Ave., 3rd Floor, 166 74 Glyfada,
Attica, Greece</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Athanasios Feidakis</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>128 Vouliagmenis Avenue, 3rd Floor</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>166 74 Glyfada, Attica, Greece</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Tel: +30 210 960 8300</B></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Facsimile:</B> &nbsp; <B>+30 210 960 8359</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Name, Telephone, E-mail and/or Facsimile Number and
Address of Company Contact Person)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Securities registered or to be registered pursuant to Section 12(b) of the
Act.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><U>Title&nbsp;of&nbsp;each&nbsp;class</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><U>Trading Symbol</U></FONT></TD>
    <TD STYLE="width: 41%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><U>Name&nbsp;of&nbsp;each&nbsp;exchange&nbsp;on&nbsp;which&nbsp;registered</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common&nbsp;Shares,&nbsp;par&nbsp;value&nbsp;$0.004&nbsp;per&nbsp; share</B></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>GLBS</B></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nasdaq&nbsp;Capital&nbsp;Market</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Securities registered or to be registered pursuant to Section 12(g) of the
Act.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>None</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Title of Class)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Securities for which there is a reporting obligation pursuant to Section
15(d) of the Act.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>None</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Title of Class)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">Indicate the number of outstanding shares of each of
the issuer&rsquo;s classes of capital or common stock as of the close of the period covered by the annual report.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>As of December 31, 2019, there were 5,227,159 shares of the
registrant&rsquo;s Common Shares outstanding.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&#9744; Yes <FONT STYLE="font-family: Wingdings">&#120;</FONT> &nbsp;&nbsp;No</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">If this report is an annual or transition report, indicate by check mark
if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&#9744; Yes <FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;&nbsp;
No</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Note &ndash; Checking the box above will not relieve any registrant required
to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant (1) has
filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Wingdings">&#120;</FONT> &nbsp;&nbsp;Yes &#9744; No</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Wingdings">&#120;</FONT>
&nbsp;&nbsp;Yes &#9744; No</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-accelerated filer.&nbsp;&nbsp;See definition of &ldquo;accelerated filer and
large accelerated filer&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Large accelerated filer &#9744;</FONT></TD>
    <TD STYLE="width: 28%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Accelerated filer &#9744;</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Non-accelerated
filer <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Emerging Growth Filer &#9744;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards&dagger; provided pursuant to Section 13(a) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 148.5pt">&#9744;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">&dagger; The term &ldquo;new or revised financial accounting standard&rdquo;
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5,
2012.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">Indicate by check mark which basis of accounting the registrant
has used to prepare the financial statements included in this filling:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-right: 0.8pt; padding-left: 0.5in; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">U.S.&nbsp;GAAP&nbsp; &#9744;</FONT></TD>
    <TD STYLE="width: 47%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">International Financial Reporting Standards as issued</FONT></TD>
    <TD STYLE="width: 27%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Other &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">by the
International Accounting Standards Board <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">If &ldquo;Other&rdquo; has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. <B>N/A</B>
 &nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">&#9744; Item 17&nbsp;&nbsp;&nbsp;&nbsp;&#9744; Item
18</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">If this is an annual report, indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp; &#9744; Yes <FONT STYLE="font-family: Wingdings">&#120;</FONT> No</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PAST FIVE YEARS)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant has filed
all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to
the distribution of securities under a plan confirmed by a court. <B>N/A</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; text-indent: 0.5in">&#9744; Yes &#9744; No</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in"><B>TABLE OF CONTENTS </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#cautionary">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#cautionary">3</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 15%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">PART I</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item1">Item 1.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item1">Identity of Directors, Senior Management and Advisers</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item1">5</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item2">Item 2.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item2">Offer Statistics and Expected Timetable</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item2">5</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item3">Item 3.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item3">Key Information</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item3">5</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item4">Item 4.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item4">Information on the Company</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item4">40</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item4a">Item 4A.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item4a">Unresolved Staff Comments</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item4a">60</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item5">Item 5.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item5">Operating and Financial Review and Prospects</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item5">60</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item6">Item 6.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item6">Directors, Senior Management and Employees</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item6">85</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item7">Item 7.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item7">Major Shareholders and Related Party Transactions</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item7">90</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item8">Item 8.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item8">Financial Information</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item8">94</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item9">Item 9.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item9">The Offer and Listing</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item9">95</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item10">Item 10.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item10">Additional Information</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item10">95</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item11">Item 11.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item11">Quantitative and Qualitative Disclosures About Market Risk</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item11">110</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item12">Item 12.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item12">Description of Securities Other than Equity Securities</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item12">111</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">PART II</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item13">Item 13.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item13">Defaults, Dividend Arrearages and Delinquencies</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item13">111</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item14">Item 14.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item14">Material Modifications to the Rights of Security Holders and Use of Proceeds</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item14">111</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item15">Item 15.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item15">Controls and Procedures</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item15">111</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16a">Item 16A.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16a">Audit Committee Financial Expert</A></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item16a">112</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16b">Item 16B.</A>   </FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16b">Code of Ethics</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item16b">112</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16c">Item 16C.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16c">Principal Accountant Fees and Services</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item16c">112</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16d">Item 16D.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16d">Exemptions from the Listing Standards for Audit Committees</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item16d">113</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16e">Item 16E.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16e">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item16e">113</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16f">Item 16F.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16f">Change in Registrant&rsquo;s Certifying Accountant</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item16f">113</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16g">Item 16G.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16g">Corporate Governance</A></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item16g">113</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16h">Item 16H.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item16h">Mining Safety Disclosure</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item16h">114</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">PART III</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item17">Item 17.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item17">Financial Statements</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item17">114</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item18">Item 18.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item18">Financial Statements</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item18">114</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item19">Item 19.</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#item19">Exhibits</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#item19">114</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><A HREF="#finindex">INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#finindex">F-1</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<a name=cautionary></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">This annual report on Form 20-F contains forward-looking
statements and information within the meaning of U.S. securities laws, and Globus Maritime Limited desires to take advantage of
the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The &ldquo;Company,&rdquo; &ldquo;Globus,&rdquo; &ldquo;Globus
Maritime,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to Globus Maritime Limited and its subsidiaries,
unless the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Forward-looking statements provide our current expectations
or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives,
intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Forward-looking
statements and information can generally be identified by the use of forward-looking terminology or words, such as &ldquo;anticipate,&rdquo;
 &ldquo;approximately,&rdquo; &ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;forecast,&rdquo;
 &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;pending,&rdquo; &ldquo;perceive,&rdquo; &ldquo;plan,&rdquo;
 &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;seeks,&rdquo; &ldquo;should,&rdquo; &ldquo;views&rdquo;
or similar words or phrases or variations thereon, or the negatives of those words or phrases, or statements that events, conditions
or results &ldquo;can,&rdquo; &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;must,&rdquo; &ldquo;would,&rdquo; &ldquo;could&rdquo;
or &ldquo;should&rdquo; occur or be achieved and similar expressions in connection with any discussion, expectation or projection
of future operating or financial performance, costs, regulations, events or trends. The absence of these words does not necessarily
mean that a statement is not forward-looking. Forward-looking statements and information are based on management&rsquo;s current
expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult
to predict.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Without limiting the generality of the foregoing, all
statements in this annual report on Form 20-F concerning or relating to estimated and projected earnings, margins, costs, expenses,
expenditures, cash flows, growth rates, future financial results and liquidity are forward-looking statements. In addition, we,
through our senior management, from time to time may make forward-looking public statements concerning our expected future operations
and performance and other developments. Such forward-looking statements are necessarily estimates reflecting our best judgment
based upon current information and involve a number of risks and uncertainties. Other factors may affect the accuracy of these
forward-looking statements and our actual results may differ materially from the results anticipated in these forward-looking statements.
While it is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated
by us may include, but are not limited to, those factors and conditions described under &ldquo;Item 3.D.&nbsp;&nbsp;Risk Factors&rdquo;
as well as general conditions in the economy, dry bulk industry and capital markets. We undertake no obligation to revise any forward-looking
statement to reflect circumstances or events after the date of this annual report on Form 20-F or to reflect the occurrence of
unanticipated events or new information, other than any obligation to disclose material information under applicable securities
laws. Forward-looking statements appear in a number of places in this annual report on Form 20-F including, without limitation,
in the sections entitled &ldquo;Item 5.&nbsp;&nbsp;Operating and Financial Review and Prospects,&rdquo; &ldquo;Item 4.A.&nbsp;&nbsp;History
and Development of the Company&rdquo; and &ldquo;Item 8.A.&nbsp;&nbsp;Consolidated Statements and Other Financial Information&mdash;Dividend
Policy.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Terms Used in this Annual Report on Form 20-F</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">References to our common shares are references to Globus
Maritime Limited&rsquo;s registered common shares, par value $0.004 per share, or, as applicable, the ordinary shares of Globus
Maritime Limited prior to our redomiciliation into the Marshall Islands on November 24, 2010.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">References to our Class B shares are references to
Globus Maritime Limited&rsquo;s registered Class B shares, par value $0.001 per share, none of which are currently outstanding.
We refer to both our common shares and Class B shares as our shares. References to our shareholders are references to the holders
of our common shares and Class B shares. References to our Series A Preferred Shares are references to our shares of Series A preferred
stock, par value $0.001 per share, none of which were outstanding on December 31, 2018 and 2019 as well as on the date of this
annual report on Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">On July 29, 2010, we effected
a four-for-one reverse split of our common shares. On October 20, 2016, we effected a four-for-one reverse stock split which reduced
the 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 the 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 in this annual report on Form 20-F have been adjusted to give effect to these reverse splits.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Unless otherwise indicated, all references to &ldquo;dollars&rdquo;
and &ldquo;$&rdquo; in this annual report on Form 20-F are to, and amounts are presented in, U.S. dollars. References to our ships,
our vessels or out fleet relates to the ships that we own, unless context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Rounding</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Certain financial information has been rounded, and,
as a result, certain totals shown in this annual report on Form 20-F may not equal the arithmetic sum of the figures that should
otherwise aggregate to those totals.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>PART I</B></P>

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<A name=item1></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 1.&nbsp;&nbsp;Identity of Directors, Senior
Management and Advisers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item2></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 2.&nbsp;&nbsp;Offer Statistics and Expected
Timetable</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item3></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 3.&nbsp;&nbsp;Key Information</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>A.&nbsp;&nbsp;Selected Financial
Data</I></B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following tables set forth our selected consolidated
financial and operating data. The summary consolidated financial data as of and for the years ended December 31, 2019, 2018, 2017,
2016 and 2015 are derived from our audited consolidated financial statements, which have been prepared in accordance with International
Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. The data set forth
below should be read in conjunction with &ldquo;Item 5.&nbsp;&nbsp;Operating and Financial Review and Prospects&rdquo; and our
audited consolidated financial statements, related notes and other financial information included elsewhere in this annual report
on Form 20-F for the years 2017, 2018 and 2019. The data for the years 2015 and 2016 are included in prior year annual reports
on Form 20-F. Results of operations in any period are not necessarily indicative of results in any future period.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Year
    Ended December 31,</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Expressed
    in Thousands of U.S. Dollars, except per share data)</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Consolidated Statement
    of comprehensive loss</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Voyage
    revenues<I>(1)</I></FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">15,623</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">17,354</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">13,852</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">8,423</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">12,252</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Management
    fee income</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">278</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">15,623</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">17,354</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">13,883</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">8,701</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">12,252</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Voyage
    expenses<I>(1)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,098</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,188</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,352</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(954</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,921</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Vessel
    operating expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(8,882</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(9,925</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(9,135</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(8,688</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(10,321</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,721</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,601</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,854</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(5,014</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(6,085</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation
    of drydocking costs</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,704</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,166</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(862</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,005</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,062</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Amortization
    of fair value of time charter attached to vessels</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(41</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Administrative
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,583</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,356</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,224</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,094</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,751</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Administrative
    expenses payable to related parties</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(371</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(528</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(514</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(351</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(465</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share-based
    payments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(40</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(40</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(40</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(50</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(60</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Impairment
    loss</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(29,902</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(20,144</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gain
    from sale of subsidiary</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,257</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other
    (expenses)/income, net</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(30</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(110</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Operating
    (loss)/profit before financing activities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(33,649</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,448</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,015</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(7,228</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(29,708</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest
    income</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest
    expense and finance costs</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,703</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,056</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,221</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,676</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,783</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gain/(Loss)
    on derivative financial instruments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,950</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(131</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Foreign
    exchange gains/(losses), net</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">67</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(242</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">74</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">87</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    comprehensive loss for the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(36,351</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,568</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(6,475</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(9,825</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(32,396</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(0,0,0) 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Basic earnings/(loss) per share for the year<I>(2)</I></FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">(8.73</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">(1.11</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">(2.51</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">(37.73</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">(126.22</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Diluted earnings/(loss) per share for the year<I>(2)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(8.73</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1.11</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(2.51</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(37.73</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(126.22</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Weighted average number of common shares, basic<I>(2)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,165,919</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,200,927</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,574,995</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">260,384</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">256,667</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Weighted average number of common shares, diluted<I>(2)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,165,919</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,200,927</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,574,995</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">260,384</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">256,667</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">Dividends declared per common share</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">Dividends declared per Series A Preferred Share</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">174.65</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA <I>(3)</I> (unaudited)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,678</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,319</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,701</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(3,466</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(2,376</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(1) In respect of the election to apply IFRS 15
fully retrospectively, prior year figures have been adjusted in order to present Voyage revenues net of address commissions. Address
commissions prior to the adoption of IFRS 15 were included in Voyage expenses.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(2) These figures reflect the 4-1 reverse stock
split which occurred in October 2016 and the 10-1 reverse stock split which occurred in October 2018.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(3) Adjusted EBITDA represents net earnings before
interest and finance costs net, gains or losses from the change in fair value of derivative financial instruments, foreign exchange
gains or losses, income taxes, depreciation, depreciation of drydocking costs, amortization of fair value of time charter attached
to vessels, impairment and gains or losses from sale of vessels. Adjusted EBITDA does not represent and should not be considered
as an alternative to total comprehensive income/(loss) or cash generated from operations, as determined by IFRS, and our calculation
of Adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is not a recognized measurement under
IFRS.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>Adjusted EBITDA is included herein because it is a basis upon which we
assess our financial performance and because we believe that it presents useful information to investors regarding a company&rsquo;s
ability to service and/or incur indebtedness and it is frequently used by securities analysts, investors and other interested parties
in the evaluation of companies in our industry.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>Adjusted EBITDA has limitations as an analytical tool, and you should
not consider it in isolation, or as a substitute for analysis of our results as reported under IFRS. Some of these limitations
are:</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 91%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><I>Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 91%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><I>Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt;</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 91%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><I>Adjusted EBITDA does not reflect changes in or cash requirements for our working capital needs; and</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 91%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><I>other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>Because of these limitations, Adjusted EBITDA should not be considered
a measure of discretionary cash available to us to invest in the growth of our business.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table sets forth a reconciliation of
Adjusted EBITDA (unaudited) to total comprehensive loss for the periods presented:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Expressed&nbsp;in&nbsp;Thousands&nbsp;of&nbsp;U.S.&nbsp;Dollars)</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    comprehensive loss for the year</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(36,351</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,568</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(6,475</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(9,825</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(32,396</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest
    and finance costs, net</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,656</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,056</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,218</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,671</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,775</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(Gain)/loss
    on derivative financial instruments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,950</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">131</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Foreign
    exchange (gains)/losses, net</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(67</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">242</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(74</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(87</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,721</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,601</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,854</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5,014</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">6,085</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation
    of drydocking costs</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,704</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,166</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">862</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,005</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,062</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Amortization
    of fair value of time charter attached to vessels</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Impairment
    Loss</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">29,902</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">20,144</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Gain<FONT STYLE="font-size: 10pt">
    from sale of subsidiary</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,257</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA (unaudited)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,678</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,319</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,701</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,466</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,376</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">As
    of&nbsp;December&nbsp;31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Expressed&nbsp;in&nbsp;Thousands&nbsp;of&nbsp;U.S.&nbsp;Dollars)</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Statements
    of financial position data</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    non-current assets</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">50,167</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">83,880</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">87,373</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">91,847</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">110,140</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    current assets (including &ldquo;Non-current assets classified as held for sale&rdquo;)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5,489</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,794</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,230</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,149</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,697</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    assets</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">55,656</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">86,674</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">91,603</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">93,996</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">114,837</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    equity</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">9,879</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">41,050</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">43,968</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">20,760</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">30,535</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    non-current liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,046</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,418</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">82</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">42,100</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">14,673</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    current liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">8,731</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">43,206</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">47,553</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">31,136</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">69,629</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    equity and liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">55,656</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">86,674</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">91,603</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">93,996</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">114,837</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year&nbsp;Ended&nbsp;December&nbsp;31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consolidated
    statements of cash flows data</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net
    cash generated/(used in) from operating activities</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">213</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3,851</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">631</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,600</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(60</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net cash
    (used in)/generated from investing activities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(20</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(126</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(263</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">362</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5,351</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net cash
    (used in)/generated from financing activities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,127</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(6,435</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,225</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,396</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(8,369</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Year&nbsp;Ended&nbsp;December&nbsp;31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font-size: 10pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Ownership days(1)</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,825</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,825</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,825</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,908</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2,380</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Available days(2)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,788</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,755</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,787</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,885</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2,336</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Operating days(3)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,756</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,723</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,745</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,830</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2,252</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Bareboat
    charter days(4)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Fleet utilization(5)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">98.2%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">98.2%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">97.6%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">97.1%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">96.4%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Average number of vessels(6)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">6.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Daily time
    charter equivalent (TCE) rate(7)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">7,564</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">9,213</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">6,993</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">3,962</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,333</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Daily operating
    expenses(8)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,867</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5,438</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5,005</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,553</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,337</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(1) Ownership days are the aggregate number of days
in a period during which each vessel in our fleet has been owned by us.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(2) Available days are the number of our ownership
days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel
upgrades or special surveys.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(3) Operating days are the number of available days
in a period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(4) Bareboat charter days are the aggregate number
of days in a period during which the vessels in our fleet are subject to a bareboat charter. </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(5) We calculate fleet utilization by dividing the
number of our operating days during a period by the number of our available days during the period.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(6) Average number of vessels is measured by the
sum of the number of days each vessel was part of our fleet during a relevant period divided by the number of calendar days in
such period.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(7) Time Charter Equivalent (TCE) rates are our
revenue less net revenue from our bareboat charters less voyage expenses during a period divided by the number of our available
days during the period excluding bareboat charter days. TCE is a measure not in accordance with generally accepted accounting principles,
or GAAP. Please read &ldquo;Item 5.&nbsp;Operating and Financial Review and Prospects.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(8) We calculate daily vessel operating expenses
by dividing vessel operating expenses by ownership days for the relevant time period excluding bareboat charter days.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table reflects the Voyage Revenues to
Daily Time Charter Equivalent Reconciliation for the periods presented.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year&nbsp;Ended&nbsp;December&nbsp;31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Expressed&nbsp;in&nbsp;Thousands&nbsp;of&nbsp;U.S.&nbsp;Dollars,
    except&nbsp;number&nbsp;of&nbsp;days&nbsp;and&nbsp;daily TCE&nbsp;rates)</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Voyage
    revenues</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">15,623</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">17,354</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">13,852</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">8,423</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">12,252</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Less: Voyage
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,098</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,188</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,352</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">954</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,921</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Less:
    bareboat charter net revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">304</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net revenue
    excluding bareboat charter net revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">13,525</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">16,166</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">12,500</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">7,469</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">10,027</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Available
    days net of bareboat charter days</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,788</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,755</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,787</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,885</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,314</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Daily TCE rate*</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">7,564</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9,213</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">6,993</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,962</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,333</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">*The amounts are subject to rounding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>B. Capitalization and Indebtedness</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>C.&nbsp;&nbsp;Reasons for
the Offer and Use of Proceeds</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>D.&nbsp;&nbsp;Risk Factors</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>This annual report on Form 20-F contains forward-looking
statements and information within the meaning of U.S. securities laws that involve risks and uncertainties. Our actual results
may differ materially from the results discussed in the forward-looking statements and information. Factors that may cause such
a difference include those discussed below and elsewhere in this annual report on Form 20-F.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Some of the following risks relate principally to
the industry in which we operate and our business in general. Other risks relate principally to the securities market and ownership
of our common shares. The occurrence of any of the events described in this section could significantly and negatively affect our
business, financial condition, operating results, and ability to pay dividends or the trading price of our common shares.</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Risks relating to Our Industry</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The international dry bulk shipping industry
is cyclical and volatile. </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The international seaborne transportation industry
is cyclical and has high volatility in charter rates, vessel values and profitability. Fluctuations in charter rates result from
changes in the supply and demand for vessel capacity and changes in the supply and demand for energy resources, commodities, semi-finished
and finished consumer and industrial products internationally carried at sea. Since the early part of 2009, rates have been volatile
and low, relative to previous years. In 2018 rates were relatively stable throughout the year. In 2019 although the rates reduced
again at the beginning, they reached a peak during the third quarter, followed by a decreasing trend again. In the beginning of
2020 the rates continued to drop and have reached close to the all-time low. Currently all of our vessels are chartered on short-term
time charters and on the spot market, and we are exposed therefore to changes in spot market and short-term charter rates for dry
bulk vessels and such changes affect our earnings and the value of our dry bulk vessels at any given time. The supply of and demand
for shipping capacity strongly influences freight rates. The factors affecting the supply and demand for vessels are outside of
our control, and the nature, timing and degree of changes in industry conditions are unpredictable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Factors that influence demand for vessel capacity include:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>port and canal congestion charges;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values and demand for and
production of dry bulk products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>global and regional economic and political conditions, including exchange rates, trade deals, and the rate and geographic distributions
of economic growth;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>environmental and other regulatory developments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the distance dry bulk cargoes are to be moved by sea;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>changes in seaborne and other transportation patterns; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>natural disasters and/or world pandemics such as the COVID-19 that has disrupted the markets worldwide.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Factors that influence the supply of vessel capacity
include:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the size of the newbuilding orderbook;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the price of steel and vessel equipment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>technological advances in vessel design and capacity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the number of newbuild deliveries, which among other factors relates to the ability of shipyards to deliver newbuilds by contracted
delivery dates and the ability of purchasers to finance such newbuilds;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the scrapping rate of older vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>port and canal congestion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the number of vessels that are in or out of service, including due to vessel casualties; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>changes in environmental and other regulations that may limit the useful lives of vessels.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition to the prevailing and anticipated freight
rates, factors that affect the rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values
in relation to scrap prices, costs of bunkers and other operating costs, costs associated with classification society surveys,
normal maintenance costs, insurance coverage costs, the efficiency and age profile of the existing dry bulk fleet in the market,
and government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations.
These factors influencing the supply of and demand for shipping capacity are outside of our control, and we may not be able to
correctly assess the nature, timing and degree of changes in industry conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We anticipate that the future demand for our dry bulk
vessels and charter rates will be dependent upon continued economic growth in the world&rsquo;s economies, seasonal and regional
changes in demand and changes to the capacity of the global dry bulk vessel fleet and the sources and supply of dry bulk cargo
to be transported by sea. Adverse economic, political, social or other developments could negatively impact charter rates and therefore
have a material adverse effect on our business, results of operations and ability to pay dividends. We may also decide that it
makes economic sense to lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels
will not be able to earn any hire.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The dry bulk vessel charter market remains significantly
below its high in 2008.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The revenues, earnings and profitability of companies
in our industry are affected by the charter rates that can be obtained in the market, which is volatile and has experienced significant
declines since its highs in the middle of 2008. The Baltic Dry Index, or the BDI, which is published daily by the Baltic Exchange
Limited, or the Baltic Exchange, a London-based membership organization that provides daily shipping market information to the
global investing community, is an average of selected ship brokers&rsquo; assessments of time charter rates paid by a customer
to hire a dry bulk vessel to transport dry bulk cargoes by sea. The BDI has long been viewed as the main benchmark to monitor the
movements of the dry bulk vessel charter market and the performance of the entire dry bulk shipping market. The BDI declined from
a high of 11,793 in May 2008 to a low of 663 in December 2008, which represents a decline of 94% within a single calendar year.
Since 2009, the BDI has remained fairly depressed compared to historical numbers. The BDI reached a new all-time low of 290 on
February 10, 2016. In 2017 rates increased and the BDI went as high as 1,743 on December 12, 2017. In 2018 the BDI ranged from
948 to 1,774 and in 2019 from 595 to 2,518. On February 10, 2020, the BDI dropped to 411, representing an over 80% decrease from
the rates in the third quarter of 2019. The dry bulk market remains volatile and significantly depressed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The decline and volatility in charter rates in the
dry bulk market also affects the value of our dry bulk vessels, which follows the trends of dry bulk charter rates, and earnings
on our charters, and similarly affects our cash flows, liquidity and compliance with the covenants contained in our loan arrangements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The international shipping industry and dry bulk
market are highly competitive.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The shipping industry and dry bulk market are capital
intensive and highly fragmented with many charterers, owners and operators of vessels and are characterized by intense competition.
Competition arises primarily from other vessel owners, some of whom have substantially greater resources than we do. The trend
towards consolidation in the industry is creating an increasing number of global enterprises capable of competing in multiple markets,
which may result in a greater competitive threat to us. Our competitors may be better positioned to devote greater resources to
the development, promotion and employment of their businesses than we are. Competition for the transportation of cargo by sea is
intense and depends on customer relationships, operating expertise, professional reputation, price, location, size, age, environmental,
social, and governance criteria, condition and the acceptability of the vessel and its operators to the charterers. Competition
may increase in some or all of our principal markets, including with the entry of new competitors, who may operate larger fleets
through consolidations or acquisitions and may be able to sustain lower charter rates and offer higher quality vessels than we
are able to offer. We may not be able to continue to compete successfully or effectively with our competitors and our competitive
position may be eroded in the future, which could have an adverse effect on our fleet utilization and, accordingly, business, financial
condition, results of operations and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The Euro may not be stable and countries may
not be able to refinance their debts.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As a result of the credit crisis in Europe, in particular
in Greece, Cyprus, Italy, Ireland, Portugal and Spain, concerns persist regarding the debt burden of certain Eurozone countries
and their ability to meet future financial obligations and the overall stability of the Euro. Despite efforts by European Council
in establishing the European Financial Stability Facility and the European Stability Mechanism, and the work of central bankers
to renegotiate sovereign debt, concerns persist regarding the debt burden of Eurozone countries, their ability to meet future financial
obligations, and the overall stability of the Euro. As we earn revenue in United States Dollars, the strengthening of the Euro
(with which we pay some of our expenses) as compared to the United States Dollar could increase our expenses. An extended period
of adverse development in the outlook for European countries could reduce the overall demand for dry bulk cargoes and for our services.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white"><B><I>We are exposed to political,
social and macroeconomic risks relating to the United Kingdom&rsquo;s exit from the European Union.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">In January 2020, the United
Kingdom withdrew from the European Union (commonly referred to as &ldquo;Brexit&rdquo;). There are a number of areas of uncertainty
in connection with the future of the United Kingdom and its relationship with the EU, which uncertainty may take years to fully
resolve. It is not currently possible to determine the impact that the United Kingdom&rsquo;s departure from the EU and/or any
related matters may have on general economic conditions in the United Kingdom or the EU. The exit of the United Kingdom (or any
other country) from the EU or prolonged periods of uncertainty relating to any of these possibilities could result in significant
macroeconomic deterioration, including, but not limited to, further decreases in global stock exchange indices,
increased foreign exchange volatility, decreased GDP in the European Union or other markets in which we operate, issues with cross-border
trade, political and regulatory uncertainty and further sovereign credit downgrades. In addition, there could be changes to tax
regulation affecting the repatriation of dividends from other countries, which may negatively affect us. Additionally, the impact
of potential changes to the United Kingdom&rsquo;s migration policy could adversely impact our employees of non-U.K. nationality
currently working in the United Kingdom as well as have an uncertain impact on cross-border labor.&nbsp;The potential loss of the
EU &ldquo;passport&rdquo;, or any other potential restrictions on free travel of UK citizens to Europe, and vice versa, could adversely
impact the jobs market in general and our operations in Europe. Finally, Brexit is likely to lead to legal uncertainty in areas
such as data protection, taxation, and potentially divergent national laws and regulations as the UK determines which EU laws to
replace or replicate, including the GDPR. Any of these effects of Brexit, and others we cannot anticipate, could adversely affect
our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Disruptions in global financial markets from terrorist
attacks, regional armed conflicts, general political unrest, the emergence of a pandemic or epidemic crisis and the resulting governmental
action could have a material adverse impact on our results of operations, financial condition and cash flows. </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Terrorist attacks in certain parts of the world and
the continuing response of the United States and other countries to these attacks, as well as the threat of future terrorist attacks,
continue to cause uncertainty and volatility in the world financial markets and may affect our business, results of operations
and financial condition. The continuing refugee crisis in the European Union, the continuing war in Syria and the presence of terrorist
organizations in the Middle East, conflicts and turmoil in Yemen, Iraq, Afghanistan and Iran, general political unrest in Ukraine,
political tension, continuing concerns relating to Brexit (as defined herein), concerns regarding the recent emergence of the COVID19,
and its spread throughout Asia, Europe, North America and other parts of the world, and other viral outbreaks or conflicts in the
Asia Pacific Region such as in the South China Sea, mainland China and North Korea have led to increased volatility in global credit
and equity markets. Further, as a result of the ongoing political, social and economic turmoil in Greece resulting from the sovereign
debt crisis and the influx of refugees from Syria and other areas, the operations of our Manager located in Greece may be subjected
to new regulations and potential shift in government policies that may require us to incur new or additional compliance or other
administrative costs and may require the payment of new taxes or other fees. We also face the risk that strikes, work stoppages,
civil unrest and violence within Greece may disrupt the shoreside operations of our Manager located in Greece.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, global financial markets and economic
conditions have been severely disrupted and volatile in recent years and remain subject to significant vulnerabilities, such as
the deterioration of fiscal balances and the rapid accumulation of public debt, continued deleveraging in the banking sector and
a limited supply of credit. Credit markets as well as the debt and equity capital markets were exceedingly distressed during 2008
and 2009 and have been volatile since that time. The resulting uncertainty and volatility in the global financial markets may accordingly
affect our business, results of operations and financial condition. These uncertainties, as well as future hostilities or other
political instability in regions where our vessels trade, could also affect trade volumes and patterns and adversely affect our
operations, and otherwise have a material adverse effect on our business, results of operations and financial condition, as well
as our cash flows and cash available for distributions to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Specifically, these issues, along with the re-pricing
of credit risk and the difficulties currently experienced by financial institutions, have made, and will likely continue to make
it difficult to obtain financing. As a result of the disruptions in the credit markets and higher capital requirements, many lenders
have increased margins on lending rates, enacted tighter lending standards, required more restrictive terms (including higher collateral
ratios for advances, shorter maturities and smaller loan amounts), or have refused to refinance existing debt at all. Furthermore,
certain banks that have historically been significant lenders to the shipping industry have reduced or ceased lending activities
in the shipping industry. Additional tightening of capital requirements and the resulting policies adopted by lenders, could further
reduce lending activities. We may experience difficulties obtaining financing commitments or be unable to fully draw on the capacity
under our committed term loans in the future if our lenders are unwilling to extend financing to us or unable to meet their funding
obligations due to their own liquidity, capital or solvency issues. We cannot be certain that financing will be available on acceptable
terms or at all. If financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet
our future obligations as they come due. Our failure to obtain such funds could have a material adverse effect on our business,
results of operations and financial condition, as well as our cash flows, including cash available for distributions to our shareholders.
In the absence of available financing, we also may be unable to take advantage of business opportunities or respond to competitive
pressures.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The current state of the global financial markets
and current economic conditions may adversely impact the dry bulk shipping industry.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Global financial markets and economic conditions have
been, and continue to be, volatile. Recently, operating businesses in the global economy have faced tightening credit, weakening
demand for goods and services, deteriorating international liquidity conditions, and declining markets. There has been a general
decline in the willingness by banks and other financial institutions to extend credit, particularly in the shipping industry, due
to the historically volatile asset values of vessels. As the shipping industry is highly dependent on the availability of credit
to finance and expand operations, it has been negatively affected by this decline.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Also, as a result of concerns about the stability of
financial markets generally and the solvency of counterparties specifically, the cost of obtaining money from the credit markets
has increased as many lenders have increased interest rates, enacted tighter lending standards, refused to refinance existing debt
at all or on terms similar to current debt and reduced, and in some cases ceased, to provide funding to borrowers. Due to these
factors, we cannot be certain that financing will be available if needed and to the extent required, on acceptable terms. If financing
is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come
due or we may be unable to enhance our existing business, complete additional vessel acquisitions or otherwise take advantage of
business opportunities as they arise.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If the current global economic environment persists
or worsens, we may be negatively affected in the following ways:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">&bull;</TD><TD>we may not be able to employ our vessels at charter rates as favorable to us as historical rates or operate our vessels profitably;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">&bull;</TD><TD>the market value of our vessels could decrease, which may cause us to recognize losses if any of our vessels are sold.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, lower demand for dry bulk cargoes as well
as diminished trade credit available for the delivery of such cargoes have led to decreased demand for dry bulk carriers, creating
downward pressure on charter rates and vessel values. The relatively weak global economic conditions have and may continue to have
a number of adverse consequences for dry bulk and other shipping sectors, including, among other things:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">low charter rates, particularly for vessels employed on short-term time charters or in the spot market;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">decreases in the market value of dry bulk vessels and limited secondhand market for the sale of vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">limited financing for vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">widespread loan covenant defaults; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">declaration of bankruptcy by certain vessel operators, vessel owners, shipyards and charterers.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The occurrence of any of the foregoing could have a
material adverse effect on our business, results of operations, cash flows and financial condition. We may also decide that it
makes economic sense to lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels
will not be able to earn any hire.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We depend on spot charters in volatile shipping
markets.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We currently charter all five vessels we own on the
spot charter market. The spot charter market is highly competitive and spot charter rates may fluctuate significantly based upon
available charters and the supply of and demand for seaborne shipping capacity. While our focus on the spot market may enable us
to benefit if industry conditions strengthen, we must consistently procure spot charter business. Conversely, such dependence makes
us vulnerable to declining market rates for spot charters and to the off-hire periods including ballast passages. Rates within
the spot charter market are subject to volatile fluctuations while longer-term time charters provide income at pre-determined rates
over more extended periods of time. There can be no assurance that we will be successful in keeping our vessels fully employed
in these short-term markets or that future spot rates will be sufficient to enable the vessels to be operated profitably. At current
spot charter rates, we don&rsquo;t believe that we will be operating profitably. A significant decrease in charter rates would
affect value and further adversely affect our profitability, cash flows and ability to pay dividends. We cannot give assurances
that future available spot charters will enable us to operate our vessels profitably.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may also decide that it makes economic sense to
lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn
any hire.</P>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>An over-supply of dry bulk carrier capacity may depress charter rates.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The market supply of dry bulk vessels has been increasing
as a result of the delivery of numerous newbuilding orders over the last few years. Newbuildings were delivered in significant
numbers starting at the beginning of 2006 and continued to be delivered through 2019, even though the fleet growth percentage has
substantially reduced during the last years. An oversupply of dry bulk vessel capacity, particularly during a period of economic
recession, may result in a reduction of charter hire rates. If we cannot enter into charters on acceptable terms, we may have to
secure charters on the spot market, where charter rates are more volatile and revenues are, therefore, less predictable, or we
may not be able to charter our vessels at all. In addition, a material increase in the net supply of dry bulk vessel capacity without
corresponding growth in dry bulk vessel demand could have a material adverse effect on our fleet utilization (including ballast
days) and our charter rates generally, and could, accordingly, materially adversely affect our business, financial condition, results
of operations and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may also decide that it makes economic sense to
lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn
any hire.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The market values of our vessels have declined,
and may decline further and have triggered certain financial covenants under our existing and potentially future loan and credit
facilities. </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The market value of dry bulk vessels has generally
experienced high volatility, and is currently at a low value. The market prices for secondhand and newbuilding dry bulk vessels
in the recent past have declined from historically high levels to low levels within a short period of time. Especially, as of December
31, 2019, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized
an impairment loss of approximately $29.9 million. The market value of our vessels may increase and decrease depending on a number
of factors including:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: justify">prevailing level of charter rates;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">age of vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the environmental friendliness of our vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">general economic and market conditions affecting the shipping industry;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">competition from other shipping companies;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">configurations, sizes and ages of vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">supply and demand for vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">other modes of transportation;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">cost of newbuildings;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">governmental or other regulations; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">technological advances.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our loan agreement with EnTrust Global&rsquo;s Blue
Ocean Fund (&ldquo;EnTrust Loan Facility&rdquo;) is secured by mortgages on our vessels, and requires us to maintain specified
collateral coverage ratios and to satisfy financial covenants, including requirements based on the market value of our vessels
and our liquidity. Our previous loan facilities had similar requirements, and we expect any future loan agreements to have similar
collateral requirements and provisions. Since the middle of 2008, the prevailing conditions in the dry bulk charter market coupled
with the general difficulty in obtaining financing for vessel purchases have led to a significant decline in the market values
of our vessels. Furthermore, such loan agreement contains a cross-default provision that may be triggered by a default under any
other financial indebtedness we may incur in an aggregate amount greater than $1,000,000. Our Convertible Note (&ldquo;for details
see Item 4.&nbsp;&nbsp;Information on the Company&rdquo;) also contains a cross-default provision that is triggered upon a material
default or an event of default under the existing agreements which would or is likely to have a material adverse effect on the
Company or any of its subsidiaries, individually or in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, we satisfied the covenants
included in our EnTrust Loan Facility. For a more detailed discussion see Item 5.B Liquidity and Capital Resources&mdash;Indebtedness
and Note 11 in the Consolidated Financial Statements included herewith.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Further declines of market values of our vessels may
affect our ability to comply with various covenants and could also limit the amount of funds we are permitted to borrow under our
current or future loan arrangements. Being in breach with the financial and other covenants under the EnTrust Loan Facility, our
lenders could accelerate our indebtedness and foreclose on vessels in our fleet, which would significantly impair our ability to
continue to conduct our business. If our indebtedness were accelerated in full or in part, it would be very difficult in the current
financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels if our lenders
foreclose upon their liens, which would adversely affect our business, financial condition, ability to continue our business and
pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For a more detailed discussion on our loan covenants
and cross-default provisions, see &ldquo;Item 5.B Liquidity and Capital Resources&mdash;Indebtedness.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If we sell any vessel at a time when vessel prices
have fallen and before we have recorded an impairment adjustment to our consolidated financial statements, the sale price may be
agreed at a value lower than the vessel&rsquo;s depreciated book value as in our consolidated financial statements at that time,
resulting in a loss and a respective reduction in earnings. If the market values of our vessels decrease, such decrease and its
effects could have a material adverse effect on our business, financial condition, results of operations and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If a determination is made that a vessel&rsquo;s future
useful life is limited or its future earnings capacity is reduced, it could result in an impairment of its value on our consolidated
financial statements that would result in a charge against our earnings and the reduction of our stockholders&rsquo; equity. These
impairment costs could be very substantial.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Our industry is subject to complex laws and regulations.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our operations are subject to numerous laws and regulations
in the form of international conventions and treaties, national, state and local laws and national and international regulations
in force in the jurisdictions in which our vessels operate or are registered, which can significantly affect the ownership and
operation of our vessels. These requirements include but are not limited to: U.S. Oil Pollution Act 1990, as amended, which we
refer to as OPA; International Convention for the Safety of Life at Sea, 1974, as amended, which we refer to as SOLAS; International
Convention on Load Lines, 1966; International Convention for the Prevention of Pollution from Ships, 1973, as amended by the 1978
Protocol, which we refer to as MARPOL; International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001, which
we refer to as the Bunker Convention; International Convention on Liability and Compensation for Damage in Connection with the
Carriage of Hazardous and Noxious Substances by Sea, 1996, as superseded by the 2010 Protocol, which we refer to as the HNS Convention;
International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by the 1992 Protocol and further amended
in 2000, which we refer to as the CLC; International Convention on the Establishment of an International Fund for Compensation
for Oil Pollution Damage, 1971, as amended, which we refer to as the Fund Convention; and Marine Transportation Security Act of
2002, which we refer to as the MTSA.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Government regulation of vessels, particularly in the
area of environmental requirements, can be expected to become more stringent in the future and could require us to incur significant
capital expenditures on our vessels to keep them in compliance, or even to scrap or sell certain vessels altogether. Compliance
with such laws, regulations and standards, where applicable, may require installation of costly equipment or operational changes
and increased management costs and may affect the resale value or useful lives of our vessels. We may also incur additional costs
in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air
emissions, the management of ballast water, recycling of vessels, maintenance and inspection, elimination of tin-based paint, development
and implementation of safety and emergency procedures and insurance coverage or other financial assurance of our ability to address
pollution incidents. For instance, the International Maritime Organization global 0.5% sulphur cap on marine fuels came into force
on January 1, 2020, as stipulated in 2008 amendments to Annex VI to the International Convention for the Prevention of Pollution
from ships (&ldquo;MARPOL&rdquo;). Our vessels require pricier low-sulphur fuel, which may reduce the amount charterers are willing
to pay to charter our vessels. These and other costs could have a material adverse effect on our business, results of operations,
cash flows and financial condition and our ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These requirements can also affect the resale prices
or useful lives of our vessels or require reductions in capacity, vessel modifications or operational changes or restrictions.
Failure to comply with these requirements could lead to decreased availability of or more costly insurance coverage for environmental
matters or result in the denial of access to certain jurisdictional waters or ports, or detention in certain ports. Under local,
national and foreign laws, as well as international treaties and conventions, we could incur material liabilities, including cleanup
obligations and claims for impairment of the environment, personal injury and property damages in the event that there is a release
of petroleum or other hazardous materials from our vessels or otherwise in connection with our operations. Violations of, or liabilities
under, environmental regulations can result in substantial penalties, fines and other sanctions, including, in certain instances,
seizure or detention of our vessels. Events of this nature would have a material adverse effect on our business, financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The operation of our vessels is affected by the requirements
set forth in the International Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code. The ISM
Code requires the party with operational control of the vessel to develop, implement and maintain an extensive &ldquo;Safety Management
System&rdquo; that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions
and procedures for safe vessel operation and protection of the environment and describing procedures for dealing with emergencies.
Further details in relation to the ISM Code are set out below in the section headed &ldquo;Environmental and Other Regulations&rdquo;.
The failure of a shipowner or bareboat charterer to comply with the ISM Code may subject it to increased liability, and, if the
implementing legislation so provides, to criminal sanctions, may invalidate or result in the loss of existing insurance or decrease
available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.
In addition, if we fail to maintain ISM Code certification for our vessels, we may also breach covenants in certain of our credit
and loan facilities that require that our vessels be ISM-Code certified. If we breach such covenants due to failure to maintain
ISM Code certification and are unable to remedy the relevant breach, our lenders could accelerate our indebtedness and foreclose
on the vessels in our fleet securing those credit and loan facilities. As of the date of this annual report on Form 20-F, each
of our vessels is ISM Code-certified.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin: 0 0 9pt; text-align: justify; text-indent: 0in">Climate change
and greenhouse gas restrictions may be imposed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Due to concern over the risk of climate change, a number
of countries and the International Maritime Organization, or IMO, have adopted, or are considering the adoption of, regulatory
frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among others, adoption of cap and trade regimes,
carbon taxes, increased efficiency standards and incentives or mandates for renewable energy. For instance, the International Maritime
Organization imposed a global 0.5% sulphur cap on marine fuels which came into force on January 1, 2020. Our vessels do not have
scrubbers&mdash;air filters that remove sulphur, once burned, from the exhaust emitted by lower-cost, high-sulphur fuel, which
thereby allow ships to burn lower-cost, high-sulphur fuel despite the IMO&rsquo;s cap on sulphur in marine fuels&mdash;and now
require pricier low-sulphur fuel, which may reduce the amount charterers are willing to pay to charter our vessels. In addition,
charterers may focus on how environmentally friendly our vessels are, generally, and our rates may be adjusted downwards accordingly.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We discuss this further in this annual report. See
 &ldquo;Business Overview&mdash;Environmental and Other Regulations&mdash;Regulations to Prevent Pollution from Ships&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, although the emissions of greenhouse
gases from international shipping currently are not subject to the Kyoto Protocol to the United Nations Framework Convention on
Climate Change, which required adopting countries to implement national programs to reduce emissions of certain gases, a new treaty
may be adopted in the future that includes restrictions on shipping emissions. Compliance with changes in laws, regulations and
obligations relating to climate change could increase our costs related to operating and maintaining our vessels and require us
to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions, or administer and manage
a greenhouse gas emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0.25in 0 0; text-align: justify"><B><I>We are dependent on our charterers and
other counterparties fulfilling their obligations under agreements with us, and their inability or unwillingness to honor these
obligations could significantly reduce our revenues and cash flow. </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Payments to us by our charterers
under time charters are and will be our sole source of operating cash flow. Weaknesses in demand for container shipping services,
increased operating costs due to changes in environmental or other regulations and the oversupply of large containerships as well
as the oversupply of smaller size vessels due to a cascading effect would place our liner company customers under financial pressure.
Any declines in demand could result in worsening financial challenges to our liner company customers and may increase the likelihood
of one or more of our customers being unable or unwilling to pay us contracted charter rates or going bankrupt.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If we lose a time charter because the charterer is
unable to pay us or for any other reason, we may be unable to re-deploy the related vessel on similarly favorable terms or at all.
Also, we will not receive any revenues from such a vessel while it is un-chartered, but we will be required to pay expenses necessary
to maintain and insure the vessel and service any indebtedness on it. The combination of any surplus of containership capacity,
the expected entry into service of new technologically advanced containerships, and the expected increase in the size of the world
containership fleet over the next few years may make it difficult to secure substitute employment for any of our containerships
if our counterparties fail to perform their obligations under the currently arranged time charters, and any new charter arrangements
we are able to secure may be at lower rates. Furthermore, the surplus of containerships available at lower charter rates and lack
of demand for our customers&rsquo; liner services could negatively affect our charterers&rsquo; willingness to perform their obligations
under our time charters, particularly if the charter rates in such time charters are significantly above the prevailing market
rates. Accordingly we may have to grant concessions to our charterers in the form of lower charter rates for the remaining duration
of the relevant charter or part thereof, or to agree to re-charter vessels coming off charter at reduced rates compared to the
charter then ended. Because we enter into short-term and medium-term time charters from time-to-time, we may need to re-charter
vessels coming off charter more frequently than some of our competitors, which may have a material adverse effect on business,
results of operations and financial condition, as well as our cash flows, including cash available for distributions to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The loss of any of our charterers, time charters or
vessels, or a decline in payments under our time charters, could have a material adverse effect on our business, results of operations
and financial condition, as well as our cash flows, including cash available for distributions to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition to charter parties, we may, among other
things, enter into contracts for the sale or purchase of secondhand containerships or, in the future, shipbuilding contracts for
newbuildings, provide performance guarantees relating to shipbuilding contracts to sale and purchase contracts or to charters,
enter into credit facilities or other financing arrangements, accept commitment letters from banks, or enter into insurance contracts
and interest or exchange rate swaps or enter into joint ventures. Such agreements expose us to counterparty credit risk. The ability
and willingness of each of our counterparties to perform its obligations under a contract with us will depend upon a number of
factors that are beyond our control and may include, among other things, general economic conditions, the state of the capital
markets, the condition of the ocean-going container shipping industry and charter hire rates. Should a counterparty fail to honor
its obligations under agreements with us, we could sustain significant losses, which in turn could have a material adverse effect
on our business, results of operations and financial condition, as well as our cash flows, including cash available for distributions
to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Capital expenditures and other costs necessary
to operate and maintain our vessels may increase.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Changes in safety or other equipment standards, as
well as compliance with standards imposed by maritime self-regulatory organizations and customer requirements or competition, may
require us to make additional expenditures. In order to satisfy these requirements, we may, from time to time, be required to take
our vessels out of service for extended periods of time, with corresponding losses of revenues. In the future, market conditions
may not justify these expenditures or enable us to operate some or all of our vessels profitably during the remainder of their
economic lives.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Seasonal fluctuations in industry demand could
affect us.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We operate our vessels in markets that have historically
exhibited seasonal variations in demand and, as a result, in charter rates. This seasonality may result in quarter-to-quarter volatility
in our results of operations, which could affect the amount of dividends, if any, that we pay to our shareholders. The market for
marine dry bulk transportation services is typically stronger in the fall and winter months in anticipation of increased consumption
of coal and other raw materials in the northern hemisphere during the winter months. In addition, unpredictable weather patterns
in these months tend to disrupt vessel scheduling and supplies of certain commodities. This seasonality could have a material adverse
effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may also decide that it makes economic sense to
lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn
any hire.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Our insurance may not be adequate to cover our
losses that may result from our operations.</I></B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We carry insurance to protect us against most of the
accident-related risks involved in the conduct of our business, including marine hull and machinery insurance, war risk insurance,
protection and indemnity insurance, which includes pollution risks, crew insurance and war risk insurance. However, we may not
be adequately insured to cover losses from our operational risks, which could have a material adverse effect on us. Additionally,
our insurers may refuse to pay particular claims and our insurance may be voidable by the insurers if we take, or fail to take,
certain action, such as failing to maintain certification of our vessels with applicable maritime regulatory organizations. Any
significant uninsured or underinsured loss or liability could have a material adverse effect on our business, results of operations,
cash flows and financial condition and our ability to pay dividends. It may also result in protracted legal litigation. In addition,
we may not be able to obtain adequate insurance coverage at reasonable rates in the future during adverse insurance market conditions.
We maintain, for each of our vessels, pollution liability coverage insurance for $1.0 billion per event. If damages from a catastrophic
spill exceed our insurance coverage, it would have a materially adverse effect on our business, results of operations and financial
condition and our ability to pay dividends to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Moreover, insurers have over the last few years increased
premiums and reduced or restricted coverage for losses caused by terrorist acts generally.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, we do not currently carry and may not
carry loss-of-hire insurance, which covers the loss of revenue during extended vessel off-hire periods, such as those that occur
during an unscheduled drydocking due to damage to the vessel from accidents. Accordingly, any loss of a vessel or extended vessel
off-hire, due to an accident or otherwise, could have a material adverse effect on our business, results of operations, financial
condition and our ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Our vessels are exposed to operational risks.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The operation of any vessel includes risks such as
weather conditions, mechanical failure, collision, fire, contact with floating objects, cargo or property loss or damage and business
interruption due to political circumstances in countries, piracy, terrorist attacks, armed hostilities and labor strikes. Such
occurrences could result in death or injury to persons, loss, damage or destruction of property or environmental damage, delays
in the delivery of cargo, loss of revenues from or termination of charter contracts, governmental fines, penalties or restrictions
on conducting business, higher insurance rates and damage to our reputation and customer relationships generally.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the past, political conflicts have also resulted
in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf
region. Acts of terrorism and piracy have also affected vessels trading in regions such as the South China Sea, the Gulf of Aden
and parts of the Indian Ocean and West Africa. Continuing conflicts and recent developments in the Middle East and North Africa,
including Egypt, Syria, Iran, Iraq and Libya, and the presence of United States and other armed forces in the Middle East and Asia
could produce armed conflict or be the target of terrorist attacks, and lead to civil disturbance and uncertainty in financial
markets. If these attacks and other disruptions result in areas where our vessels are deployed being characterized by insurers
as &ldquo;war risk&rdquo; zones or Joint War Committee &ldquo;war, strikes, terrorism and related perils&rdquo; listed areas, premiums
payable for such coverage could increase significantly and such insurance coverage may be more difficult or impossible to obtain.
In addition, there is always the possibility of a marine disaster, including oil spills and other environmental damage. Although
our vessels carry a relatively small amount of oil used for fuel (&ldquo;bunkers&rdquo;), a spill of oil from one of our vessels
or losses as a result of fire or explosion could be catastrophic under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may not be adequately insured against all risks,
and our insurers may not pay particular claims. With respect to war risks insurance, which we usually obtain for certain of our
vessels making port calls in designated war zone areas, such insurance may not be obtained prior to one of our vessels entering
into an actual war zone, which could result in that vessel not being insured. Even if our insurance coverage is adequate to cover
our losses, we may not be able to timely obtain a replacement vessel in the event of a loss. Under the terms of our credit facilities,
we will be subject to restrictions on the use of any proceeds we may receive from claims under our insurance policies. Furthermore,
in the future, we may not be able to maintain or obtain adequate insurance coverage at reasonable rates for our fleet. We may also
be subject to calls, or premiums, in amounts based not only on our own claim records but also the claim records of all other members
of the protection and indemnity associations through which we receive indemnity insurance coverage for tort liability. Our insurance
policies also contain deductibles, limitations and exclusions which may increase our costs in the event of a claim or decrease
any recovery in the event of a loss. If the damages from a catastrophic oil spill or other marine disaster exceeded our insurance
coverage, the payment of those damages could have a material adverse effect on our business and could possibly result in our insolvency.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In general, we do not carry loss of hire insurance.
Occasionally, we may decide to carry loss of hire insurance when our vessels are trading in areas where a history of piracy has
been reported. Loss of hire insurance covers the loss of revenue during extended vessel off-hire periods, such as those that occur
during an unscheduled drydocking or unscheduled repairs due to damage to the vessel. Accordingly, any loss of a vessel or any extended
period of vessel off- hire, due to an accident or otherwise, could have a material adverse effect on our business, financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may also decide that it makes economic sense to
lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn
any hire.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We may be subject to funding calls by our protection
and indemnity clubs, and our clubs may not have enough resources to cover claims made against them.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are indemnified for legal liabilities incurred while
operating our vessels through membership of protection and indemnity, or P&amp;I, associations, otherwise known as P&amp;I clubs.
P&amp;I clubs are mutual insurance clubs whose members must contribute to cover losses sustained by other club members. The objective
of a P&amp;I club is to provide mutual insurance based on the aggregate tonnage of a member&rsquo;s vessels entered into the club.
Claims are paid through the aggregate premiums of all members of the club, although members remain subject to calls for additional
funds if the aggregate premiums are insufficient to cover claims submitted to the club. Claims submitted to the club may include
those incurred by members of the club, as well as claims submitted by other P&amp;I clubs with which our club has entered into
interclub agreements. We cannot assure you that the P&amp;I club to which we belong will remain viable or that we will not become
subject to additional funding calls, which could adversely affect us.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We may be subject to increased inspection procedures,
tighter import and export controls and new security regulations.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">International shipping is subject to various security
and customs inspection and related procedures in countries of origin and destination and trans-shipment points. Inspection procedures
can result in the seizure of the cargo and contents of our vessels, delays in the loading, offloading or delivery and the levying
of customs duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose additional
financial and legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations
on our customers and may, in certain cases, render the shipment of certain types of cargo impractical. Any such changes or developments
may have a material adverse effect on our business, financial condition, results of operations and our ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Rising fuel prices may adversely affect our profits.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Fuel is a significant, if not the largest, expense
if vessels are under voyage charter or if consumed during ballast days. Moreover, the cost of fuel will affect the profit we can
earn on the spot market. Upon redelivery of vessels at the end of a time charter, we may be obliged to repurchase the fuel on board
at prevailing market prices, which could be materially higher than fuel prices at the inception of the time charter period. As
a result, an increase in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable
and fluctuates based on events outside our control, including geopolitical events, supply and demand for oil and gas, actions by
the Organization of the Petroleum Exporting Countries and other oil and gas producers, war and unrest in oil producing countries
and regions, regional production patterns and environmental concerns. Further, fuel may become much more expensive in the future,
which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A global 0.5% sulphur cap on marine fuels came into
force on January 1, 2020. Because we do not have scrubbers on our vessels, our vessels require pricier low-sulphur fuel, which
may reduce the amount charterers are willing to pay to charter our vessels. This could have a material adverse effect on our business,
results of operations, cash flows and financial condition and our ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Increases in crew costs may adversely affect
our profits.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Crew costs are a significant expense for us under our
charters. There is a limited supply of well-qualified crew. We generally bear crewing costs under our charters. Increases in crew
costs may adversely affect our profitability.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The operation of dry bulk vessels has certain
unique operational risks.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The operation of certain vessel types, such as dry
bulk vessels, has certain unique risks. With a dry bulk vessel, the cargo itself and its interaction with the vessel can be a risk
factor. By their nature, dry bulk cargoes are often heavy, dense, easily shifted and react badly to water exposure. In addition,
dry bulk vessels are often subjected to battering during unloading operations with grabs, jackhammers (to pry encrusted cargoes
out of the hold) and small bulldozers. This may cause damage to the vessel. Vessels damaged due to treatment during unloading procedures
may be more susceptible to breach while at sea. Hull breaches in dry bulk vessels may lead to the flooding of the vessels holds.
If a dry bulk vessel suffers flooding in its forward holds, the bulk cargo may become so dense and waterlogged that its pressure
may buckle the vessels bulkheads leading to the loss of a vessel. If we are unable to adequately maintain our vessels we may be
unable to prevent these events. Any of these circumstances or events could negatively impact our business, financial condition,
results of operations and ability to pay dividends. In addition, the loss of any of our vessels could harm our reputation as a
safe and reliable vessel owner and operator.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Maritime claimants could arrest our vessels.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Crew members, suppliers of goods and services to a
vessel, shippers of cargo and other parties may be entitled to a maritime lien against a vessel, or other assets of the relevant
vessel-owning company, for unsatisfied debts, claims or damages even if we are not at fault, for example, if we pay a supplier
for bunkers who subcontracts the supply and does not pay such subcontractor. In many jurisdictions, a claimant may seek to obtain
security for its claim by arresting a vessel through foreclosure proceedings. The arrest or attachment of one or more of our vessels,
could cause us to default on a charter, breach covenants in the EnTrust Loan Facility, interrupt our cash flow and require us to
pay large sums of money to have the arrest or attachment lifted. Please see &ldquo;Item 5.B. Liquidity and Capital Resources&mdash;Indebtedness&rdquo;
for further information.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, in some jurisdictions, such as South Africa,
under the &ldquo;sister ship&rdquo; theory of liability, a claimant may arrest both the vessel which is subject to the claimant&rsquo;s
maritime lien and any &ldquo;associated&rdquo; vessel, which is any vessel owned or controlled by the same owner. Claimants could
attempt to assert &ldquo;sister ship&rdquo; liability against one vessel in our fleet for claims relating to another of our vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Governments could requisition our vessels during
a period of war or emergency.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A government could requisition one or more of our vessels
for title or for hire. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Requisition
for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally,
requisitions occur during a period of war or emergency, although governments may elect to requisition vessels in other circumstances.
Even if we would be entitled to compensation in the event of a requisition of one or more of our vessels, the amount and timing
of payment would be uncertain. Government requisition of one or more of our vessels may negatively impact our business, financial
condition, results of operations and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Compliance with safety and other vessel requirements
imposed by classification societies may be costly.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The hull and machinery of every commercial vessel must
be certified as safe and seaworthy in accordance with applicable rules and regulations, and accordingly vessels must undergo regular
surveys. All of the vessels that we operate or manage are classed by one of the major classification societies, including Nippon
Kaiji Kyokai (Class NK), DNV GL and Bureau Veritas. Vessels must undergo annual surveys, immediate surveys and special surveys.
In lieu of a special survey, a vessel&rsquo;s machinery may be on a continuous survey cycle, under which the machinery would be
surveyed over a five-year period. Our vessels are on special survey cycles for hull inspection and continuous survey cycles for
machinery inspection. Every vessel is also required to be drydocked every two to three years for inspection of its underwater parts.
If any vessel does not maintain its class and/or fails any annual, intermediate or special survey, certain covenants in the EnTrust
Loan Facility may be triggered, including as a result of the vessel being unable to trade between ports and being unemployable.
Such an occurrence could have a material adverse impact on our business, financial condition, results of operations and ability
to pay dividends. Please see &ldquo;Item 5.B. Liquidity and Capital Resources&mdash;Indebtedness&rdquo; for further information.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>A further economic slowdown or changes in the
economic, regulatory and political environment in the Asia Pacific region could reduce dry bulk trade demand.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A significant number of the port calls made by our
vessels involve the transportation of dry bulk products to ports in the Asia Pacific region. As a result, continued economic slowdown
in the region or changes in the regulatory environment, and particularly in China or Japan, could have an adverse effect on our
business, results of operations, cash flows and financial condition. Before the global economic financial crisis that began in
2008, China had one of the world&rsquo;s fastest growing economies as measured by gross domestic product, or GDP, which had a significant
impact on shipping demand. The growth rate of China&rsquo;s GDP continues to remain lower than originally anticipated. In addition,
China previously imposed measures to restrain lending, which may further contribute to a slowdown in its economic growth. China
and other countries in the Asia Pacific region may continue to experience slowed or even negative economic growth in the future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Many of the economic and political reforms adopted
by the Chinese government are unprecedented or experimental and may be subject to revision, change or abolition based upon the
outcome of such experiments. If the Chinese government does not continue to pursue a policy of economic reform, the level of imports
of exports of dry bulk products to and from China could be adversely affected by changes to these economic reforms by the Chinese
government, as well as by changes in political, economic and social conditions or other relevant policies of the Chinese government,
such as changes in laws, regulations or restrictions on importing commodities into the country. Notwithstanding economic reform,
the Chinese government may adopt policies that favor domestic shipping companies and may hinder our ability to compete with them
effectively. Moreover, a significant or protracted slowdown in the economies of the United States, the European Union or various
Asian countries or changes in the regulatory environment may adversely affect economic growth in China and elsewhere. Our business,
results of operations, cash flows and financial condition could be materially and adversely affected by an economic downturn or
changes in the regulatory environment in any of these countries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The Coronavirus global pandemic could decrease
the demand and supply for the raw materials we transport and the rates that we are paid to carry them.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The World Health Organization has declared the outbreak
of a novel coronavirus (COVID-19) a global pandemic. The measures taken by governments worldwide in response to the outbreak, which
included numerous factory closures, self-quarantining, and restrictions on travel, as well as potential labor shortages resulting
from the outbreak, are expected to slow down production of goods worldwide and decrease the amount of goods exported and imported
worldwide. Some experts fear that the economic consequences of the coronavirus could cause a recession that outlives the pandemic.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Besides reducing demand for cargo, coronavirus may
functionally limit the amount of cargo that we and our competitors are able to move because countries worldwide have imposed quarantine
checks on arriving vessels, which have caused delays in loading and delivery of cargoes. It is possible that charterers may try
to invoke force majeure clauses as a result.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Although it is too early to assess the full impact
of the coronavirus outbreak on global markets, and particularly on the shipping industry, the pandemic has already added, and could
continue to add, pressure to shipping freight rates. Further depressed rates could have a material adverse impact on our business,
financial condition, results of operations, and cash flows. We note that future impacts may take some time to materialize and may
not be fully reflected in the results for the year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We conduct a substantial amount of business in
China.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Chinese legal system is based on written statutes
and their legal interpretation by the Standing Committee of the National People&rsquo;s Congress. Prior court decisions may be
cited for reference but have limited precedential value. Since 1979, the Chinese government has been developing a comprehensive
system of commercial laws, and considerable progress has been made in introducing laws and regulations dealing with economic matters
such as foreign investment, corporate organization and governance, commerce, taxation and trade. However, because these laws and
regulations are relatively new, there is a general lack of internal guidelines or authoritative interpretive guidance and because
of the limited number of published cases and their non-binding nature interpretation and enforcement of these laws and regulations
involve uncertainties. We conduct a substantial portion of our business in China or with Chinese counter parties. For example,
we enter into charters with Chinese customers, which charters may be subject to new regulations in China. We may, therefore, be
required to incur new or additional compliance or other administrative costs, and pay new taxes or other fees to the Chinese government.
Changes in laws and regulations, including with regards to tax matters, and their implementation by local authorities could affect
our vessels that are either chartered to Chinese customers or that call to Chinese ports and could have a material adverse effect
on our business, results of operations and financial condition and our ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Chinese economy differs from the economies of western
countries in such respects as structure, government involvement, level of development, growth rate, capital reinvestment, allocation
of resources, bank regulation, currency and monetary policy, rate of inflation and balance of payments position. Although state-owned
enterprises still account for a substantial portion of the Chinese industrial output, in general, the Chinese government is reducing
the level of direct control that it exercises over the economy. There is an increasing level of freedom and autonomy in areas such
as allocation of resources, production, pricing and management and a gradual shift in emphasis to a &ldquo;market economy&rdquo;
and enterprise reform, although it still acts with greater control than a truly free-market economy. Many of the Chinese government&rsquo;s
reforms are unprecedented or experimental and may be subject to revision, change or abolition based upon the outcome of such experiments.
The level of imports to and exports from China could be adversely affected by the failure to continue market reforms or changes
to existing pro-export economic policies. The level of imports to and exports from China may also be adversely affected by changes
in political, economic and social conditions (including a slowing of economic growth), the coronavirus, or other relevant policies
of the Chinese government, such as changes in laws, regulations or export and import restrictions, internal political instability,
changes in currency policies, changes in trade policies and territorial or trade disputes. A decrease in the level of imports to
and exports from China could adversely affect our business, operating results and financial condition.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>If economic conditions throughout the world do
not improve, it will impede our operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Negative trends in the global economy that emerged
in 2008 continue to adversely affect global economic conditions. In addition, the world economy continues to face a number of new
challenges, including uncertainty related to the winding down of the U.S. Federal Reserve&rsquo;s bond buying program and declining
global growth rates. These challenges also include continuing turmoil and hostilities in the Middle East, Ukraine, North Africa,
the Middle East, and other geographic areas and countries and continuing economic weakness in the European Union. An extended period
of deterioration in the outlook for the world economy could increase our bunker prices and lessen overall demand for our services.
Such changes could adversely affect our results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify">We face risks attendant to changes in economic
environments, changes in interest rates and instability in the banking and securities markets around the world, among other factors.
We cannot predict how long the current market conditions will last. However, these recent and developing economic and governmental
factors, together with the concurrent decline in charter rates and vessel values, may have a material adverse effect on our results
of operations and may cause the price of our common shares to decline.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Continued economic slowdown in the Asia Pacific region,
particularly in China, may exacerbate the effect on us, as we anticipate a significant number of the port calls made by our vessels
will continue to involve the loading or discharging of dry bulk commodities in ports in the Asia Pacific region. Before the global
economic financial crisis that began in 2008, China had one of the world&rsquo;s fastest growing economies in terms of GDP, which
had a significant impact on shipping demand. The growth rate of China&rsquo;s GDP is estimated by the National Bureau of Statistics
of China to have decreased from 6.6% for the former year of 2018 to approximately 6.3% for the year ended December 31, 2019, which
would be the lowest rate in 29 years. China has previously imposed measures to restrain lending, which may further contribute to
a slowdown in its economic growth. China has also announced plans to gradually transition from an investment led growth model to
a consumption driven economic growth model, which could lead to smaller demand for iron ore and other commodities. This transition
may take place over the span of a number of years, and there can be no assurance as to the time frame for such a transformation
or that any such transformation will occur at all.&nbsp;It is possible that China and other countries in the Asia Pacific region
will continue to experience slowed or even negative economic growth in the near future. Moreover, the current economic slowdown
in the economies of the United States, the European Union and other Asian countries may further adversely affect economic growth
in China and elsewhere. Our business, financial condition and results of operations, ability to pay dividends, if any, as well
as our future prospects, will likely be materially and adversely affected by a further economic downturn in any of these countries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Sulphur regulations to reduce air pollution from
ships may require retrofitting of vessels and may cause us to incur significant costs.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">January 1, 2020 was the implementation date for vessels
to comply with the IMO&rsquo;s low sulphur fuel oil requirement, which cuts sulphur levels from 3.5% to 0.5%. The interpretation
of &ldquo;fuel oil used on board&rdquo; includes use in main engine, auxiliary engines and boilers. Shipowners may comply with
this regulation by (i) using 0.5% sulphur fuels on board, which costs more than higher Sulphur fuel; (ii) installing scrubbers
for cleaning of the exhaust gas; or (iii) by retrofitting vessels to be powered by liquefied natural gas, which may not be a viable
option due to the lack of supply network and high costs involved in this process. Costs of compliance with these regulatory changes
may be significant and may have a material adverse effect on our future performance, results of operations, cash flows and financial
position.&nbsp;It is unclear how the new emissions standard will affect the employment of our vessels, given that the cost of fuel
is borne by our charterers when our vessels are on time charter employment. In particular, it is not known what the price differential
between high sulphur content fuel and the more expensive low sulphur fuel will be or if low sulphur fuel will be available in the
quantities needed at the areas where the vessels are trading. Over time, however, it is possible that ships not retrofitted to
comply with the new emissions standard may become less competitive (compared with ships equipped with exhaust gas scrubbers that
can utilize less expensive high sulphur fuel), may have difficulty finding employment, may command lower charter hire and/or may
need to be scrapped.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Environmental, social and governance matters
may impact our business and reputation.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition to the importance of their financial performance,
companies are increasingly being judged by their performance on a variety of environmental, social and governance matters, or ESG,
which are considered to contribute to the long-term sustainability of companies&rsquo; performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A variety of organizations measure the performance
of companies on such ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that
specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have
publicly emphasized the importance of such ESG measures to their investment decisions. Topics taken into account in such assessments
include, among others, the company&rsquo;s efforts and impacts on climate change and human rights, ethics and compliance with law,
and the role of the company&rsquo;s board of directors in supervising various sustainability issues.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We actively manage a broad range of such ESG matters,
taking into consideration their expected impact on the sustainability of our business over time, and the potential impact of our
business on society and the environment. However, in light of investors&rsquo; increased focus on ESG matters, there can be no
certainty that we will manage such issues successfully, or that we will successfully meet society&rsquo;s expectations as to our
proper role. Any failure or perceived failure by us in this regard could have a material adverse effect on our reputation and on
our business, share price, financial condition, or results of operations, including the sustainability of our business over time.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On December 31, 2018, EU-flagged vessels became subject
to Regulation (EU) No. 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling (the &ldquo;EU
Ship Recycling Regulation&rdquo; or &ldquo;ESRR&rdquo;) and exempt from the Regulation (EC) No. 1013/2006 of the European Parliament
and of the Council of 14 June 2006 on shipments of waste (the &ldquo;European Waste Shipment Regulation&rdquo; or &ldquo;EWSR&rdquo;),
which had previously governed their disposal and recycling. The EWSR continues to be applicable to Non-European Union Member State-flagged
(&ldquo;non-EU-flagged&rdquo;) vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the ESRR, commercial EU-flagged vessels of 500
gross tonnage and above may be recycled only at shipyards included on the European List of Authorised Ship Recycling Facilities
(the &ldquo;European List&rdquo;). As of December 31, 2019, 33 of our EU-flagged vessels met this tonnage specification. The European
List presently includes six facilities in Turkey, but no facilities in the major ship recycling countries in Asia. The combined
capacity of the European List facilities may prove insufficient to absorb the total recycling volume of EU-flagged vessels. This
circumstance, taken in tandem with the possible decrease in cash sales, may result in longer wait times for divestment of recyclable
vessels as well as downward pressure on the purchase prices offered by European List shipyards. Furthermore, facilities located
in the major ship recycling countries generally offer significantly higher vessel purchase prices, and as such, the requirement
that we utilize only European List shipyards may negatively impact revenue from the residual values of our vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, the EWSR requires that non-EU-flagged
ships departing from European Union ports be recycled only in Organisation for Economic Cooperation and Development (OECD) member
countries. In March 2018, the Rotterdam District Court ruled that the sale of four recyclable vessels by third-party Dutch ship
owner Seatrade to cash buyers, who then reflagged and resold the vessels to non-OECD country recycling yards, were effectively
indirect sales to non-OECD country yards, in violation of the EWSR. If European Union Member State courts widely adopt this analysis,
it may negatively impact revenue from the residual values of our vessels and we may be subject to a heightened risk of non-compliance,
due diligence obligations and costs in instances where we sell older ships to cash buyers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>Company Specific Risk Factors</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>There are substantial doubts about our ability
to continue as a going concern and if we are unable to continue our business, our shares may have little or no value.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We had a working capital deficit (being our total consolidated
current liabilities exceeding our total consolidated current assets) of $3.2 million as of December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">See &ldquo;At December 31, 2019, Globus&rsquo;s current
liabilities exceeded its current assets&rdquo; for more information.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our ability to become a profitable operating company
is dependent upon our ability to generate revenues and/or obtain financing adequate to fulfill our shipping activities, and achieving
a level of revenues adequate to support our operating expenses. Our inability to generate net revenues has raised substantial doubts
about our ability to continue as a going concern. All of our vessels are pledged as collateral for the benefit of our lenders,
and therefore if we were to sell one or more vessels, the net proceeds of such sale would be used first to repay the outstanding
debt to which the vessel is collateralized, and the remainder, if any, would be for our use, subject to the terms of our remaining
loan and credit arrangements. The doubts raised relating to our ability to continue as a going concern may make our securities
an unattractive investment for potential investors. These factors, among others, may make it difficult to raise any additional
capital.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>At December 31, 2019, Globus&rsquo;s current liabilities exceeded
its current assets.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, we were in compliance with
the loan covenants of the EnTrust Loan Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, our working capital, measured
as our current assets, minus our current liabilities, including the current portion of long-term debt, amounted to a working capital
deficit of $3.2 million. Our total assets exceeded our total liabilities as of December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Based on our cash flow projections for the twelve-month
period ending following the issuance of these consolidated financial statements, cash on hand and cash generated from operating
activities will not be sufficient for us to be in compliance with the minimum liquidity requirement contained in certain of our
loan and credit facilities or to cover scheduled debt payments due in this period. The period of time that we will be able to continue
to operate as a going concern will depend on our ability to restructure our loan and credit arrangements and to finance our operations
through the sale of equity, potential sale of assets, incurring debt, or other financing alternatives. All of our vessels are pledged
as collateral to the banks, and therefore if we were to sell one or more vessels, the net proceeds of such sale would be used first
to repay the outstanding debt to which the vessel is collateralized, and the remainder, if any, would be for our use, subject to
the terms of our remaining loan and credit arrangements. We acknowledge that uncertainty remains over our ability to meet our liabilities
as they fall due. If for any reason we are unable to continue as a going concern, our investors may lose all or a portion of their
investment, and we may be unable to pay all of our outstanding debts and other obligations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>Our convertible note may be redeemed under circumstances out of our
control. </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the terms of the convertible note, the convertible
note may be redeemed or immediately due upon an Event of Default (as defined within the convertible note), a Change of Control
(as defined within the convertible note), or a ten trading day period in which our stock trades below the Floor Price then in effect,
in some cases at a premium to the principal and interest outstanding under the convertible note. Some of the events giving rise
to these rights are out of the Company&rsquo;s immediate control (such as our stock price being below the floor price, which has
already occurred), and could trigger cross-default provisions under our other loan agreements. If we are unable to come up with
the cash when due, we may be unable to pay the redemption price, which could negatively affect our stork price.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>Restrictive covenants in the EnTrust Loan Facility may impose financial
and other restrictions on us, including cross-default provisions, and we cannot assure you that we will be able to borrow funds
from future debt arrangements.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The EnTrust Loan Facility imposes operating and financial
restrictions on us. These restrictions may limit our ability to, among other things:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">create or permit liens on our assets;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">engage in mergers or consolidations, or sales of certain of our assets;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">change the flag or classification society of our vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">pay dividends; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">change the management of our vessels.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These restrictions could limit our ability to finance
our future operations or capital needs, make acquisitions or pursue available business opportunities. In addition, the EnTrust
Loan Facility will, and future credit arrangements will likely, require us to maintain specified financial ratios and satisfy financial
covenants during the remaining terms of such agreements, some of which are based upon the market value of our fleet. If the market
value of our fleet declines sharply, we may not be in compliance with certain provisions of the EnTrust Loan Facility, and we may
not be able to refinance our debt or obtain additional financing. The market value of dry bulk vessels is sensitive, among other
things, to changes in the dry bulk charter market, with vessel values deteriorating in times when dry bulk charter rates are falling
and improving when charter rates are anticipated to rise. The current low charter rates in the dry bulk market, along with the
oversupply of dry bulk carriers and the prevailing difficulty in obtaining financing for vessel purchases, have adversely affected
dry bulk vessel values, including the vessels in our fleet. As a result, we may not meet certain minimum asset coverage ratios
and other financial ratios which are included in our loan arrangement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For a more detailed discussion on our loan covenants,
including breaches of them and relaxations and/or waivers we obtained, see &ldquo;Item 5.B Liquidity and Capital Resources&mdash;Indebtedness.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>Certain of our loan agreements include covenants regarding the continued
service of our officers and directors or minimum equity interest held by our chairman, Mr. Feidakis and trigger default under cross-default
provision.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Fiment Shipping Credit Agreement includes covenants
regarding the continued service of our officers and directors, including the continued service of Mr. Athanasios Feidakis as Chief
Executive Officer, which covenants would be breached if certain of our officers or directors resigned, died, were not reelected,
or otherwise could not continue to serve the Company in such capacity. If one of those events occurred, the lender under this loan
agreement could declare an event of default. Additionally, the acquisition of control of the Company by any person or group of
persons acting in concert constitutes an event of default under the EnTrust Loan Facility, and a reduction in the equity interest
held by our chairman Mr. George Feidakis below 40% of the voting securities or economic interest in the Company, other than due
to actions taken by Mr. George Feidakis (such as sale of shares by such major shareholder), constitutes an event of default under
the Firment Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The EnTrust Loan Facility contains a cross-default
provision that may be triggered by a default under any financial indebtedness we may incur in an amount greater than $1,000,000.
A cross-default provision means that a default on one loan could result in a default on all of our other loans. Because of the
presence of this cross-default provision in such loan facility, the refusal of any one lender to grant or extend a relaxation or
waiver could result in most of our indebtedness being accelerated even if our other lenders have relaxed or waived covenant defaults
under their respective loan arrangements. Our Convertible Note also contains a cross-default provision that is triggered upon a
material default or an event of default under the existing agreements which would or is likely to have a material adverse effect
on the Company or any of its subsidiaries, individually or in the aggregate. If our indebtedness is accelerated, it will be very
difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our
vessels if our lenders foreclose their liens, and our ability to conduct our business would be severely impaired.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Our stock price has been volatile and no assurance
can be made that it will not substantially depreciate.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">Our stock price has been volatile
recently. The closing price of our common shares within 2019 has ranged from a peak of $8.54 on March 11, 2019 to a low of $0.96
on December 23, 2019, representing a decrease of 89%. We can offer no comfort or assurance that our stock price will stop being
volatile or not substantially depreciate. Our stock further declined in 2020 and was $0.49 on February 25, 2020. On March 6, 2020,
we announced that we had received written notification from The Nasdaq Stock Market dated March 2, 2020, indicating that because
the closing bid price of our common stock for the last 30 consecutive business days was below $1.00 per share, we no longer meet
the minimum bid price continued listing requirement for the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5450(a)(1).
Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until August 31, 2020. We intend
to cure the deficiency within the prescribed grace period. During this time, our common stock will continue to be listed and trade
on the Nasdaq Capital Market.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Our existing shareholders will be diluted each
time our convertible note is converted into common shares.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">Our convertible note is convertible
into shares of our common stock at the election of its holder at a fixed price of $4.50, or if our common stock price is lower
than $4.50 after June 7, 2019, a floating&nbsp;conversion&nbsp;price at a discount to the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">A blocker provision limits
the ability of the entire convertible note to be converted at once, but does not prohibit its holder from exercising a portion
of the note, selling all of the common shares issued, and then further converting the note.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">We have no control over whether
the holder will exercise its right to convert its convertible note. We cannot predict the market price of our common stock at any
future date, and therefore, cannot predict the applicable prices at which the convertible notes may be converted. For these reasons,
we are unable to accurately forecast or predict with any certainty the total number of shares that may be issued under the convertible
note. However, the number of shares of our common stock issuable upon&nbsp;conversion&nbsp;of the convertible note increases when
the price of our common stock declines. There is a floor price in our convertible note, which is currently $1.00. Although it was
originally agreed that the floor price would not adjust upon share splits, share dividends, share combinations, and similar transactions,
we and the holder subsequently agreed that the floor price would adjust proportionately under these circumstances. The existence
and potentially dilutive impact of the convertible note may prevent us from obtaining additional financing in the future on acceptable
terms, or at all. Our current shareholders will be diluted when we issue shares of our common stock issuable upon&nbsp;conversion&nbsp;of
the convertible note.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">Furthermore, in the future, we may
issue additional common shares or other equity or debt securities convertible into common shares in connection with a financing,
acquisition, litigation settlement, employee arrangements, or otherwise. Any such issuance would result in substantial dilution
to our existing shareholders (unless they purchased additional shares to maintain their ownership) and could cause our stock price
to decline.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>The issuance or sale of a substantial amount
of our common shares in the public market, or the perception that such could occur, could adversely affect the prevailing market
price of our common shares.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">Sales or issuances (including by
conversion of the convertible note or issuance of shares pursuant to the Firment Shipping Credit Facility) of substantial amounts
of our common shares in the public market, or the perception that such sales might occur, could adversely affect the market price
of our common shares. Such sales could also cause our stock price to be volatile and would cause our shareholders to be diluted
(unless they purchased additional shares to maintain their ownership). Furthermore, in the future, we may issue additional common
shares or other equity or debt securities convertible into common shares in connection with a financing, acquisition, litigation
settlement, employee arrangements, or otherwise. Any such issuance would result in substantial dilution to our existing shareholders
(unless they purchased additional shares to maintain their ownership) and could cause our stock price to decline.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>If we are unable to deliver common shares free
of restrictive legends where required, we must make whole any purchaser who loses money by purchasing common shares on the market
to complete a trade.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">Our convertible note and the purchase
agreement relating thereto require us, within five full trading days of the exercise of the convertible note, to issue common shares,
which, where called for therein, must be free of restrictive legends. If we are unable to deliver proof that the above has occurred
when required and if a note holder or shareholder has traded the common shares that we have failed to deliver unlegended, penalty
provisions of these documents require us to make whole the holder who loses money by purchasing shares on the common market to
complete its trade or potentially paying cash to the person to cover his costs. Depending on our share price during this time and
the number of shares to which the payments relate, we could be required to pay a substantial sum.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B><I>If we are unable to maintain
the effectiveness of a resale registration statement for the shares into which our convertible note may convert, we will breach
agreements and be subject to consequences.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">The documentation relating to the
issuance of the convertible note contains an agreement to file a registration statement and have it effective within 120 days of
the issuance of the convertible note. We are currently in compliance with this requirement. But if for any reason we are unable
to keep such a registration statement active and effective, we would be required to pay certain liquidated damages, and could be
sued for breach of contract.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>We cannot assure you that we will be able to refinance our existing
indebtedness or obtain additional financing.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may finance future fleet expansion with additional
secured indebtedness. While we may refinance amounts drawn under the EnTrust Loan Facility or secure new debt facilities with the
net proceeds of future debt and equity offerings, we cannot assure you that we will be able to do so at an interest rate or on
terms that are acceptable to us or at all. Our ability to obtain bank financing or to access the capital markets for future offerings
may be limited by our financial condition at the time of any such financing or offering, including the actual or perceived credit
quality of our charterers and the market value of our fleet, as well as by adverse market conditions resulting from, among other
things, general economic conditions, weakness in the financial markets and contingencies and uncertainties that are beyond our
control. Significant contraction, de-leveraging and reduced liquidity in credit markets worldwide is reducing the availability
and increasing the cost of credit.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If we are not able to refinance the EnTrust Loan Facility
or obtain new debt financing on terms acceptable to us, we will have to dedicate a portion of our cash flow from operations to
pay the principal and interest of this indebtedness. If we are not able to satisfy these obligations, we may have to undertake
alternative financing plans. In addition, debt service payments under the EnTrust Loan Facility or alternative financing may limit
funds otherwise available for working capital, capital expenditures, the payment of dividends and other purposes. Our inability
to obtain additional or replacement financing at anticipated costs or at all may materially affect our results of operation, our
ability to implement our business strategy, our payment of dividends and our ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Our common shares may be delisted from Nasdaq,
which could affect their market price and liquidity.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are required to meet certain qualitative and financial
tests (including a minimum bid price for our common shares of $1.00 per share, at least 500,000 publicly held shares, at least
300 public holders, a market value of publicly held securities of $1 million and net income from continuing operations of $500,000),
as well as other corporate governance standards, to maintain the listing of our common shares on the Nasdaq Capital Market. It
is possible that we could fail to satisfy one or more of these requirements. There can be no assurance that we will be able to
maintain compliance with the minimum bid price, shareholders&rsquo; equity, number of publicly held shares, net income requirements
or other listing standards in the future. We may receive notices from Nasdaq that we have failed to meet its requirements, and
proceedings to delist our stock could be commenced. In such event, Nasdaq rules permit us to appeal any delisting determination
to a Nasdaq Hearings Panel. If we are unable to maintain or regain compliance in a timely manner and our common shares are delisted,
it could be more difficult to buy or sell our common shares and obtain accurate quotations, and the price of our shares could suffer
a material decline. Delisting may also impair our ability to raise capital. Delisting of our shares would breach a number of our
credit facilities and loan arrangements, some of which contain cross default provisions. There could also be adverse tax consequences&mdash;please
read &ldquo;Item 10.E Taxation &ndash; United States Tax Considerations - United States Federal Income Taxation of United States
Holders &ndash; Distributions&rdquo; for further information. In calendar year 2019, the closing price of our common shares ranged
from a peak of $8.54 on March 11, 2019 to a low of $0.96 on December 23, 2019. Our stock price further declined in 2020 to $0.49
on February 25, 2020.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">On May 4, 2018, the Company received
written notification from The Nasdaq Stock Market dated April 30, 2018, indicating that because the closing bid price of our common
stock for the last 30 consecutive business days was below $1.00 per share, we no longer meet the minimum bid price continued listing
requirement for the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq Listing Rules, the
applicable grace period to regain compliance is 180 days, or until October 29, 2018. On October 15, 2018, we effected a ten-for-one
reverse stock split which reduced the number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments were
made based on fractional shares). On October 30, 2018 we received a letter from Nasdaq, indicating that the Company has regained
compliance with the $1.00 per share minimum closing bid price requirement for continued listing on the Nasdaq Capital Market, pursuant
to the Nasdaq marketplace rules. Because for at least 10 consecutive business days after the reverse stock split, the closing bid
price had been greater than $1.00, NASDAQ indicated within its letter that the Company regained compliance with the minimum bid
price rule and the matter had closed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">On March 6, 2020, the Company
received written notification from The Nasdaq Stock Market dated March 2, 2020, indicating that because the closing bid price of
our common stock for the last 30 consecutive business days was below $1.00 per share, we no longer meet the minimum bid price continued
listing requirement for the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq Listing Rules,
the applicable grace period to regain compliance is 180 days, or until August 31, 2020. The Company intends to monitor the closing
bid price of its common stock between now and August 31, 2020 and is considering its options, including a potential reverse stock
split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement. The Company can cure this deficiency
if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the
grace period. In the event the Company does not regain compliance within the 180-day grace period, and it meets all other listing
standards and requirements it may be eligible for an additional 180- day grace period. The Company intends to cure the deficiency
within the prescribed grace period. During this time, the Company&rsquo;s common stock will continue to be listed and trade on
the Nasdaq Capital Market.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">Our business operations are not affected
by the receipt of the notification.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There can be no assurance that we will be able to maintain
compliance with the minimum bid price, shareholders&rsquo; equity, number of publicly held shares or other listing standards in
the future. We may receive notices from Nasdaq that we have failed to meet its requirements, and proceedings to delist our stock
could be commenced. If we are unable to maintain or regain compliance in a timely manner and our common shares are delisted, it
could be more difficult to buy or sell our common shares and obtain accurate quotations, and the price of our shares could suffer
a material decline. Delisting of our shares would breach a number of our credit facilities and loan arrangements, some of which
contain cross default provisions. Delisting may also impair our ability to raise capital.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We may be unable to successfully employ our vessels
on long-term time charters or take advantage of favorable opportunities involving short-term or spot market charter rates.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our strategy involves employing our vessels primarily
on time charters generally with durations between three months and five years. As of December 31, 2019, two of our vessels were
in drydock and the other three vessels were in ballast, meaning that they were travelling empty or partially empty to collect cargo.
Although time charters with durations of one to five years may provide relatively steady streams of revenue, if our vessels were
committed to such charters they may not be available for re-chartering or for spot market voyages when such employment would allow
us to realize the benefits of comparably more favorable charter rates. In addition, in the future, we may not be able to enter
into new time charters on favorable terms. The dry bulk market is volatile, and in the past charter rates have declined below operating
costs of vessels and such is currently the case. If we are required to enter into a charter when charter rates are low, employ
our vessels on the spot market during periods when charter rates have fallen or we are unable to take advantage of short-term opportunities
on the spot or charter market, our earnings and profitability could be adversely affected. We cannot assure you that future charter
rates will enable us to cover our costs, operate our vessels profitably or to pay dividends, or all of them.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may also decide that it makes economic sense to
lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn
any hire.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>As we expand our business, we may have difficulty
improving our operating and financial systems and recruiting suitable employees and crew for our vessels.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our current operating and financial systems may not
be adequate if we expand the size of our fleet, and our attempts to improve those systems may be ineffective. In addition, as we
seek to expand our internal technical management capabilities and our fleet, we or our crewing agents may need to recruit suitable
additional seafarers and shore based administrative and management personnel. We cannot guarantee that we or our crewing agents
will be able to hire suitable employees or a sufficient number of employees if and as we expand our fleet. If we or our crewing
agent encounter business or financial difficulties, we may not be able to adequately staff our vessels. If we are unable to develop
and maintain effective financial and operating systems or to recruit suitable employees as we expand our fleet, our financial performance
may be adversely affected and, among other things, the amount of cash available for distribution as dividends to our shareholders
may be reduced or eliminated.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Recently, the limited supply of and increased demand
for well-qualified crew, due to the increase in the size of the global shipping fleet, has created upward pressure on crewing costs,
which we generally bear under our time and spot charters. Increases in crew costs may adversely affect our profitability, results
of operations, cash flows, financial condition and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The smuggling of drugs or other contraband onto
our vessels may lead to governmental claims against us.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We expect that our vessels will call at ports where
smugglers may attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent
that our vessels are found with contraband, whether inside or attached to the hull of our vessel, and whether with or without the
knowledge of any of our crew, we may face governmental or other regulatory claims that could have an adverse effect on our business,
results of operations, cash flows, financial condition and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Labor interruptions could disrupt our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our vessels are manned by masters, officers and crews
(totaling 113 as of December 31, 2019). Seafarers manning the vessels in our fleet are covered by industry-wide collective bargaining
agreements that set basic standards. Any labor interruptions or employment disagreements with our crew members could disrupt our
operations and could have a material adverse effect on our business, results of operations, cash flows, financial condition and
ability to pay dividends. We cannot assure you that collective bargaining agreements will prevent labor interruptions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Our charterers may renegotiate or default on
their charters.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our charters provide the charterer the right to terminate
the charter on the occurrence of stated events or the existence of specified conditions. In addition, the ability and willingness
of each of our charterers to perform its obligations under its charter with us will depend on a number of factors that are beyond
our control. These factors may include general economic conditions, the condition of the dry bulk shipping industry and the overall
financial condition of the counterparties. The costs and delays associated with the default of a charterer of a vessel may be considerable
and may adversely affect our business, results of operations, cash flows, financial condition and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the recent depressed dry bulk market conditions,
there have been numerous reports of charterers renegotiating their charters or defaulting on their obligations under their charters.
If a current or future charterer defaults on a charter, we will seek the remedies available to us, which may include arbitration
or litigation to enforce the contract, although such efforts may not be successful and for short term charters may cost more to
enforce than the potential recovery. We cannot predict whether our charterers will, upon the expiration of their charters, re-charter
our vessels on favorable terms or at all. If our charterers decide not to re-charter our vessels, we may not be able to re-charter
them on terms similar to the terms of our current charters or at all. If we receive lower charter rates under replacement charters
or are unable to re-charter all of our vessels, this may adversely affect our business, results of operations, cash flows, financial
condition and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The aging of our fleet may result in increased
operating costs in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In general, the cost of maintaining a vessel in good
operating condition increases with the age of the vessel. As of December 31, 2019 and 2018, the weighted average age of the vessels
in our fleet was 11.8 and 10.8 years, respectively. Our oldest vessel was built in 2005, and our youngest vessel was built in 2010.
As our fleet ages, we will incur increased costs. Older vessels are typically less fuel efficient and more costly to maintain than
more recently constructed vessels due to improvements in engine technology. Cargo insurance rates, paid by charterers, increase
with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations, safety or other equipment
standards related to the age of vessels may require expenditures for alterations or the addition of new equipment, to our vessels
and may restrict the type of activities in which our vessels may engage. We cannot assure you that, as our vessels age, further
market conditions will justify those expenditures or enable us to operate our vessels profitably during the remainder of their
useful lives. We may also decide that it makes economic sense to lay up one or more vessels. While our vessels are laid up, we
will pay lay-up costs, but those vessels will not be able to earn any hire.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We may have difficulty managing our planned growth
properly.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Any future acquisitions of additional vessels will
impose additional responsibilities on our management and staff and may require us to increase the number of our personnel. In the
event of a future acquisition of additional vessels, we will also have to increase our customer base to provide continued employment
for the new vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We intend to continue to stabilize and then to try
to grow our business through disciplined acquisitions of vessels that meet our selection criteria and newly built vessels if we
can negotiate attractive purchase prices. Our future growth will primarily depend on:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">locating and acquiring suitable vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">identifying and consummating acquisitions;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">enhancing our customer base;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">managing our expansion; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">obtaining required financing on acceptable terms.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A delay in the delivery to us of any such vessel, or
the failure of the shipyard to deliver a vessel at all, could cause us to breach our obligations under a related charter and could
adversely affect our earnings. In addition, the delivery of any of these vessels with substantial defects could have similar consequences.
A shipyard could fail to deliver a new-building on time or at all because of:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">work stoppages or other hostilities or political or economic disturbances that disrupt the operations of the shipyard;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">quality or engineering problems;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">bankruptcy or other financial crisis of the shipyard;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">a backlog of orders at the shipyard;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">weather interference or catastrophic events, such as major earthquakes or fires;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">our requests for changes to the original vessel specifications or disputes with the shipyard;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">shortages of or delays in the receipt of necessary construction materials, such as steel; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">shortages of or delays in the receipt of necessary equipment, such as main engines, electricity generators and propellers.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, if we enter a newbuilding or secondhand
contract in the future, we may seek to terminate the contract due to market conditions, financing limitations or other reasons.
The outcome of contract termination negotiations may require us to forego deposits on construction or purchase and pay additional
cancellation fees. In addition, where we have already arranged a future charter with respect to the terminated new-building contract,
we would need to provide an acceptable substitute vessel to the charterer to avoid breaching our charter agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">During periods in which charter rates are high, vessel
values generally are high as well, and it may be difficult to consummate vessel acquisitions or enter into new-building contracts
at favorable prices. During periods when charter rates are low, such as the current market, we may be unable to fund the acquisition
of new-buildings, whether through lending or cash on hand. For these reasons, we may be unable to execute our growth plans or avoid
significant expenses and losses in connection with our future growth efforts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Growing any business by acquisition presents numerous
risks, such as undisclosed liabilities and obligations, the possibility that indemnification agreements will be unenforceable or
insufficient to cover potential losses and difficulties associated with imposing common standards, controls, procedures and policies,
obtaining additional qualified personnel, managing relationships with customers and integrating newly acquired assets and operations
into existing infrastructure. We cannot give any assurance that we will be successful in executing our growth plans or that we
will not incur significant expenses and losses in connection with our future growth.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">To the extent we scrap or sell vessels, we may decide
to terminate the employment of some of our staff.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Legislative or regulatory changes in Greece may
adversely affect our results from operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Globus Shipmanagement Corp., our ship management subsidiary,
who we refer to as our Manager, is regulated under Greek Law 89/67, and conducts its operations and those on our behalf primarily
in Greece. Greece has been implementing new legislative measures to address financial difficulties, several of which as a response
from oversight by the International Monetary Fund and by European regulatory bodies such as the European Central Bank. Such legislative
actions may impose new regulations on our operations in Greece that will require us to incur new or additional compliance or other
administrative costs and may require that our Manager or we pay to the Greek government new taxes or other fees. Any such taxes,
fees or costs we incur could be in amounts that are significantly greater than those in the past and could adversely affect our
results from operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For example, in 2013, 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 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 completely 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The tax residents of Greece who receive dividends
from such shipowning or their holding companies are taxed at 10% on the dividends which they receive and which they import into
Greece, not being liable to any other taxation for these, which include those dividends which either remain with the holding company
or are paid to the individual Greek tax resident abroad.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We rely on our information systems to conduct
our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The efficient operation of our business is dependent
on computer hardware and software systems. Information systems are vulnerable to security breaches by computer hackers, cyber terrorists,
and garden variety computer viruses. We rely on what we believe to be industry accepted security measures and technology to securely
maintain confidential and proprietary information maintained on our information systems. However, these measures and technology
may not adequately prevent security breaches. In addition, the unavailability of the information systems or the failure of these
systems to perform as anticipated for any reason could disrupt our business and could result in decreased performance and increased
operating costs, causing our business and results of operations to suffer. Any significant interruption or failure of our information
systems or any significant breach of security could adversely affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We expect that a limited number of financial
institutions will hold our cash including financial institutions that may be located in Greece.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We expect that a limited number of financial institutions
will hold all of our cash, including some institutions located in Greece. Our bank accounts are with banks in Switzerland, Germany
and Greece. Of the financial institutions located in Greece, none are subsidiaries of international banks. We do not expect that
these balances will be covered by insurance in the event of default by these financial institutions. The occurrence of such a default
could have a material adverse effect on our business, financial condition, results of operations and cash flows, and we may lose
part or all of our cash that we deposit with such banks.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Purchasing and operating secondhand vessels may
result in increased operating costs and reduced fleet utilization.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">While we have the right to inspect previously owned
vessels prior to our purchase of them, such an inspection does not provide us with the same knowledge about their condition that
we would have if these vessels had been built for and operated exclusively by us. A secondhand vessel may have conditions or defects
that we are not aware of when we buy the vessel and which may require us to incur costly repairs to the vessel. These repairs may
require us to put a vessel into drydocking, which would increase cash outflows and related expenses, while reducing our fleet utilization.
Furthermore, we usually do not receive the benefit of warranties on secondhand vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Our ability to declare and pay dividends to holders
of our common shares will depend on a number of factors and will always be subject to the discretion of our board of directors.
</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If we are not in compliance with our loan covenants
and received a notice of default and were unable to cure it under the terms of our loan covenants, we may be forbidden from issuing
dividends. There can be no assurance that dividends will be paid to holders of our shares in any anticipated amounts and frequency
at all. We may incur other expenses or liabilities that would reduce or eliminate the cash available for distribution as dividends,
including as a result of the risks described in this section of this annual report on Form 20-F. The EnTrust Loan Facility prohibit
our declaration and payment of dividends under some circumstances, as does our convertible note. Under the EnTrust Loan Facility
we will be prohibited from paying dividends if an event of default has occurred or any event has occurred or circumstance arisen
which with the giving of notice or the lapse of time or the satisfaction of any other condition would constitute an event of default
under the EnTrust Loan Facility or where the payment of dividends would result in any such event or circumstance. Please read &ldquo;Item
5.B. Liquidity and Capital Resources&mdash;Indebtedness&rdquo; for further information. We may also enter into new financing or
other agreements that may restrict our ability to pay dividends even without an event of default. In addition, we may pay dividends
to the holders of our preferred shares prior to the holders of our common shares, depending on the terms of the preferred shares.
Our Convertible Note also contains a cross-default provision that is triggered upon a material default or an event of default under
an existing agreement which would or is likely to have a material adverse effect on the Company or any of its subsidiaries, individually
or in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The declaration and payment of dividends to holders
of our shares will be subject at all times to the discretion of our board of directors, and will be paid equally on a per-share
basis between our common shares and our Class B shares, to the extent any are issued and outstanding. We can provide no assurance
that dividends will be paid in the future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There may be a high degree of variability from period
to period in the amount of cash, if any, that is available for the payment of dividends based upon, among other things:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the rates we obtain from our charters as well as the rates obtained upon the expiration of our existing charters;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the level of our operating costs;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the number of unscheduled off-hire days and the timing of, and number of days required for, scheduled drydocking of our vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">vessel acquisitions and related financings;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">restrictions in the EnTrust Loan Facility and in any future debt arrangements;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to obtain debt and equity financing on acceptable terms as contemplated by our growth strategy;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">prevailing global and regional economic and political conditions;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the effect of governmental regulations and maritime self-regulatory organization standards on the conduct of our business;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">our overall financial condition;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">our cash requirements and availability;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the amount of cash reserves established by our board of directors; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">restrictions under Marshall Islands law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Marshall Islands law generally prohibits the payment
of dividends other than from surplus or certain net profits, or while a company is insolvent or would be rendered insolvent by
the payment of such a dividend. We may not have sufficient funds, surplus, or net profits to make distributions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may incur expenses or liabilities or be subject
to other circumstances in the future that reduce or eliminate the amount of cash that we have available for distribution as dividends,
if any. Our growth strategy contemplates that we will finance the acquisition of our new-buildings or selective acquisitions of
vessels through a combination of our operating cash flow and debt financing through our subsidiaries or equity financing. If financing
is not available to us on acceptable terms, our board of directors may decide to finance or refinance acquisitions with a greater
percentage of cash from operations to the extent available, which would reduce or even eliminate the amount of cash available for
the payment of dividends. We may also enter into other agreements that will restrict our ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The amount of cash we generate from our operations
may differ materially from our net income or loss for the period, which will be affected by non-cash items. We may incur other
expenses or liabilities that could reduce or eliminate the cash available for distribution as dividends. As a result of these and
the other factors mentioned above, we may pay dividends during periods when we record losses and may not pay dividends during periods
when we record net income, if we pay dividends at all.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We are a holding company, and we will depend
on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations or to make dividend
payments.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are a holding company and our subsidiaries, which
are all directly and wholly owned by us, will conduct all of our operations and own all of our operating assets. We have no significant
assets other than the equity interests in our wholly owned subsidiaries. As a result, our ability to make dividend payments depends
on our subsidiaries and their ability to distribute funds to us. If we are unable to obtain funds from our subsidiaries, our board
of directors may exercise its discretion not to declare or pay dividends. In addition, our subsidiaries are subject to limitations
on the payment of dividends under Marshall Islands or Maltese law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Management may be unable to provide reports as
to the effectiveness of our internal control over financial reporting or, when applicable, our independent registered public accounting
firm may be unable to provide us with unqualified attestation reports as to the effectiveness of our internal control over financial
reporting when required.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under Section 404 of the Sarbanes-Oxley Act of 2002,
which we refer to as Sarbanes-Oxley, we are required to include in each of our annual reports on Form 20-F a report containing
our management&rsquo;s assessment of the effectiveness of our internal control over financial reporting and we may also be required
to include, in our future annual reports, a related attestation of our independent registered public accounting firm. Our Manager,
Globus Shipmanagement, will provide substantially all of our financial reporting, and we will depend on the procedures it has in
place. If in such annual reports on Form 20-F our management cannot provide a report as to the effectiveness of our internal control
over financial reporting or, when applicable, our independent registered public accounting firm is unable to provide us with an
unqualified attestation report as to the effectiveness of our internal control over financial reporting as required by Section
404, investors could lose confidence in the reliability of our consolidated financial statements, which could result in a decrease
in the value of our common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Unless we set aside reserves or are able to borrow
funds for vessel replacement, at the end of a vessel&rsquo;s useful life our revenues will decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019 and December 31, 2018, the
vessels in our current fleet had a weighted average age of 11.8 and 10.8 years, respectively. Our oldest vessel was built in 2005,
and our youngest vessel was built in 2010. Unless we maintain reserves or are able to borrow or raise funds for vessel replacement,
we will be unable to replace the vessels in our fleet upon the expiration of their remaining useful lives, which we expect to be
25 years from the date of their construction. Our cash flows and income are dependent on the revenues earned by the chartering
of our vessels to customers. If we are unable to replace the vessels in our fleet upon the expiration of their useful lives, our
business, results of operations, financial condition and ability to pay dividends will be materially adversely affected. Any reserves
set aside for vessel replacement may not be available for dividends.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We depend upon a few significant customers for
a large part of our revenues.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may derive a significant part of our revenue from
a small number of customers. During the years ended December 31, 2019, 2018 and 2017, we derived substantially all of our revenues
from approximately 22, 24 and 22 customers, respectively, and approximately 50%, 48% and 44%, respectively, of our revenues during
those years, were derived from four customers. If one or more of our major customers defaults under a charter with us and we are
not able to find a replacement charter, or if such a customer exercises certain rights to terminate the charter, we could suffer
a loss of revenues that could materially adversely affect our business, financial condition, results of operations and cash available
for distribution as dividends to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We could lose a customer or the benefits of a time
charter if, among other things:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the customer fails to make charter payments because of its financial inability, disagreements with us or otherwise;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the customer terminates the charter because of our non-performance, including failure to deliver the vessel within a fixed period of time, the vessel is lost or damaged beyond repair, serious deficiencies in the vessel, prolonged periods of off-hire or our default under the charter; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the customer terminates the charter because the vessel has been subject to seizure for more than 30 days.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If we lose a key customer, we may be unable to obtain
charters on comparable terms with charterers of comparable standing or we may have increased exposure to the volatile spot market,
which is highly competitive and subject to significant price fluctuations. We would not receive any revenues from such a vessel
while it remained unchartered, but we may be required to pay expenses necessary to maintain the vessel in proper operating condition,
insure it and service any indebtedness secured by such vessel. The loss of any of our customers, time charters or vessels or a
decline in payments under our charters could have a material adverse effect on our business, results of operations and financial
condition and our ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Provisions of our articles of incorporation and
bylaws may have anti-takeover effects.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Several provisions of our articles of incorporation
and bylaws, which are summarized below, may have anti-takeover effects. These provisions are intended to avoid costly takeover
battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board of directors to maximize
shareholder value in connection with any unsolicited offer to acquire our company. However, these anti-takeover provisions could
also discourage, delay or prevent the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise
that a shareholder may consider in its best interest and the removal of incumbent officers and directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Multi Class Stock</I>. Our multi-class stock structure,
which consists of common shares, Class B shares, and preferred shares, can provide holders of our Class B shares or preferred shares
a significant degree of control over all matters requiring shareholder approval, including the election of directors and significant
corporate transactions, such as a merger or other sale of our company or its assets, because our different classes of shares can
have different numbers of votes. For instance, our articles of incorporation grant 20 votes to each Class B share, as compared
to one vote per common share; although no Class B shares are currently issued and outstanding, any person who held Class B shares
representing more than 4.762% of the Company&rsquo;s total issued and outstanding shares could control a majority of the Company&rsquo;s
votes and would be able to exert substantial control over our management and all matters requiring shareholder approval, including
electing directors and significant corporate transactions, such as a merger. Such holder&rsquo;s interest could differ from yours,
and the issuance of such shares could decrease the price of our common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Blank Check Preferred Shares</I>. Under the terms
of our articles of incorporation, our board of directors has authority, without any further vote or action by our shareholders,
to issue up to 100 million shares of &ldquo;blank check&rdquo; preferred shares. Our board could authorize the issuance of preferred
shares with voting or conversion rights that could dilute the voting power or rights of the holders of common shares. The issuance
of preferred shares, while providing flexibility in connection with possible acquisitions and other corporate purposes, could,
among other things, have the effect of delaying, deferring or preventing a change in control of us or the removal of our management
and may harm the market price of our common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Classified Board of Directors</I>. Our articles
of incorporation provide for the division of our board of directors into three classes of directors, with each class as nearly
equal in number as possible, serving staggered, three-year terms beginning upon the expiration of the initial term for each class.
Approximately one-third of our board of directors is elected each year. This classified board provision could discourage a third
party from making a tender offer for our shares or attempting to obtain control of us. It could also delay shareholders who do
not agree with the policies of our board of directors from removing a majority of our board of directors for up to two years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Election of Directors</I>. Our articles of incorporation
do not provide for cumulative voting in the election of directors. Our bylaws require parties, other than the chairman of the board
of directors, board of directors and shareholders holding 30% or more of the voting power of the aggregate number of our shares
issued and outstanding and entitled to vote, to provide advance written notice of nominations for the election of directors. These
provisions may discourage, delay or prevent the removal of incumbent officers and directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Advance Notice Requirements for Shareholder Proposals
and Director Nominations</I>. Our bylaws provide that shareholders, other than shareholders holding 30% or more of the voting power
of the aggregate number of our shares issued and outstanding and entitled to vote, seeking to nominate candidates for election
as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing
to the corporate secretary. Generally, to be timely, a shareholder&rsquo;s notice must be received at our principal executive offices
not less than 150 days or more than 180 days prior to the first anniversary date of the immediately preceding annual meeting of
shareholders. Our bylaws also specify requirements as to the form and content of a shareholder&rsquo;s notice. These provisions
may impede a shareholder&rsquo;s ability to bring matters before an annual meeting of shareholders or make nominations for directors
at an annual meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We generate revenues from the trading of our
vessels in U.S. dollars but incur a portion of our expenses in other currencies. </I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We generate substantially all of our revenues from
the trading of our vessels in U.S. dollars, but during the years ended December 31, 2019, 2018 and 2017 we incurred approximately
27%, 29% and 28%, respectively, of our vessel operating expenses, and certain administrative expenses, in currencies other than
the U.S. dollar. This difference could lead to fluctuations in net profit due to changes in the value of the U.S. dollar relative
to the other currencies. Expenses incurred in foreign currencies against which the U.S. dollar falls in value can increase, decreasing
our revenues. We have not hedged our currency exposure, and, as a result, our results of operations and financial condition, denominated
in U.S. dollars, and our ability to pay dividends could suffer.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Increases in interest rates may cause the market
price of our shares to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">An increase in interest rates may cause a corresponding
decline in demand for equity investments in general. Any such increase in interest rates or reduction in demand for our shares
resulting from other relatively more attractive investment opportunities may cause the trading price of our shares to decline.
If LIBOR (or its successor) increases, then our payments pursuant to certain existing loans will increase. See &ldquo;Item 11.
Quantitative and Qualitative Disclosures About Market Risk.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>If volatility in the London InterBank Offered
Rate, or LIBOR, occurs, or when LIBOR is replaced as the reference rate under our debt obligations, it could affect our profitability,
earnings and cash flow</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">LIBOR may be volatile, with the spread between LIBOR
and the prime lending rate widening significantly at times. These conditions are the result of disruptions in the international
markets. Because the interest rates borne by some of our outstanding loan facilities fluctuate with changes in LIBOR, it would
affect the amount of interest payable on those debts, which, in turn, could have an adverse effect on our profitability, earnings
and cash flow.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On July 27, 2017, the UK Financial Conduct Authority
announced that it would phase-out LIBOR by the end of 2021. As a result, lenders have insisted on provisions that entitle the lenders,
in their discretion, to replace published LIBOR as the basis for the interest calculation with their cost-of-funds rate. Certain
of our existing financing arrangements, provide for the use of replacement rates if LIBOR is discontinued. We are in the process
of evaluating the impact of LIBOR discontinuation on us. While we cannot predict the effect of the potential changes to LIBOR or
the establishment and use of alternative rates or benchmarks, the interest payable on our debt could be subject to volatility and
our lending costs could increase, which would have an adverse effect on our profitability, earnings and cash flow.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Our chairman of the board of directors beneficially
owns a significant number of our total outstanding common shares and could control matters on which our shareholders are entitled
to vote.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Mr. George Feidakis, the chairman of our board of directors,
beneficially owns a significant number (but not a majority) of our outstanding common shares as of March 31, 2020. Please read
 &ldquo;Item 7.A. Major Shareholders.&rdquo; Until such time that we issue a significant number of securities (which could occur
upon conversion of the convertible note) to persons other than Mr. George Feidakis or entities nor beneficially owned by Mr. George
Feidakis, or Mr. George Feidakis sells all or a portion of his common shares, Mr. George Feidakis may be able to control the outcome
of many matters on which our shareholders are entitled to vote, including the election of directors and other significant corporate
actions. The interests of Mr. George Feidakis may be different from your interests.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The public market may not continue to be active
and liquid enough for you to resell our common shares in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The price of our common shares may be volatile and
may fluctuate due to factors such as:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">mergers and strategic alliances in the dry bulk shipping industry;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">market conditions in the dry bulk shipping industry;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">changes in government regulation;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">shortfalls in our operating results from levels forecast by securities analysts;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">announcements concerning us or our competitors; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the general state of the securities market.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Furthermore, Mr. George Feidakis, the chairman of our
board of directors, beneficially owns a significant number (but not a majority) of our outstanding common shares. Please read &ldquo;Item
7.A. Major Shareholders.&rdquo; Where a substantial percentage of the shares of publicly traded companies are held by a small number
of shareholders, the shares may have a lower trading volume than similarly-sized publicly traded companies. Until such time as
we issue a significant number of securities (which could occur upon conversion of the convertible note) to persons other than Mr.
George Feidakis or entities not beneficially owned by Mr. George Feidakis, or Mr. George Feidakis sells all or a portion of his
common shares, we may have a lower trading volume than similarly-sized companies, which means shareholders who buy or sell relatively
small amounts of our common shares could have a disproportionately large impact on our share price, either positively or negatively,
and could thus make our share price more volatile than it otherwise would be. The dry bulk shipping industry has been highly unpredictable
and volatile. The market for common shares in this industry may be equally volatile.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We may have to pay tax on U.S. source shipping
income.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the U.S. Internal Revenue Code of 1986, as amended,
or the Code, 50% of the gross shipping income of a vessel-owning or chartering corporation that is attributable to transportation
that begins or ends, but that does not both begin and end, in the United States is characterized as U.S. source shipping income
and such income is subject to a 4% U.S. federal income tax without allowance for deductions, unless that corporation qualifies
for exemption from tax under section 883 of the Code and the U.S. Treasury regulations promulgated thereunder, which we refer to
as the Section 883 Exemption, or through the application of a comprehensive income tax treaty between the United States and the
corporation&rsquo;s country of residence. The eligibility of Globus Maritime and our subsidiaries to qualify for the Section 883
Exemption is determined each taxable year and is dependent on certain circumstances related to the ownership of our shares and
on interpretations of existing U.S. Treasury regulations, each of which could change. We can therefore give no assurance that we
will in fact be eligible to qualify for the Section 883 Exemption for all taxable years. In addition, changes to the Code, the
U.S. Treasury regulations or the interpretation thereof by the U.S. Internal Revenue Service, or IRS, or the courts could adversely
affect the ability of Globus Maritime and our subsidiaries to take advantage of the Section 883 Exemption.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If we are not entitled to the Section 883 Exemption
or an exemption under a tax treaty for any taxable year in which any company in the group earns U.S. source shipping income, any
company earning such U.S. source shipping income, would be subject to a 4% U.S. federal income tax on the gross amount of the U.S.
source shipping income for the year (or an effective rate of 2% on shipping income attributable to the transportation of freight
to or from the United States). The imposition of this taxation could have a negative effect on our business and revenues and would
result in decreased earnings available for distribution to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For a more complete discussion, please read the section
entitled &ldquo;Item 10.E. Taxation&mdash; United States Tax Considerations&mdash; United States Federal Income Taxation of the
Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>U.S. tax authorities could treat us as a &ldquo;passive
foreign investment company,&rdquo; which could result in adverse U.S. federal income tax consequences to U.S. shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A foreign corporation will be treated as a &ldquo;passive
foreign investment company,&rdquo; or PFIC, for U.S. federal income tax purposes if either at least 75% of its gross income for
any taxable year consists of certain types of &ldquo;passive income&rdquo; or at least 50% of the average value of the corporation&rsquo;s
assets produce or are held for the production of those types of &ldquo;passive income.&rdquo; For purposes of these tests, &ldquo;passive
income&rdquo; includes dividends, interest and gains from the sale or exchange of investment property, and rents and royalties
other than rents and royalties that are received from unrelated parties in connection with the active conduct of a trade or business.
For purposes of these tests, income derived from the performance of services does not constitute &ldquo;passive income.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">U.S. shareholders of a PFIC are subject to a disadvantageous
U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC, and
the gain, if any, they derive from the sale or other disposition of their shares in the PFIC, unless those shareholders make an
election available under the Code (which election could itself have adverse consequences for such shareholders). In particular,
U.S. shareholders who are individuals would not be eligible for the preferential tax rate on qualified dividends. Please read &ldquo;Item
10.E. Taxation&mdash;United States Tax Considerations&mdash;United States Federal Income Taxation of United States Holders&rdquo;
for a more comprehensive discussion of the U.S. federal income tax consequences to U.S. shareholders if we are treated as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Based on our current operations and anticipated future
operations, we believe we should not be treated as a PFIC. In this regard, we intend to treat gross income we derive or are deemed
to derive from our time chartering activities as services income, rather than rental income. Accordingly, we believe that our income
from our time chartering activities should not constitute &ldquo;passive income,&rdquo; and that the assets we own and operate
in connection with the production of that income do not constitute assets that produce or are held for the production of &ldquo;passive
income.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There are legal uncertainties involved in this determination
because there is no direct legal authority under the PFIC rules addressing our current and projected future operations. Moreover,
a case decided in 2009 by the U.S. Court of Appeals for the Fifth Circuit held that, contrary to the position of the IRS in that
case, and for purposes of a different set of rules under the Code, income received under a time charter of vessels should be treated
as rental income rather than services income. If the reasoning of this case were extended to the PFIC context, the gross income
we derive or are deemed to derive from our time chartering activities would be treated as rental income, and we would be a PFIC
unless an active leasing exception applies. Although the IRS has announced that it will not follow the reasoning of this case,
and that it intends to treat the income from standard industry time charters as services income, no assurance can be given that
a U.S. court will not follow the aforementioned case. Moreover, no assurance can be given that we would not constitute a PFIC for
any future taxable year if there were to be changes in our assets, income or operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If the IRS were to find that we are or have been a
PFIC for any taxable year, our U.S. shareholders will face adverse U.S. tax consequences and information reporting obligations,
as more fully described under &ldquo;Item 10.E. Taxation&mdash;United States Tax Considerations&mdash;United States Federal Income
Taxation of United States Holders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We could face penalties under European Union,
United States or other economic sanctions.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our business could be adversely impacted if we are
found to have violated economic sanctions under the applicable laws of the European Union, the United States or another applicable
jurisdiction against countries such as Iran, Syria, North Korea and Cuba. U.S. economic sanctions, for example, prohibit a wide
scope of conduct, target numerous countries and individuals, are frequently updated or changed and have vague application in many
situations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Many economic sanctions relate to our business, including
prohibitions on certain kinds of trade with countries, such as exportation or re-exportation of commodities, or prohibitions against
certain transactions with designated nationals who may be operating under aliases or through non-designated companies. The imposition
of Ukrainian-related economic sanctions on Russian persons, first imposed in March 2014, is an example of economic sanctions with
a potentially widespread and unpredictable impact on shipping.&nbsp;Certain of our charterers or other parties with whom we have
entered into contracts regarding our vessels may be affiliated with persons or entities that are the subject of sanctions imposed
by the U.S. government, the European Union and/or other international bodies relating to the annexation of Crimea by Russia in
2014. If we determine that such sanctions require us to terminate existing contracts or if we are found to be in violation of such
applicable sanctions, our results of operations may be adversely affected or we may suffer reputational harm.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, the U.S. Iran Threat Reduction Act (which
was signed into law in 2012) amended the Exchange Act to require issuers that file annual or quarterly reports under Section 13(a)
of the Exchange Act to include disclosure in their annual and quarterly reports as to whether the issuer or its affiliates have
knowingly engaged in certain activities prohibited by sanctions against Iran or transactions or dealings with certain identified
persons. We are subject to this disclosure requirement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There can be no assurance that we will be in compliance
with all applicable sanctions and embargo laws and regulations in the future, particularly as the scope of certain laws may be
unclear and may be subject to changing interpretations. Any such violation could result in fines or other penalties and could severely
impact our ability to access U.S. capital markets and conduct our business, and could result in some investors deciding, or being
required, to divest their interest, or not to invest, in us. Even inadvertent violations of economic sanctions can result in the
imposition of material fines and restrictions and could adversely affect our business, financial condition and results of operations,
our reputation, and the market price of our common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Our vessels may call on ports subject to economic
sanctions or embargoes.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">From time to time on charterers&rsquo; instructions,
our vessels may call on ports located in countries subject to sanctions and embargoes imposed by the United States government and
countries identified by the U.S. government as state sponsors of terrorism, such as Iran, Sudan, North Korea, and Syria. The U.S.
sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe
the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened over time. On May 1, 2012,
President Obama signed Executive Order 13608 which prohibits foreign persons from violating or attempting to violate, or causing
a violation of any sanctions in effect against Iran or facilitating any deceptive transactions for or on behalf of any person subject
to U.S. sanctions. Any persons found to be in violation of Executive Order 13608 will be deemed a foreign sanctions evader and
will be banned from all contacts with the United States, including conducting business in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On July 14, 2015, the P5+1 (the United States, United
Kingdom, Germany, France, Russia and China) and the EU announced that they reached a landmark agreement with Iran titled the Joint
Comprehensive Plan of Action, or the JCPOA, which was intended to restrict significantly Iran&rsquo;s ability to develop and produce
nuclear weapons while simultaneously easing sanctions directed at non-U.S. persons for conduct involving Iran, but taking place
outside of U.S. jurisdiction and not involving U.S. persons. On January 16, 2016, the United States joined the EU and the United
Nations in lifting a significant number of sanctions on Iran following an announcement by the International Atomic Energy Agency,
or the IAEA, that Iran had satisfied its obligations under the JCPOA. However, in 2018, President Trump withdrew the United States
from the JCPOA, resulting in the complete reimposition of U.S. sanctions. As of now, the EU and other parties to the JCPOA have
not withdrawn, and the EU and United Nations sanctions that were lifted have not been reimposed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Although we believe that we have been in compliance
with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, there can be no assurance
that we will be in compliance in the future as such regulations and sanctions may be amended over time. Any such violation could
result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct
our business, and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us.
In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities
of companies that have contracts with countries identified by the U.S. government as state sponsors of terrorism. The determination
by these investors not to invest in, or to divest from, our common shares may adversely affect the price at which our common shares
trade. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do
not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our reputation
and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into charters
with individuals or entities in countries subject to U.S. sanctions and embargo laws that are not controlled by the governments
of those countries, or engaging in operations associated with those countries pursuant to contracts with third parties that are
unrelated to those countries or entities controlled by their governments. Investor perception of the value of our common shares
may be adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in these
and surrounding countries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We are subject to Marshall Islands corporations
law, which is not well-developed.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our corporate affairs are governed by our articles
of incorporation, our bylaws and by the Marshall Islands Business Corporations Act, or the BCA. The provisions of the BCA resemble
provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the
Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the laws of the Marshall Islands
are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in
existence in certain United States jurisdictions. The rights of shareholders of corporations incorporated in or redomiciled into
the Marshall Islands may differ from the rights of shareholders of corporations incorporated in the United States. While the BCA
provides that it is to be applied and construed to make the laws of the Marshall Islands, for non-resident entities such as us,
with respect of the subject matter of the BCA, uniform with the laws of the State of Delaware and other states with substantially
similar legislative provisions, there have been few court cases interpreting the BCA in the Marshall Islands and we cannot predict
whether Marshall Islands courts would reach the same conclusions as United States courts. Thus, you may have more difficulty in
protecting your interests in the face of actions by our management, directors or controlling shareholders than would shareholders
of a corporation incorporated in a United States jurisdiction that has developed a more substantial body of case law in the corporate
law area.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>As a Marshall Islands corporation with principal
executive offices in Greece, and also having subsidiaries in the Marshall Islands and other offshore jurisdictions such as Malta,
our operations may be subject to economic substance requirements. </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On March 12, 2019, the Council of the European Union
approved and published conclusions containing a list of &ldquo;non-cooperative jurisdictions&rdquo; for tax purposes in which the
Republic of the Marshall Islands, among others, was placed by the E.U. on its list of non-cooperative jurisdictions for tax purposes
for failing to implement certain commitments previously made to the E.U. by the agreed deadline. However, it was announced by the
Council of the European Union on October 10, 2019 that the Marshall Islands had been removed from the list of non-cooperative tax
jurisdictions. E.U. member states have agreed upon a set of measures, which they can choose to apply against the listed countries,
including increased monitoring and audits, withholding taxes, special documentation requirements and anti-abuse provisions. The
European Commission has stated it will continue to support member states' efforts to develop a more coordinated approach to sanctions
for the listed countries in 2019. E.U. legislation prohibits E.U. funds from being channeled or transited through entities in non-cooperative
jurisdictions.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are a Marshall Islands corporation with principal
executive offices in Greece. Our management company is also a Marshall Islands entity and one of our subsidiaries is organized
in Malta. The Marshall Islands has enacted economic substance regulations with which we may be obligated to comply. Those regulations
require certain entities that carry out particular activities to comply with an economic substance test whereby the entity must
show that it (i) is directed and managed in the Marshall Islands in relation to that relevant activity, (ii) carries out core income-generating
activity in relation to that relevant activity in the Marshall Islands (although it is being understood and acknowledged by the
regulators that income-generated activities for shipping companies will generally occur in international waters) and (iii) having
regard to the level of relevant activity carried out in the Marshall Islands has (a) an adequate amount of expenditures in the
Marshall Islands, (b) adequate physical presence in the Marshall Islands and (c) an adequate number of qualified employees in the
Marshall Islands.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If we fail to comply with our obligations under this
legislation or any similar law applicable to us in any other jurisdictions, we could be subject to financial penalties and spontaneous
disclosure of information to foreign tax officials, or could be struck from the register of companies, in related jurisdictions.
Any of the foregoing could be disruptive to our business and could have a material adverse effect on our business, financial conditions
and operating results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We do not know: if the E.U. will add the Marshall Islands
or Malta to the list of non-cooperative jurisdictions; how quickly the E.U. would react to any changes in legislation of the Marshall
Islands or Malta; or how E.U. banks or other counterparties will react while we or any of our subsidiaries remain as entities organized
and existing under the laws of listed countries. The effect of the E.U. list of non-cooperative jurisdictions, and any noncompliance
by us with any legislation adopted by applicable countries to achieve removal from the list, including economic substance regulations,
could have a material adverse effect on our business, financial conditions and operating results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>It may be difficult to serve us with legal process
or enforce judgments against us, our directors, our significant shareholders, or our management.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our business is operated primarily from our offices
in Greece. In addition, our largest shareholder and a majority of our directors and officers are non-residents of the United States,
and all of our assets and a substantial portion of the assets of these non-residents are located outside the United States. As
a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States
if you believe that your rights have been infringed under securities laws or otherwise. You may also have difficulty enforcing,
both within and outside of the United States, judgments you may obtain in the United States courts against us or these persons
in any action, including actions based upon the civil liability provisions of United States federal or state securities laws. There
is also substantial doubt that the courts of the Marshall Islands or Greece would enter judgments in original actions brought in
those courts predicated on United States federal or state securities laws.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>The international nature of our operations may
make the outcome of any bankruptcy proceedings difficult to predict.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We redomiciled into the Marshall Islands and our subsidiaries
are incorporated under the laws of the Marshall Islands or Malta, we have limited operations in the United States and we maintain
limited assets, if any, in the United States. Consequently, in the event of any bankruptcy, insolvency, liquidation, dissolution,
reorganization or similar proceeding involving us or any of our subsidiaries, bankruptcy laws other than those of the United States
could apply. The Marshall Islands does not have a bankruptcy statute or general statutory mechanism for insolvency proceedings.
If we become a debtor under U.S.&nbsp;bankruptcy law, bankruptcy courts in the United States may seek to assert jurisdiction over
all of our assets, wherever located, including property situated in other countries. There can be no assurance, however, that we
would become a debtor in the United States, or that a U.S.&nbsp;bankruptcy court would accept, or be entitled to accept, jurisdiction
over such a bankruptcy case, or that courts in other countries that have jurisdiction over us and our operations would recognize
a U.S.&nbsp;bankruptcy court&rsquo;s jurisdiction if any other bankruptcy court would determine it had jurisdiction. These factors
may delay or prevent us from entering bankruptcy in the United States and may affect the ability of our shareholders to receive
any recovery following our bankruptcy.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We, or our large shareholders, may sell additional
securities in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The market price of our common shares could decline
due to sales of a large number of our securities in the market, including sales of shares by our large shareholders, or the perception
that these sales could occur. These sales could also occur if our convertible note holder converts the convertible note and sells
the resulting common shares. These sales could also make it more difficult or impossible for us to sell equity securities in the
future at a time and price that we deem appropriate to raise funds through future offerings of shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>We may issue additional common shares, including
Class B shares, or other equity securities without your approval. </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We may issue additional common shares, including Class
B shares, or other equity securities of equal or senior rank in the future in connection with, among other things, future vessel
acquisitions, repayment of outstanding indebtedness or our equity incentive plan, without shareholder approval, in a number of
circumstances.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our issuance of additional common shares (which will
occur each time the convertible note holder converts its note), including Class B shares, or other equity securities of equal or
senior rank would have the following effects:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-left: 0.25in; font-family: Times New Roman,serif; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">our existing shareholders&rsquo; proportionate ownership interest in us will decrease;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; font-family: Times New Roman,serif; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the amount of cash available for dividends payable on our common shares may decrease;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; font-family: Times New Roman,serif; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the relative voting strength of each previously outstanding share may be diminished; and</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-left: 0.25in; font-family: Times New Roman,serif; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&bull;&#9;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">the market price of our common shares may decline,
        and we could be forced to delist our shares from Nasdaq.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Furthermore, we may sell securities at less than the
prevailing market price, and are obligated to do so pursuant to our convertible note under certain circumstances. Because we are
a foreign private issuer, we are not bound by Nasdaq rules that require shareholder approval for certain issuances of our securities.
We therefore can issue securities in such amounts and at such times as we feel appropriate, all without shareholder approval. See
 &ldquo;Item 16G. Corporate Governance.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>A cyber-attack could materially disrupt our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We rely on information technology systems and networks
in our operations and administration of our business. Information systems are vulnerable to security breaches by computer hackers
and cyber terrorists. We rely on industry accepted security measures and technology to securely maintain confidential and proprietary
information maintained on our information systems. However, these measures and technology may not adequately prevent security breaches.
Our business operations could be targeted by individuals or groups seeking to sabotage or disrupt our information technology systems
and networks, or to steal data. A successful cyber-attack could materially disrupt our operations, including the safety of our
operations, or lead to unauthorized release of information or alteration of information in our systems. Any such attack or other
breach of our information technology systems could have a material adverse effect on our business and results of operations. In
addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason
could disrupt our business and could result in decreased performance and increased operating costs, causing our business and results
of operations to suffer. Any significant interruption or failure of our information systems or any significant breach of security
could adversely affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>
<A name=item4></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Item 4.&nbsp;&nbsp;Information on the Company</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><B><I>A.&nbsp;&nbsp;History and Development of the Company</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We originally incorporated as Globus Maritime Limited
on July 26, 2006 pursuant to the Companies (Jersey) Law 1991 (as amended), and began operations in September 2006. Following the
conclusion of our initial public offering on June 1, 2007, our common shares were listed on the London Stock Exchange&rsquo;s Alternative
Investment Market, or AIM, under the ticker &ldquo;GLBS.L.&rdquo; On July 29, 2010, we effected a one-for-four reverse stock split,
with our issued share capital resulting in 7,240,852 common shares of $0.004 each.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On November 24, 2010, we redomiciled into the Marshall
Islands pursuant to the BCA and a resale registration statement for our common shares was declared effective by the SEC. Once the
resale registration statement was declared effective by the SEC, our common shares began trading on the Nasdaq Global Market under
the ticker &ldquo;GLBS.&rdquo; Our common shares were suspended from trading on the AIM on November 24, 2010 and were delisted
from the AIM on November 26, 2010.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On June 30, 2011, we completed a follow-on public offering
in the United States under the Securities Act of 1933, as amended, which we refer to as the Securities Act, of 2,750,000 common
shares at a price of $8.00 per share, the net proceeds of which amounted to approximately $20 million. (These figures do not reflect
the 4-1 reverse stock split which occurred in October 2016 or the 10-1 reverse stock split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On April 11, 2016, our common shares began trading
on the Nasdaq Capital Market instead of the Nasdaq Global Market.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">On October 20, 2016, we effected
a four-for-one reverse stock split which reduced the number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments
were made based on fractional shares). (These figures do not reflect the 10-1 reverse stock split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">On February 8, 2017, we entered
into a Share and Warrant Purchase Agreement pursuant to which we sold for $5 million an aggregate of 5 million of our common shares
and warrants to purchase 25 million of our common shares at a price of $1.60 per share (subject to adjustment) to a number of investors
in a private placement. (These figures do not reflect the 10-1 reverse stock split which occurred in October 2018.) These securities
were issued in transactions exempt from registration under the Securities Act. The following day, we entered into a registration
rights agreement with the Purchasers providing them with certain rights relating to registration under the Securities Act of the
Shares and the common shares underlying the warrants.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">In connection with the closing
of the February 2017 private placement, we also entered into two loan amendment agreements with existing lenders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">One loan amendment agreement
was entered into by the Company with Firment Trading Limited (&ldquo;Firment&rdquo;), a related party to the Company and the lender
under the Revolving Credit Facility dated December 16, 2014 (as amended, the &ldquo;Firment Credit Facility&rdquo;), which then
had an outstanding principal amount of $18,523,787. Firment released an amount equal to $16,885,000 (but left an amount equal to
$1,638,787 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, 16,885,000 common shares and a warrant
to purchase 6,230,580 common shares at a price of $1.60 per share (subject to adjustment). Subsequent to the closing of the February
2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility in its entirety. (These figures do
not reflect the 10-1 reverse stock split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">The other loan amendment agreement
was entered into by the Company with Silaner Investments Limited, a related party to the Company and the lender of the Silaner
Credit Facility. Silaner released an amount equal to the outstanding principal of $3,115,000 (but left an amount equal to $74,048
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, 3,115,000 common shares and a warrant to purchase 1,149,437
common shares at a price of $1.60 per share (subject to adjustment). Subsequent to the closing of the February 2017 private placement,
Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse
stock split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">Each of the above mentioned
warrants was exercisable for 24 months after their respective issuance. Under the terms of the warrants, all warrant holders (other
than Firment Shipping Inc., which had no such restriction in its warrants) could not exercise their warrants to the extent such
exercise would cause such warrant holder, together with its affiliates and attribution parties, to beneficially own a number of
common shares which would exceed 4.99% (which may be increased, but not to exceed 9.99%) of our then outstanding common shares
immediately following such exercise, excluding for purposes of such determination common shares issuable upon exercise of the warrants
which have not been exercised. This provision, which we call the &ldquo;Blocker Provision&rdquo;, did not limit a warrant holder
from acquiring up to 4.99% of our common shares, selling all of their common shares, and re-acquiring up to 4.99% of our common
shares. The warrants that we sold in February and October 2017 each contained a provision whereby the relevant holder has the right
to a cashless exercise if, six months after its issuance, a registration statement covering the resale of the shares issuable thereunder
is not effective. If for any reason we were unable to keep such a registration statement active, we would have been required to
issue shares without receiving cash consideration.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">On October 19, 2017, we entered
into a Share and Warrant Purchase Agreement pursuant to which we sold for $2.5 million an aggregate of 2.5 million of our common
shares and a warrant to purchase 12.5 million of our common shares at a price of $1.60 per (subject to adjustment) share to an
investor in a private placement. These securities were issued in transactions exempt from registration under the Securities Act
of 1933, as amended. On that day, we also entered into a registration rights agreement with the purchaser providing it with certain
rights relating to registration under the Securities Act of the 2.5 million common shares issued in connection with the October
2017 Private Placement and the common shares underlying the October 2017 warrant. (These figures do not reflect the 10-1 reverse
stock split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">Under the terms of the October
2017 warrant, the warrant holder may not exercise its warrant to the extent such exercise would cause the warrant holder, 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&rsquo; notice, but not to exceed 9.99%) of our 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 warrant holder 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. This &ldquo;Blocker Provision&rdquo;
is identical to the Blocker Provision contained in the warrants purchased in February 2017 (other than in the warrants granted
to Silaner Investments Limited and Firment Trading Limited, which had no such provision). The October 2017 warrant was exercisable
for 24 months after its issuance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">On October 15, 2018, we effected
a ten-for-one reverse stock split which reduced the number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments
were made based on fractional shares).</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">In November 2018, we entered
into a credit facility for up to $15 million with Firment Shipping Inc., a related party to us, for the purpose of financing our
general working capital needs. The Firment Shipping Credit Facility is unsecured and remains available until its final maturity
on April 1, 2021, as amended. We have the right to drawdown any amount up to $15 million or prepay any amount in multiples of $100,000.
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. We have also the right, in our sole option, to convert in whole
or in part the outstanding unpaid principal amount and accrued but unpaid interest under this agreement 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. over the Pricing Period multiplied by 80%, where the &ldquo;Pricing Period&rdquo; equals the ten consecutive trading days
immediately preceding the date on which the conversion notice was executed or (ii) $2.80.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On March 13, 2019, the Company signed a securities
purchase agreement with a private investor and on March 13, 2019 issued, for gross proceeds of $5 million, a senior convertible
note (the &ldquo;Convertible Note&rdquo;) that is convertible into shares of the Company&rsquo;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 was scheduled
to mature on March 13, 2020, the first anniversary of its issue, but its holder waived the Convertible Note&rsquo;s maturity until
March 13, 2021. The waiver also provides that the floor price by which the Convertible Note may be converted adjusts for share
splits, share dividends, share combinations, and similar transactions. The Convertible Note was issued in a transaction exempt
from registration under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Convertible Note provides for interest to accrue
at 10% annually, which interest shall be paid at maturity 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. As of December 31, 2019, the amount outstanding with respect to the Convertible Note was $3,308,750, and the Company
had issued 867,643 common shares pursuant to the note. For more information, please read &ldquo;&mdash;Item 5. Operating and Financial
Review and Prospects&mdash;A. Operating Results.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, our issued and outstanding
capital stock consisted of 5,227,159 common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our executive office is located at the office of Globus
Shipmanagement Corp., which we refer to as our Manager, at 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece.
Our telephone number is +30 210 960 8300. Our registered agent in the Marshall Islands is The Trust Company of the Marshall Islands,
Inc. and our registered address in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands MH96960. We maintain our website at www.globusmaritime.gr. Information that is available on or accessed through our website
does not constitute part of, and is not incorporated by reference into, this annual report on Form 20-F. The SEC maintains an internet
site that contains reports, proxy and information statements, and other information regarding us and other issuers that file electronically
with the SEC at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2010, our fleet comprised a total
of five dry bulk vessels, consisting of one Panamax, three Supramaxes and one Kamsarmax, with a weighted average age of approximately
4.0 years and a total carrying capacity of 319,664 dwt.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In March 2011, we purchased a 2007-built Supramax vessel
for $30.3 million. The vessel was delivered in September 2011 and was named <I>Sun Globe</I>. In May 2011, we purchased a 2005-built
Panamax vessel for $31.4 million. The vessel was delivered in June 2011 and was named <I>Moon Globe.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2014 and 2013 our fleet comprised
a total of seven dry bulk vessels, consisting of two Panamax, four Supramaxes and one Kamsarmax, with a weighted average age of
approximately 8.1 and 7.1 years, respectively, and a total carrying capacity of 452,886 dwt.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In July 2015, we sold &ldquo;<I>Tiara Globe</I>&rdquo;,
a 1998-built Panamax. As of December 31, 2015, our fleet comprised a total of six dry bulk vessels, consisting of one Panamax,
four Supramaxes and one Kamsarmax, with an average age of 7.4 years and carrying capacity of 379,958 dwt.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">In March 2016, as part of
a settlement of the loan agreement between Kelty Marine Ltd. and Commerzbank, outstanding indebtedness of $15.65 million was released
in exchange for $6.86 million of sale proceeds from the sale of the shares of Kelty Marine Ltd. (the owner of <I>m/v Energy Globe)</I>
plus overdue interest of $40,708. The weighted average age of the vessels we owned as of December 31, 2016 was 8.8 years, and their
carrying capacity was 300,571 dwt.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our fleet is currently comprised of a total of five
dry bulk vessels consisting of one Panamax and four Supramaxes. The weighted average age of the vessels we owned as of December
31, 2019 was 11.8 years, and their carrying capacity was 300,571 dwt.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our capital expenditures, which principally consist
of purchasing, operating and maintaining dry bulk vessels, for the years 2019, 2018 and 2017 consisted of drydocking costs of $0.6
million, $2.1 million and $1.0 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><B><I>B.&nbsp;&nbsp;Business Overview</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are an integrated dry bulk shipping company, providing
marine transportation services on a worldwide basis. We own, operate and manage a fleet of dry bulk vessels that transport iron
ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. We intend to grow our fleet through
timely and selective acquisitions of modern vessels in a manner that we believe will provide an attractive return on equity and
will be accretive to our earnings and cash flow based on anticipated market rates at the time of purchase. There is no guarantee
however, that we will be able to find suitable vessels to purchase or that such vessels will provide an attractive return on equity
or be accretive to our earnings and cash flow.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our operations are managed by our Attica, Greece-based
wholly owned subsidiary, Globus Shipmanagement Corp., which we refer to as our Manager, which provides in-house commercial and
technical management for our vessels and provided consulting services for an affiliated ship-management company. Our Manager has
entered into a ship management agreement with each of our wholly owned vessel-owning subsidiaries to provide services that include
managing day-to-day vessel operations, such as supervising the crewing, supplying, maintaining of vessels and other services. In
2016 our Manager entered into a consultancy agreement with an affiliated ship-management company, where our Manager provided consulting
services to the affiliated ship-management company. This agreement also terminated on January 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following table presents information concerning the vessels we own:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Vessel</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></P> <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Built</B></FONT></P></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Flag</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Direct</B></FONT></P> <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Owner</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Shipyard</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Vessel&nbsp;Type</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delivery</B></FONT></P> <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></P></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carrying</B></FONT></P> <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Capacity</B></FONT></P> <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(dwt)</B></FONT></P></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; font-size: 10pt; font-style: italic; text-align: center">m/v River Globe</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">2007</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">Marshall Islands</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: center">Devocean Maritime Ltd.</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">Yangzhou Dayang</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">Supramax</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: center">December 2007</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">53,627</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">m/v Sky Globe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">2009</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Marshall Islands</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom">Domina Maritime Ltd.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Taizhou Kouan</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Supramax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">May 2010</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">56,855</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">m/v Star Globe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">2010</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Marshall Islands</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Dulac Maritime S.A.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Taizhou Kouan</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Supramax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">May 2010</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">56,867</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">m/v Moon Globe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">2005</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Marshall Islands</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Artful Shipholding S.A.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Hudong-Zhonghua</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Panamax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">June 2011</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">74,432</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;m/v Sun Globe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">2007</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Malta</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;Longevity Maritime Limited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;Tsuneishi Cebu</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;Supramax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;September 2011</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">58,790</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Total:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">300,571</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We own each of our vessels through separate, wholly
owned subsidiaries, four of which are incorporated in the Marshall Islands, and one of which is incorporated in Malta. All of our
Supramax vessels are geared. Geared vessels can operate in ports with minimal shore-side infrastructure. Due to the ability to
switch between various dry bulk cargo types and to service a wider variety of ports, the day rates for geared vessels tend to have
a premium.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We budget 20 days per year in drydocking per vessel.
Actual length will vary based on the condition of each vessel, shipyard schedules and other factors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Employment of our Vessels</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our strategy is to employ our vessels on a mix of all
types of charter contracts, including bareboat charters and time charters. We believe this strategy provides the cash flow stability,
reduced exposure to market downturns and high utilization rates of the charter market, while at the same time enabling us to benefit
from periods of increasing spot market rates. We may, however, seek to employ a greater portion
of our fleet on the spot market or on time charters with longer durations, should we believe it to be in our best interests. In
addition, we generally seek to stagger the expiration dates of our charters to reduce exposure to volatility in the shipping cycle
when our vessels come off of charter. We also continually monitor developments in the dry bulk shipping industry and, subject to
market demand, will adjust the number of vessels on charters and the charter periods for our vessels according to market conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We and our Manager have developed relationships with
a number of international charterers, vessel brokers, financial institutions, insurers and shipbuilders. We have also developed
a network of relationships with vessel brokers who help facilitate vessel charters and acquisitions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On the date of the filing of this Annual Report on
20-F, all of our vessels were employed on time charters.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Each of our vessels travels across the world and not
on any particular route. The charterers of our vessels, whether time, bareboat or on the spot market, select the locations to which
our vessels travel.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Time Charter</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A time charter is a contract for the use of a vessel
for a fixed period of time at a specified daily rate. Under a time charter, the vessel owner provides crewing, insuring, repairing
and maintenance and other services related to the vessel&rsquo;s operation, the cost of which is included in the daily rate, and
the customer is responsible for substantially all of the vessel voyage costs, including the cost of bunkers (fuel oil) and canal
and port charges. The owner also pays commissions typically ranging from 0% to 6.25% of the total daily charter hire rate of each
charter to unaffiliated ship brokers and to in-house brokers associated with the charterer, depending on the number of brokers
involved with arranging the charter.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Basic Hire Rate and Term</I></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&ldquo;Basic hire rate&rdquo; refers to the basic payment
from the customer for the use of the vessel. The hire rate is generally payable semi-monthly or 15 days, in advance, in U.S. dollars
as specified in the charter.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Off-hire</I></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">When the vessel is &ldquo;off-hire,&rdquo; the charterer
generally is not required to pay the basic hire rate, and we are responsible for all costs. Prolonged off-hire may lead to vessel
substitution or termination of the time charter. A vessel generally will be deemed off-hire if there is a loss of time due to,
among other things, operational deficiencies; drydocking for examination or painting the bottom; equipment breakdowns; damages
to the hull; or similar problems.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Ship Management and Maintenance</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are responsible for the technical management of
the vessel and for maintaining the vessel, periodic drydocking, cleaning and painting and performing work required by regulations.
Globus Shipmanagement provides the technical, commercial and day-to-day operational management of our vessels. Technical management
includes crewing, maintenance, repair and drydockings. During the 2019 year, we paid Globus Shipmanagement $700 per vessel per
day. All fees payable to Globus Shipmanagement for vessels that we own are eliminated upon consolidation of our accounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In June 2016, our Manager entered into a consultancy
agreement with an affiliated ship-management company and received a $1,000 per day fee for these services. The agreement was terminated
on January 31, 2017. These fees were not eliminated upon consolidation of our accounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Termination</I></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are generally entitled to suspend performance under
the time charter if the customer defaults in its payment obligations. Either party may terminate the charter in the event of war
in specified countries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Commissions</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">During the year ended December 31, 2019, we paid commissions
ranging from 5% to 6.25% relevant to each time charter agreement then in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Bareboat Charter</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A bareboat charter is a contract pursuant to which
the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, and the charterer provides
for all of the vessel&rsquo;s operating expenses. The charterer undertakes to maintain the vessel in a good state of repair and
efficient operating condition and drydock the vessel during this period as per the classification society requirements.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Redelivery</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Upon the expiration of a bareboat charter, typically
the charterer must redeliver the vessel in as good structure, state, condition and class as that in which the vessel was delivered.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Ship Management and Maintenance</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under a bareboat charter, the charterer is responsible
for all of the vessel&rsquo;s operating expenses, including crewing, insuring, maintaining and repairing the vessel, any drydocking
costs, and the stores, lube oils and communication expenses. Under a bareboat charter, the charterer is also responsible for the
voyage costs, and generally assumes all risk of operation. The charterer covers the costs associated with the vessel&rsquo;s special
surveys and related drydocking falling within the charter period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Commissions</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Commissions on bareboat charters typically range from
0% to 3.75%.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Our Customers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We seek to charter our vessels to customers who we
perceive as creditworthy thereby minimizing the risk of default by our charterers. We also try to select charterers depending on
the type of product they want to carry and the geographical areas in which they tend to trade.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our assessment of a charterer&rsquo;s financial condition
and reliability is an important factor in negotiating employment for our vessels. We generally charter our vessels to operators,
trading houses (including commodities traders), shipping companies and producers and government-owned entities and generally avoid
chartering our vessels to companies we believe to be speculative or undercapitalized entities. Since our operations began in September
2006, our customers have included Hyundai Glovis Co. Ltd., Dampskibsselskabet NORDEN A/S, ED &amp; F Man Shipping Limited, Transgrain
and Far Eastern Silo and Shipping (Panama) S.A. In addition, during the periods when some of our vessels were trading on the spot
market, they have been chartered to charterers such as Cargill International SA, Oldendorff GmbH &amp; Co KG, Western Bulk Pte.
Ltd., Ausca Shipping HK Limited and others, thus expanding our customer base.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our business fluctuates in line with the main patterns
of trade of the major dry bulk cargoes and varies according to changes in the supply and demand for these items. We operate in
markets that are highly competitive and based primarily on supply and demand. We compete for charters on the basis of price, vessel
location, size, age and condition of the vessel, as well as on our reputation as an owner and operator. We compete with other owners
of dry bulk vessels in the Panamax, Supramax and Kamsarmax dry bulk vessels, but we also compete with owners for the purchase and
sale of vessels of all sizes. Those competitors may be better capitalized or have more liquidity than we do. In this period of
significantly depressed pricing and over capacity, better liquidity may be a major competitive advantage, and we believe that some
of our competitors may be better capitalized than we are.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Ownership of dry bulk vessels is highly fragmented.
It is likely that we will face substantial competition for long-term charter business from a number of experienced companies. Many
of these competitors will have larger dry bulk vessel fleets and greater financial resources than us, which may make them more
competitive. It is also likely that we will face increased numbers of competitors entering into our transportation sectors, including
in the dry bulk sector. Many of these competitors have strong reputations and extensive resources and experience. Increased competition
may cause greater price competition, especially for long-term charters. We believe that no single competitor has a dominant position
in the markets in which we compete.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The process for obtaining longer term time charters
generally involves a lengthy and intensive screening and vetting process and the submission of competitive bids. In addition to
the quality and suitability of the vessel, longer term shipping contracts may be awarded based upon a variety of other factors
relating to the vessel operator, including:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">environmental, health and safety record;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">compliance with regulatory industry standards;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">reputation for customer service, technical and operating expertise;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">shipping experience and quality of vessel operations, including cost-effectiveness;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">quality, experience and technical capability of crews;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the ability to finance vessels at competitive rates and overall financial stability;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">environmental, social, and governance criteria;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">relationships with shipyards and the ability to obtain suitable berths;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">construction management experience, including the ability to procure on-time delivery of new vessels according to customer specifications;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">willingness to accept operational risks pursuant to the charter, such as allowing termination of the charter for force majeure events; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">competitiveness of the bid in terms of overall price.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As a result of these factors, we may be unable to
expand our relationships with existing customers or obtain new customers for long-term time charters on a profitable basis, if
at all. However, even if we are successful in employing our vessels under longer term charters, our vessels will not be available
for trading on the spot market during an upturn in the market cycle, when spot trading may be more profitable. If we cannot successfully
employ our vessels in profitable charters, our results of operations and operating cash flow could be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>The Dry Bulk Shipping Industry</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The world dry bulk fleet is generally divided into
six major categories, based on a vessel&rsquo;s cargo carrying capacity. These categories consist of: Handysize, Handymax/Supramax,
Panamax, Kamsarmax, Capesize and Very Large Ore Carrier.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.25in">&raquo; &nbsp;&nbsp;&nbsp;&nbsp;
<I>Handysize</I>. <I>&nbsp;</I>Handysize vessels have a carrying capacity of up to 39,999 dwt. These vessels are primarily involved
in carrying minor bulk cargoes. Increasingly, vessels of this type operate on regional trading routes, and may serve as trans-shipment
feeders for larger vessels. Handysize vessels are well suited for small ports with length and draft restrictions. Their cargo gear
enables them to service ports lacking the infrastructure for cargo loading and unloading.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.25in">&raquo; &nbsp;&nbsp;&nbsp;&nbsp;
<I>Handymax/Supramax</I>. Handymax vessels have a carrying capacity of between 40,000 and 59,999 dwt. These vessels operate on
a large number of geographically dispersed global trade routes, carrying primarily iron ore, coal, grains and minor bulks. Within
the Handymax category there is also a sub-sector known as <I>Supramax</I>. Supramax bulk vessels are vessels between 50,000 to
59,999 dwt, normally offering cargo loading and unloading flexibility with on-board cranes, while at the same time possessing the
cargo carrying capability approaching conventional Panamax bulk vessels. Hence, the earnings potential of a Supramax dry bulk vessel,
when compared to a conventional Handymax vessel of 45,000 dwt, is greater.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.25in">&raquo; &nbsp;&nbsp;&nbsp;&nbsp;
<I>Panamax</I>. Panamax vessels have a carrying capacity of between 60,000 and 79,999 dwt. These vessels carry coal, grains, and,
to a lesser extent, minor bulks, including steel products, forest products and fertilizers. The term &ldquo;Panamax&rdquo; refers
to vessels that were able to pass through the Panama Canal before the Panama Canal was expanded in June 2016 (to allow vessels
of up to 120,000 dwt). Panamax vessels are more versatile than larger vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.25in">&raquo; &nbsp;&nbsp;&nbsp;&nbsp;
<I>Kamsarmax</I>. Kamsarmax vessels typically have a carrying capacity of between 80,000 and 109,999 dwt. These vessels tend to
be shallower and have a larger beam than a standard Panamax vessel with a higher cubic capacity. They have been designed specifically
for loading high cubic cargoes from draught restricted ports. The term Kamsarmax stems from Port Kamsar in Guinea, where large
quantities of bauxite are exported from a port with only 13.5 meter draught and a 229 meter length overall restriction, but no
beam restriction.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.25in">&raquo; &nbsp;&nbsp;&nbsp;&nbsp;
<I>Capesize</I>. Capesize vessels have carrying capacities of between 110,000 and 199,999 dwt. Only the largest ports around the
world possess the infrastructure to accommodate vessels of this size. Capesize vessels are mainly used to transport iron ore or
coal and, to a lesser extent, grains, primarily on long-haul routes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.25in">&raquo; &nbsp;&nbsp;&nbsp;&nbsp;
<I>VLOC</I>. Very large ore carriers are in excess of 200,000 dwt. VLOCs are built to exploit economies of scale on long-haul iron
ore routes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The supply of dry bulk shipping capacity, measured
by the amount of suitable vessel tonnage available to carry cargo, is determined by the size of the existing worldwide dry bulk
fleet, the number of new vessels on order, the scrapping of older vessels and the number of vessels out of active service (i.e.,
laid up or otherwise not available for hire). In addition to prevailing and anticipated freight rates, factors that affect the
rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices,
costs of bunkers and other voyage expenses, costs associated with classification society surveys, normal maintenance and insurance
coverage, the efficiency and age profile of the existing fleets in the market and government and industry regulation of marine
transportation practices. The supply of dry bulk vessels is not only a result of the number of vessels in service, but also the
operating efficiency of the fleet. Dry bulk trade is influenced by the underlying demand for the dry bulk commodities which, in
turn, is influenced by the level of worldwide economic activity. Generally, growth in gross domestic product and industrial production
correlate with peaks in demand for marine dry bulk transportation services.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Dry bulk vessels are one of the most versatile elements
of the global shipping fleet in terms of employment alternatives. They seldom operate on round trip voyages with high ballasting
times. Rather, they often participate in triangular or multi-leg voyages.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Charter Rates</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the time charter market, rates vary depending on
the length of the charter period and vessel specific factors such as age, speed, size and fuel consumption. In the voyage charter
market, rates are influenced by cargo size, commodity, port dues and canal transit fees, as well as delivery and redelivery regions.
In general, a larger cargo size is quoted at a lower rate per ton than a smaller cargo size. Routes with costly ports or canals
generally command higher rates. Voyages loading from a port where vessels usually discharge cargo, or discharging from a port where
vessels usually load cargo, are generally quoted at lower rates. This is because such voyages generally increase vessel efficiency
by reducing the unloaded portion (or ballast leg) that is included in the calculation of the return charter to a loading area.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Within the dry bulk shipping industry, the freight
rate indices issued by the Baltic Exchange in London are the references most likely to be monitored. These references are based
on actual charter hire rates under charters entered into by market participants as well as daily assessments provided to the Baltic
Exchange by a panel of major shipbrokers. The Baltic Exchange, an independent organization comprised of shipbrokers, shipping companies
and other shipping players, provides daily independent shipping market information and has created freight rate indices reflecting
the average freight rates (that incorporate actual business concluded as well as daily assessments provided to the exchange by
a panel of independent shipbrokers) for the major bulk vessel trading routes. These indices include the Baltic Panamax Index, the
index with the longest history and, more recently, the Baltic Capesize Index.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Charter (or hire) rates paid for dry bulk vessels are
generally a function of the underlying balance between vessel supply and demand. Over the past 25 years, dry bulk cargo charter
rates have passed through cyclical phases and changes in vessel supply and demand have created a pattern of rate &ldquo;peaks&rdquo;
and &ldquo;troughs.&rdquo; Generally, spot/voyage charter rates will be more volatile than time charter rates, as they reflect
short term movements in demand and market sentiment. The BDI remained significantly depressed from 2008-2018. In 2019 the BDI was
volatile and ranged from 595 on February 11, 2019 to as high as 2,518 on September 3, 2019. The BDI had a decreasing trend during
the first three months of 2020 reaching as low as 411 on February 10, 2020.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Vessel Prices</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">New-building vessel prices generally fell as part of
the sudden and steep decline in freight rates after August 2008, and have continued to gradually decline.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In broad terms, the secondhand market is affected by
both the newbuilding prices as well as the overall freight expectations and sentiment observed at any given time. As with newbuild
prices, secondhand vessel values have continued to gradually decline since August 2008.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Seasonality</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our fleet consists of dry bulk vessels that operate
in markets that have historically exhibited seasonal variations in demand and, as a result, in charter rates. The dry bulk sector
is typically stronger in the fall and winter months in anticipation of increased consumption of coal and other raw materials in
the northern hemisphere during the winter months. Such seasonality will affect the rates we obtain on the vessels in our fleet
that operate on the spot market.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Permits and Authorizations</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are required by various governmental and quasi-governmental
agencies to obtain certain permits, licenses and certificates with respect to our vessels. The kinds of permits, licenses and certificates
required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality
of the vessel&rsquo;s crew and the age of a vessel. We have been able to obtain all permits, licenses and certificates currently
required to permit our vessels to operate. Additional laws and regulations, environmental or otherwise, may be adopted which could
limit our ability to do business or increase our cost of doing business.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; background-color: white"><B>Disclosure of Activities pursuant to Section&nbsp;13(r)
of the U.S. Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">Section&nbsp;219 of the Iran
Threat Reduction and Syria Human Rights Act of 2012 added Section&nbsp;13(r) to the Exchange Act. Section&nbsp;13(r) requires an
issuer to disclose whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating
to Iran. Disclosure is required even where the activities, transactions or dealings are conducted in compliance with applicable
law. Provided in this section is information concerning the activities of us and our affiliates that occurred in 2019 and which
we believe may be required to be disclosed pursuant to Section&nbsp;13(r) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 9pt 0 0; text-align: justify; background-color: white">In 2019, our vessels
did not call on any port call in Iran.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">Our charter party agreements
for our vessels restrict the charterers from calling in Iran in violation of U.S. sanctions, or carrying any cargo to Iran which
is subject to U.S. sanctions. However, there can be no assurance that our vessels will not, from time to time in the future on
charterer's instructions, perform voyages which would require disclosure pursuant to Exchange Act Section 13(r).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">January 16, 2016 was &ldquo;implementation day&rdquo;
under the Joint Comprehensive Plan of Action (&ldquo;JCPOA&rdquo;) among the P5+1 (China, France, Germany, Russia, the United Kingdom,
and the United States), the E.U., and Iran to ensure that Iran&rsquo;s nuclear program will be exclusively peaceful, and the United
States and the E.U. lifted nuclear-related sanctions on Iran. However, in 2018, President Trump withdrew the United States from
the JCPOA, resulting in the complete reimposition of U.S. sanctions. As of now, the EU and other parties to the JCPOA have not
withdrawn, and the EU and United Nations sanctions that were lifted have not been reimposed. We intend to continue to charter our
vessels to charterers and sub-charterers, including, as the case may be, Iran-related parties, who may make, or may sub-let the
vessels to sub-charterers who may make, port calls to Iran, so long as the activities continue to be permissible and not sanctionable
under applicable U.S. and E.U. and other applicable laws (including U.S. &ldquo;secondary sanctions&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Inspection by Classification Societies</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Every oceangoing vessel must be &ldquo;classed&rdquo;
by a classification society. The classification society certifies that the vessel is &ldquo;in class,&rdquo; signifying that the
vessel has been built and maintained in accordance with the rules of the classification society and complies with applicable rules
and regulations of the vessel&rsquo;s country of registry and the international conventions of which that country is a member.
In addition, where surveys are required by international conventions and corresponding laws and ordinances of a flag state, the
classification society will undertake them on application or by official order, acting on behalf of the authorities concerned.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The classification society also undertakes on request
other surveys and checks that are required by regulations and requirements of the flag state. These surveys are subject to agreements
made in each individual case and/or to the regulations of the country concerned. For maintenance of the class certification, regular
and extraordinary surveys of hull, machinery, including the electrical plant, and any special equipment classed are required to
be performed as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Annual Surveys</I>. For seagoing vessels, annual surveys are conducted for the hull and the machinery, including the electrical plant and where applicable for special equipment classed, at intervals of 12 months from the date of commencement of the class period indicated in the certificate.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Intermediate Surveys</I>. Extended annual surveys are referred to as intermediate surveys and typically are conducted two and one-half years after commissioning and each class renewal. Intermediate surveys may be carried out on the occasion of the second or third annual survey.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Class Renewal Surveys</I>. Class renewal surveys, also known as special surveys, are carried out for the vessel&rsquo;s hull, machinery, including the electrical plant, and for any special equipment classed, at the intervals indicated by the character of classification for the hull. At the special survey the vessel is thoroughly examined, including audio-gauging to determine the thickness of the steel structures. Should the thickness be found to be less than class requirements, the classification society would prescribe steel renewals. The classification society may grant a one-year grace period for completion of the special survey. Substantial amounts of money may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive wear and tear. In lieu of the special survey every four or five years, depending on whether a grace period was granted, a shipowner has the option of arranging with the classification society for the vessel&rsquo;s hull or machinery to be on a continuous survey cycle, in which every part of the vessel would be surveyed within a five-year cycle. At an owner&rsquo;s application, the surveys required for class renewal may be split according to an agreed schedule to extend over the entire period of class. This process is referred to as continuous class renewal.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">All areas subject to survey as defined by the classification
society are required to be surveyed at least once per class period, unless shorter intervals between surveys are prescribed elsewhere.
The period between two subsequent surveys of each area must not exceed five years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Most insurance underwriters make it a condition for
insurance coverage that a vessel be certified as &ldquo;in class&rdquo; by a classification society that is a member of the International
Association of Classification Societies. All the vessels that we own and operate are certified as being &ldquo;in class&rdquo;
by Nippon Kaiji Kyokai (Class NK), DNV GL or Bureau Veritas. Typically, all new and secondhand vessels that we purchase must be
certified &ldquo;in class&rdquo; prior to their delivery under our standard purchase contracts and memoranda of agreement. Under
our standard purchase contracts, unless negotiated otherwise, if the vessel is not certified on the date of closing, we would have
no obligation to take delivery of the vessel. Although we may not have an obligation to accept any vessel that is not certified
on the date of closing, we may determine nonetheless to purchase the vessel, should we determine it to be in our best interests.
If we do so, we may be unable to charter such vessel after we purchase it until it obtains such certification, which could increase
our costs and affect the earnings we anticipate from the employment of the vessel.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Vessels are drydocked during intermediate and special
surveys for repairs of their underwater parts. If &ldquo;in water survey&rdquo; notation is assigned, the vessel owner has the
option of carrying out an underwater inspection of the vessel in lieu of drydocking, subject to certain conditions. In the event
that an &ldquo;in water survey&rdquo; notation is assigned as part of a particular intermediate survey, drydocking would be required
for the following special survey thereby generally achieving a higher utilization for the relevant vessel. Drydocking can be undertaken
as part of a special survey if the drydocking occurs within 15 months prior to the special survey deadline.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table lists the dates by which we expect
to carry out the next drydockings and special surveys for the vessels in our fleet:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 24%; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Vessel
    Name</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 22%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Drydocking</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Special
    Survey</FONT></TD><TD STYLE="width: 2%; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Classification
    Society</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">m/v River Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">December 2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">Class NK</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">m/v Sky Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 2023</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">November 2024</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">Class NK</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">m/v Star Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 2020</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">May 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">DNV GL</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">m/v Moon Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">August 2020</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">November 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">Class NK</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; padding-left: 5.4pt">m/v Sun Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">August 2022</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">August 2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">Bureau Veritas</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Following an incident or a scheduled survey, if any
defects are found, the classification surveyor will issue a &ldquo;recommendation or condition of class&rdquo; which must be rectified
by the vessel owner within the prescribed time limits.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Risk Management and Insurance</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The operation of any cargo vessel embraces a wide variety
of risks, including the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">mechanical failure or damage, for example by reason of the seizure of a main engine crankshaft;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">cargo loss, for example arising from hull damage;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">personal injury, for example arising from collision or piracy;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">losses due to piracy, terrorist or war-like action between countries;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: -25.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">environmental damage, for example arising from marine disasters such as oil spills and other environmental mishaps; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">physical damage to the vessel, for example by reason of collision;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">damage to other property, for example by reason of cargo damage or oil pollution; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">business interruption, for example arising from strikes and political or regulatory change.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The value of such losses or damages may vary from modest
sums, for example for a small cargo shortage damage claim, to catastrophic liabilities, for example arising out of a marine disaster,
such as a serious oil or chemical spill, which may be virtually unlimited. While we maintain the traditional range of marine and
liability insurance coverage for our fleet (hull and machinery insurance, war risks insurance and protection and indemnity coverage)
in amounts and to extents that we believe are prudent to cover normal risks in our operations, we cannot insure against all risks,
and we cannot be assured that all covered risks are adequately insured against. Furthermore, there can be no guarantee that any
specific claim will be paid by the insurer or that it will always be possible to obtain insurance coverage at reasonable rates.
Any uninsured or under-insured loss could harm our business and financial condition.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Hull and Machinery and War Risks</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The principal coverages for marine risks (covering
loss or damage to the vessels, rather than liabilities to third parties) are hull and machinery insurance and war risk insurance.
These address the risks of the actual or constructive total loss of a vessel and accidental damage to a vessel&rsquo;s hull and
machinery, for example from running aground or colliding with another ship. These insurances provide coverage which is limited
to an agreed &ldquo;insured value&rdquo; which, as a matter of policy, is never less than the particular vessel&rsquo;s fair market
value. Reimbursement of loss under such coverage is subject to policy deductibles that vary according to the vessel and the nature
of the coverage. Hull and machinery deductibles may, for example, be between $75,000 and $150,000 per incident whereas the war
risks insurance has a more modest incident deductible of, for example, $30,000.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Protection and Indemnity Insurance</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Protection and indemnity insurance is a form of mutual
indemnity insurance provided by mutual marine protection and indemnity associations, or &ldquo;P&amp;I Clubs,&rdquo; formed by
vessel owners to provide protection from large financial loss to one club member by contribution towards that loss by all members.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Each of the vessels that we operate is entered in the
Gard P&amp;I (Bermuda) Ltd. which we refer to as the Club, for third party liability marine insurance coverage.&nbsp;The Club is
a mutual insurance vehicle.&nbsp;As a member of the Club, we are insured, subject to agreed deductibles and our terms of entry,
for our legal liabilities and expenses arising out of our interest in an entered ship, out of events occurring during the period
of entry of the ship in the Club and in connection with the operation of the ship, against specified risks.&nbsp;These risks include
liabilities arising from death of crew and passengers, loss or damage to cargo, collisions, property damage, oil pollution and
wreck removal.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Club benefits from its membership in the International
Group of P&amp;I Clubs, or the International Group, for its main reinsurance program, and maintains a separate complementary insurance
program for additional risks.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Club&rsquo;s policy year commences each February.&nbsp;The
mutual calls are levied by way of Estimated Total Premiums, or ETP, and the amount of the final installment of the ETP varies in
accordance with the actual total premium ultimately required by the Club for a particular policy year.&nbsp;Members have a liability
to pay supplementary calls which may be levied by the Club if the ETP is insufficient to cover the Club&rsquo;s outgoings in a
policy year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Cover per claim is generally limited to an unspecified
sum, being the amount available from reinsurance plus the maximum amount collectable from members of the International Group by
way of overspill calls.&nbsp;Certain exceptions apply, including a $1.0 billion limit on claims in respect of oil pollution, a
$3.0 billion limit on cover for passenger and crew claims and a sub-limit of $2.0 billion for passenger claims.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">To the extent that we experience either a supplementary
or an overspill call, our policy is to expense such amounts. To the extent that the Club depends on funds paid in calls from other
members in our industry, if there were an industry-wide slow-down, other members might not be able to meet the call and we might
not receive a payout in the event we made a claim on a policy.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Uninsured Risks</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not all risks are insured and not all risks are insurable.
The principal insurable risks which nevertheless remain uninsured across our fleet are &ldquo;loss of hire&rdquo; and &ldquo;strikes.&rdquo;
We will not insure these risks because we regard the costs as disproportionate. These insurances provide, subject to a deductible,
a limited indemnity for hire that is not receivable by the shipowner for reasons set forth in the policy. For example, loss of
hire risk may be covered on a 14/90/90 basis, with a 14 days deductible, 90 days cover per incident and a 90-day overall limit
per vessel per year. Should a vessel on time charter, where the vessel is paid a fixed hire day by day, suffer a serious mechanical
breakdown, the daily hire will no longer be payable by the charterer. The purpose of the loss of hire insurance is to secure the
loss of hire during such periods.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Environmental and Other Regulations</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Sources of Applicable Rules
and Standards</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Shipping is one of the world&rsquo;s most heavily regulated
industries, and it is subject to many industry standards. Government regulation significantly affects the ownership and operation
of vessels. These regulations consist mainly of rules and standards established by international conventions, but they also include
national, state and local laws and regulations in force in jurisdictions where vessels may operate or are registered, and which
may be more stringent than international rules and standards. This is the case particularly in the United States and, increasingly,
in Europe.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A variety of governmental and private entities subject
vessels to both scheduled and unscheduled inspections. These entities include local port authorities (the U.S. Coast Guard, harbor
masters or equivalent entities), classification societies, flag state administration (country vessel of registry), and charterers,
particularly terminal operators. Certain of these entities require vessel owners to obtain permits, licenses and certificates for
the operation of their vessels. Failure to maintain necessary permits or approvals could require a vessel owner to incur substantial
costs or temporarily suspend operation of one or more of its vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Heightened levels of environmental and quality concerns
among insurance underwriters, regulators and charterers continue to lead to greater inspection and safety requirements on all vessels
and may accelerate the scrapping of older vessels throughout the industry. Increasing environmental concerns have created a demand
for vessels that conform to stricter environmental standards. Vessel owners are required to maintain operating standards for all
vessels that will emphasize operational safety, quality maintenance, continuous training of officers and crews and compliance with
U.S. and international regulations. Because laws and regulations are frequently changed and may impose increasingly stricter requirements,
we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value
or useful lives of our vessels. In addition, a future serious marine incident that causes significant adverse environmental impact
could result in additional legislation or regulation that could negatively affect our profitability.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following is a non-exhaustive overview of certain
material conventions, laws and regulations that affect our business and the operation of our vessels. It is not a comprehensive
summary of all the conventions, laws and regulations to which we are subject.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The International Maritime Organization, or IMO, is
a United Nations agency setting standards and creating a regulatory framework for the shipping industry and has negotiated and
adopted a number of international conventions. These fall into two main categories, consisting firstly of those concerned generally
with vessel safety and security standards, and secondly of those specifically concerned with measures to prevent pollution from
vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Ship Safety Regulation</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A primary international safety convention is the Safety
of Life at Sea Convention of 1974, as amended, or SOLAS, including the regulations and codes of practice that form part of its
regime. Much of SOLAS is not directly concerned with preventing pollution, but some of its safety provisions are intended to prevent
pollution as well as promote safety of life and preservation of property. These regulations have been and continue to be regularly
amended as new and higher safety standards are introduced with which we are required to comply.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">An amendment of SOLAS introduced in 1993 the International
Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code, which has been mandatory since July
1998. The purpose of the ISM Code is to provide an international standard for the safe management and operation of vessels and
for pollution prevention. Under the ISM Code, the party with operational control of a vessel is required to develop, implement
and maintain an extensive safety management system that includes, among other things, the adoption of a safety and environmental
protection policy setting forth instructions and procedures for operating its vessels safely and protecting the environment and
describing procedures for responding to emergencies. The ISM Code requires that vessel operators obtain a Safety Management Certificate
for each vessel they operate. This certificate issued after verification that the vessel&rsquo;s operator and its shipboard management
operate in accordance with the approved safety management system and evidences that the vessel complies with the requirements of
the ISM Code. No vessel can obtain a Safety Management Certificate unless its operator has been awarded a document of compliance,
issued by the respective flag state for the vessel, under the ISM Code.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Another amendment of SOLAS, made after the terrorist
attacks in the United States on September 11, 2001, introduced special measures to enhance maritime security, including the International
Ship and Port Facility Security Code, or ISPS Code, which sets out measures for the enhancement of security of vessels and port
facilities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The vessels that we operate maintain ISM and ISPS certifications
for safety and security of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>Regulations to Prevent Pollution from
Ships </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the second main category of international regulation
which deals with prevention of pollution, the primary convention is the International Convention for the Prevention of Pollution
from Ships 1973 as amended by the 1978 Protocol, or MARPOL, which imposes environmental standards on the shipping industry set
out in its Annexes I-VI. These contain regulations for the prevention of pollution by oil (Annex I), by noxious liquid substances
in bulk (Annex II), by harmful substances in packaged forms within the scope of the International Maritime Dangerous Goods Code
(Annex III), by sewage (Annex IV), by garbage (Annex V) and by air emissions (Annex VI).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These regulations have been and continue to be regularly
amended and supplemented as new and higher standards of pollution prevention are introduced with which we are required to comply.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For example, MARPOL Annex VI sets limits on Sulphur
Oxides (SOx) and Nitrogen Oxides (NOx) and particulate matter emissions from vessel exhausts and prohibits deliberate emissions
of ozone depleting substances. It also regulates the emission of volatile organic compounds (VOC) from cargo tankers and certain
gas carriers, as well as shipboard incineration of specific substances. Annex VI also includes a global cap on the sulphur content
of fuel oil with a lower cap on the sulphur content applicable inside special areas, the &ldquo;Emission Control Areas&rdquo; or
ECAs. Already established ECAs include the Baltic Sea, the North Sea, including the English Channel, the North American area and
the US Caribbean Sea area. The global cap on the sulphur content of fuel oil was reduced to 0.5% as of January 1, 2020, regardless
of whether a ship is operating outside a designated ECA. From January 1, 2015 the cap on the sulphur content of fuel oil for vessels
operating in ECAs has been 0.1%. Annex VI also provides for progressive reductions in NOx emissions from marine diesel engines
installed in vessels. Limiting NOx emissions is set on a three tier reduction, the final tier (&ldquo;Tier III&rdquo;) applying
to engines installed on vessels constructed on or after January 1, 2016 and which operate in the North American ECA or the US Caribbean
Sea ECA. The Tier III requirements would also apply to engines of vessels operating in other ECAs as may be designated in the future
by the IMO&rsquo;s Marine Environment Protection Committee (or MEPC) for Tier III NOx control. In October 2016, the MEPC approved
the designation of the North Sea and the Baltic Sea as ECAs for NOx emissions. These two new NOx ECAs and the related amendments
to Annex VI were adopted by IMO&rsquo;s MEPC in 2017 and the two new ECAs and the related amendments (with some exceptions) entered
into effect on January 1, 2019. The Tier III requirements do not apply to engines installed on vessels constructed prior to January
1, 2021, if they are of less than 500 gross tons, of 24 meters or over in length, and have been designed and used solely for recreational
purposes. We anticipate incurring costs at each stage of implementation on all these areas. Currently we are compliant in all our
vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>Greenhouse Gas Emissions</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In February 2005, the Kyoto Protocol to the United
Nations Framework Convention on Climate Change entered into force. Pursuant to the Kyoto Protocol, adopting countries are required
to implement national programs to reduce emissions of certain gases, generally referred to as greenhouse gases, which are suspected
of contributing to global warming. Currently, the greenhouse gas emissions from international shipping do not come under the Kyoto
Protocol. In December 2009, more than 27 nations, including the United States, entered into the Copenhagen Accord. The Copenhagen
Accord is non-binding, but is intended to pave the way for a comprehensive, international treaty on climate change. On December
12, 2015 the Paris Agreement was adopted by 195 countries. The Paris Agreement deals with greenhouse gas emission reduction measures
and targets from 2020 in order to limit the global temperature increases above pre-industrial levels to well below 2&#730; Celsius.
Although shipping was ultimately not included in the Paris Agreement, it is expected that the adoption of the Paris Agreement may
lead to regulatory changes in relation to curbing greenhouse gas emissions from shipping. The Paris Agreement has been ratified
by a large number of countries and entered into force on November 4, 2016. On November 4, 2019, the United States began the process
of withdrawing from the Paris Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In July 2011 the IMO adopted regulations imposing technical
and operational measures for the reduction of greenhouse gas emissions. These new regulations formed a new chapter in Annex VI
of MARPOL and became effective on January 1, 2013. The new technical and operational measures include the &ldquo;Energy Efficiency
Design Index,&rdquo; which is mandatory for newbuilding vessels, and the &ldquo;Ship Energy Efficiency Management Plan,&rdquo;
which is mandatory for all vessels. In October 2016 the MEPC adopted updated guidelines for the calculation of the Energy-Efficiency
Design Index. In addition, the IMO is evaluating various mandatory measures to reduce greenhouse gas emissions from international
shipping, which may include market-based instruments or a carbon tax. In October 2016, the IMO adopted a mandatory data collection
system under which vessels of 5,000 gross tonnage and above are to collect fuel consumption data and to report the aggregated data
to their flag state at the end of each calendar year. The new requirements entered into force on March 1, 2018. In April 2018,
the MEPC adopted an initial strategy on the reduction of greenhouse gas emissions from ships , which envisages a reduction in total
greenhouse gas emissions from international shipping by at least 50% by 2050 compared to 2008.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The EU adopted Regulation (EU) 2015/757 on the monitoring,
reporting and verification of carbon dioxide emissions from vessels (or the MRV Regulation), which was published in the Official
Journal on May 19, 2015 and entered into force on July 1, 2015 (as amended by Regulation (EU) 2016/2071). The MRV Regulation applies
to all vessels over 5,000 gross tonnage (except for a few types, such as, amongst others, warships and fish catching or fish processing
vessels), irrespective of flag, in respect of carbon dioxide emissions released during intra-EU voyages and EU incoming and outgoing
voyages. The first reporting period commenced on January 1, 2018. The monitoring, reporting and verification system adopted by
the MRV Regulation may be the precursor to a market-based mechanism to be adopted in the future. The EU continues to consider proposals
for the inclusion of shipping in the EU Emissions Trading System in the absence of a comparable system operating under the IMO.
Individual EU Member States may impose additional requirements. In the United States, the U.S. Environmental Protection Agency,
or EPA, issued an &ldquo;endangerment finding&rdquo; regarding greenhouse gases under the Clean Air Act. While this finding in
itself does not impose any requirements on our industry, it authorizes the EPA to regulate directly greenhouse gas emissions through
a rule-making process. Any passage of new climate control legislation or other regulatory initiatives by the IMO, EU, the United
States or other countries or states where we operate that restrict emissions of greenhouse gases could have a significant financial
and operational impact on our business through increased compliance costs or additional operational restrictions that we cannot
predict with certainty at this time.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>Anti-Fouling Requirements</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In 2001, the IMO adopted the International Convention
on the Control of Harmful Anti-fouling Systems on Ships, or the Anti-fouling Convention. The Anti-fouling Convention, which entered
into force in September 2008, prohibits and/or restricts the use of organotin compound coatings to prevent the attachment of mollusks
and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages must obtain an International
Anti-Fouling System Certificate and undergo a survey before the vessel is put into service or before the Anti-fouling System Certificate
is issued for the first time and when the anti-fouling systems are altered or replaced.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Other International Regulations
to Prevent Pollution</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition to MARPOL, other more specialized international
instruments have been adopted to prevent different types of pollution or environmental harm from vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In February 2004, the IMO adopted an International
Convention for the Control and Management of Ships&rsquo; Ballast Water and Sediments, or the BWM Convention. The BWM Convention,
which entered into force on September 8, 2017, aims to prevent the spread of harmful aquatic organisms from one region to another,
by establishing standards and procedures for the management and control of vessels&rsquo; ballast water and sediments. The BWM
Convention&rsquo;s implementing regulations require vessels to conduct ballast water management in accordance with the standards
set out in the convention, which include performance of ballast water exchange in accordance with the requirements set out in the
relevant regulation and the gradual phasing in of a ballast water performance standard which requires ballast water treatment and
the installation of ballast water treatment systems on board the vessels. Under the BWM Convention, vessels are required to implement
a Ballast Water and Sediments Management Plan, carry a Ballast Water Record Book and an International Ballast Water Management
Certificate. Pursuant to the BWM Convention amendments that entered into force in October 2019, ballast water management systems
(&ldquo;BWMSs&rdquo;) installed on or after October 28, 2020 shall be approved in accordance with BWMS Code, while BWMSs installed
before October 23, 2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. Ships sailing in
U.S. waters are required to employ a type-approved BWMS which is compliant with USCG regulations. The U.S. Coast Guard has approved
a number of BWMS.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Hong Kong International Convention for the Safe
and Environmentally Sound Recycling of Ships adopted by the IMO in 2009, or the Recycling Convention, deals with issues relating
to ship recycling and aims to address the occupational health and safety, as well as environmental risks relating to ship recycling.
It contains regulations regarding the design, construction, operation, maintenance and recycling of vessels, as well as regarding
their survey and certification to verify compliance with the requirements of the Recycling Convention. The Recycling Convention,
amongst other things, prohibits and/or restricts the installation or use of hazardous materials on vessels and requires vessels
to have on board an inventory of hazardous materials specific to each vessel. It also requires ship recycling facilities to develop
a ship-recycling plan for each vessel prior to its recycling. Parties to the Recycling Convention are to ensure that ship-recycling
facilities are designed, constructed and operated in a safe and environmentally sound manner and that they are authorized by competent
authorities after verification of compliance with the requirements of the Recycling Convention. The Recycling Convention (which
is not effective yet) is to enter into force 24 months after a specified minimum number of states with a combined gross tonnage
and maximum annual recycling volume during the preceding 10 years have ratified it.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A MARPOL regulation and the International Convention
on Oil Pollution Preparedness, Response and Co-operation, 1990 also require owners and operators of vessels to adopt Shipboard
Oil Pollution Emergency Plans. Another MARPOL regulation sets out similar requirements for the adoption of shipboard marine pollution
emergency plans for noxious liquid substances with respect to vessels carrying such substances in bulk. Periodic training and drills
for response personnel and for vessels and their crews are required.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>European Regulations</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">European regulations in the maritime sector are in
general based on international law most of which were promulgated by the IMO and then adopted by the Member States. However, since
the <I>Erika</I> incident in 1999, when the <I>Erika</I> broke in two off the coast of France while carrying heavy fuel oil, the
European Union (or EU) has become increasingly active in the field of regulation of maritime safety and protection of the environment.
It has been the driving force behind a number of amendments of MARPOL (including, for example, changes to accelerate the timetable
for the phase-out of single hull tankers, and prohibiting the carriage in such tankers of heavy grades of oil), and if dissatisfied
either with the extent of such amendments or with the timetable for their introduction it has been prepared to legislate on a unilateral
basis. In some instances where it has done so, international regulations have subsequently been amended to the same level of stringency
as that introduced in the EU, but the risk is well established that EU regulations (and other jurisdictions) may from time to time
impose burdens and costs on shipowners and operators which are additional to those involved in complying with international rules
and standards.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In some areas of regulation the EU has introduced new
laws without attempting to procure a corresponding amendment of international law. Notably, it adopted in 2005 a directive on ship-source
pollution (which has been amended in 2009), imposing criminal sanctions for discharges of oil and other noxious substances from
vessels sailing in its waters, irrespective of their flag not only where such pollution is caused by intent or recklessness (which
would be an offense under MARPOL), but also where it is caused by &ldquo;serious negligence.&rdquo; The directive could therefore
result in criminal liability being incurred in circumstances where it would not be incurred under international law. Experience
has shown that in the emotive atmosphere often associated with pollution incidents, retributive attitudes towards vessel interests
have found expression in negligence being alleged by prosecutors and found by courts on grounds which the international maritime
community has found hard to understand. Moreover, there is skepticism that the notion of &ldquo;serious negligence&rdquo; is likely
to prove any narrower in practice than ordinary negligence. Criminal liability for a pollution incident could not only result in
us incurring substantial penalties or fines but may also, in some jurisdictions, facilitate civil liability claims for greater
compensation than would otherwise have been payable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The EU has also adopted legislation requiring the use
of low sulphur fuel. Under Council Directive 1999/32/EC as subsequently amended, from January 1, 2015, vessels have been required
to burn fuel with a sulphur content not exceeding 0.1% while within EU member states&rsquo; territorial seas, exclusive economic
zones and pollution control zones falling within sulphur oxide (SOx) Emission Control Areas (or SECAs), such as the Baltic Sea
and the North Sea, including the English Channel. Further sea areas may be designated as SECAs in the future by the IMO in accordance
with MARPOL Annex VI. Directive 1999/32/EC was repealed and codified by 2016/802/EU to align with the revised Annex VI.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The EU has also adopted legislation (Directive 2009/16/EC
on Port State Control, as subsequently amended) which requires the Member States to refuse access to their ports to certain sub-standard
vessels according to various factors, such as the vessel&rsquo;s condition, flag and number of previous detentions within certain
preceding periods; creates obligations on the part of EU member port states to inspect minimum percentages of vessels using their
ports annually; and provides for increased surveillance of vessels posing a high risk to maritime safety or the marine environment.
If deficiencies are found that are clearly hazardous to safety, health or the environment, the state is required to detain the
vessel or stop loading or unloading until the deficiencies are addressed. Member states are also required to implement their own
separate systems of proportionate penalties for breaches of these standards. Further, another EU directive (Directive 2000/59/EC)
requires all ships (except for warships, naval auxiliary or other state-owned or state-operated ships on non-commercial service),
irrespective of flag, calling at, or operating within, ports of Member States to deliver all ship-generated waste and cargo residues
to port reception facilities. Under this directive, a fee is payable by the ships for the use of the port reception facilities,
including the treatment and disposal of the waste. The ships may be subject to an inspection for verification of their compliance
with the requirements of the directive and penalties may be imposed for their breach.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Commission Regulation (EU) No 802/2010, which was adopted
by the European Commission in September 2010, as part of the implementation of the Port State Control Directive and came into force
on January&nbsp;1, 2011, as subsequently amended by Regulation 1205/2012 of December 14, 2012, introduced a ranking system (published
on a public website and updated daily) displaying shipping companies operating in the EU with the worst safety records. The ranking
is judged upon the results of the technical inspections carried out on the vessels owned by a particular shipping company. Those
shipping companies that have the most positive safety records are rewarded by being subjected to fewer inspections, whilst those
with the most safety shortcomings or technical failings recorded upon inspection are to be subjected to a greater frequency of
official inspections of their vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">By Directive 2009/15/EC of April 23, 2009 (on common
rules and standards for ship inspection and survey organizations and for the relevant activities of maritime administrations) as
amended by Directive 2014/111/EU of December 17, 2014, the European Union has established measures to be followed by the Member
States for the exercise of authority and control over classification societies, including the ability to seek to suspend or revoke
the authority of classification societies that are negligent in their duties.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The EU has also adopted Regulation (EU) No 1257/2013
which lays down rules in relation to ship recycling and management of hazardous materials on vessels. The Regulation lays down
requirements for the recycling of vessels in an environmentally sound manner at approved recycling facilities which meet certain
requirements, so as to minimize the adverse effects of recycling on human health and the environment. The Regulation also lays
down rules for the control and proper management of hazardous materials on vessels and prohibits or restricts the installation
or use of certain hazardous materials on vessels. The Regulation aims at facilitating the ratification of the Recycling Convention.
It applies to vessels flying the flag of a Member State and certain of its provisions apply to vessels flying the flag of a third
country calling at a port or anchorage of a Member State. For example, when calling at a port or anchorage of a Member State, the
vessels flying the flag of a third country will be required, amongst other things, to have on board an inventory of hazardous materials
which complies with the requirements of the Regulation and to be able to submit to the relevant authorities of that Member State
a copy of a statement of compliance issued by the relevant authorities of the country of their flag and verifying the inventory.
The Regulation generally entered into force on December 31, 2018, although certain of its provisions are to apply at different
stages, with certain of them applicable from December 31, 2020. Pursuant to the Regulation, the EU Commission publishes from time
to time a European List of approved ship recycling facilities meeting the requirements of the Regulation. On January 22, 2020 the
EU Commission published an implementing decision which included an updated version of the European List.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>Compliance Enforcement</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The flag state, as defined by the United Nations Convention
on the Law of the Sea, has overall responsibility for the implementation and enforcement of international maritime regulations
for all vessels granted the right to fly its flag. The &ldquo;Shipping Industry Guidelines on Flag State Performance&rdquo; issued
by the International Chamber of Shipping in cooperation with other international shipping associations evaluates flag states based
on factors such as port state control record, ratification of major international maritime treaties, use of recognized organizations
conducting survey work on their behalf which comply with the IMO guidelines, age of fleet, compliance with reporting requirements
and participation at IMO meetings. The vessels that we operate are flagged in the Marshall Islands and Malta. Marshall Islands-
and Malta-flagged vessels have historically received a good assessment in the shipping industry.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Noncompliance with the ISM Code or other IMO regulations
may subject the shipowner or bareboat charterer to increased liability and, if the implementing legislation so provides, to criminal
sanctions, may lead to decreases in available insurance coverage for affected vessels or may invalidate or result in the loss of
existing insurance cover and may result in the denial of access to, or detention in, some ports. The U.S. Coast Guard and European
Union authorities have, for example, indicated that vessels not in compliance with the ISM Code will be prohibited from trading
in U.S. and European Union ports, respectively. As of the date of this annual report on Form 20-F, each of our vessels is ISM Code
certified. However, there can be no assurance that such certificate will be maintained.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The IMO, the EU and other regulatory authorities continue
to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the
IMO, the EU and/or other regulatory authorities and what effect, if any, such regulations may have on our operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>United States Environmental Regulations
and Laws Governing Civil Liability for Pollution</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Environmental legislation in the United States merits
particular mention as it is in many respects more onerous than international laws, representing a high-water mark of regulation
with which shipowners and operators must comply, and of liability likely to be incurred in the event of non-compliance or an incident
causing pollution.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">U.S. federal legislation, including notably the OPA,
establishes an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills, including
bunker oil spills from dry bulk vessels as well as cargo or bunker oil spills from tankers. The OPA affects all owners and operators
whose vessels trade in the United States, its territories and possessions or whose vessels operate in United States waters, which
includes the United States&rsquo; territorial sea and its 200 nautical mile exclusive economic zone. Under the OPA, vessel owners,
operators and bareboat charterers are &ldquo;responsible parties&rdquo; and are jointly, severally and strictly liable without
regard to fault (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for
all containment and clean-up costs and other damages arising from discharges or substantial threats of discharges of oil from their
vessels. The OPA expressly allows the individual states of the United States to impose their own liability regimes for the discharge
of petroleum products. In addition to potential liability under the OPA as the relevant federal legislation, vessel owners may
in some instances incur liability on an even more stringent basis under state law in the particular state where the spillage occurred.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The OPA requires the owner or operator of any non-tank
vessel of 400 gross tons or more that carries oil of any kind as a fuel for main propulsion, including bunkers, to prepare and
submit a response plan for each vessel. The vessel response plans must include detailed information on actions to be taken by vessel
personnel to prevent or mitigate any discharge or substantial threat of such a discharge of oil from the vessel.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The OPA limits the liability of responsible parties
to the greater of $1,200 per gross ton or $997,100 per non-tank vessel (subject to possible adjustment for inflation). However,
these limits of liability do not apply if an incident was proximately caused by violation of applicable United States federal safety,
construction or operating regulations or by a responsible party&rsquo;s gross negligence or willful misconduct, or if the responsible
party fails or refuses to report the incident or to cooperate and assist in connection with oil removal activities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, the Comprehensive Environmental Response,
Compensation, and Liability Act, or CERCLA, which applies to the discharge of hazardous substances (other than oil) whether on
land or at sea, contains a similar liability regime and provides for cleanup, removal and natural resource damages. Liability under
CERCLA is limited to the greater of $300 per gross ton or $0.5 million for vessels not carrying hazardous substances as cargo or
residue (or the greater of $300 per gross ton or $5.0 million for vessels carrying hazardous substances) unless the incident is
caused by gross negligence, willful misconduct or a violation of certain regulations, in which case liability is unlimited.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We maintain, for each of our vessels, protection and
indemnity coverage against pollution liability risks in the amount of $1.0 billion per event. This insurance coverage is subject
to exclusions, deductibles and other terms and conditions. If any liabilities or expenses fall within an exclusion from coverage,
or if damages from a catastrophic incident exceed the $1.0 billion limitation of coverage per event, our cash flow, profitability
and financial position could be adversely impacted.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We believe our insurance and protection and indemnity
coverage as described above meets the requirements of the OPA.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The OPA requires owners and operators of all vessels
over 300 gross tons, even those that do not carry petroleum or hazardous substances as cargo, to establish and maintain with the
U.S. Coast Guard evidence of financial responsibility sufficient to meet their potential liabilities under the OPA. Under the regulations,
vessel owners and operators may evidence their financial responsibility by showing proof of insurance, surety bond, self-insurance
or guaranty.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the OPA, an owner or operator of a fleet of vessels
is required only to demonstrate evidence of financial responsibility in an amount sufficient to cover the vessel in the fleet having
the greatest limited liability under the OPA.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The U.S. Coast Guard&rsquo;s regulations concerning
certificates of financial responsibility provide, in accordance with the OPA, that claimants may bring suit directly against an
insurer or guarantor that furnishes the guaranty that supports the certificates of financial responsibility. In the event that
such insurer or guarantor is sued directly, it is prohibited from asserting any contractual defense that it may have had against
the responsible party and is limited to asserting those defenses available to the responsible party and the defense that the incident
was caused by the willful misconduct of the responsible party.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The OPA specifically permits individual states to impose
their own liability regimes with regard to oil pollution incidents occurring within their boundaries, and some states have enacted
legislation providing for unlimited liability for oil spills. In some cases, states that have enacted such legislation have not
yet issued implementing regulations defining vessels owners&rsquo; responsibilities under these laws. We intend to comply with
all applicable state regulations in the ports where our vessels call.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The United States Clean Water Act, or CWA, prohibits
the discharge of oil or hazardous substances in U.S. navigable waters and imposes strict liability in the form of penalties for
unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements
the remedies available under CERCLA.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The EPA enacted rules governing the regulation of ballast
water discharges and other discharges incidental to the normal operation of vessels within U.S. waters. Under the rules, commercial
vessels 79 feet in length or longer (other than commercial fishing vessels), or Regulated Vessels, are required to obtain a CWA
permit regulating and authorizing such normal discharges. This permit, which the EPA had designated as the Vessel General Permit
for Discharges Incidental to the Normal Operation of Vessels, or VGP, incorporated the then current U.S. Coast Guard requirements
for ballast water management as well as supplemental ballast water requirements, and included limits applicable to specific discharge
streams, such as deck runoff, bilge water and gray water. The VGP was effective December 18, 2018.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Vessel Incidental Discharge Act (or VIDA) was signed
into law on December 4, 2018, and establishes a new framework for the regulation of vessel incidental discharges under the CWA.
VIDA requires the EPA to develop performance standards for incidental discharges, and requires the U.S. Coast Guard to develop
regulations within two years of the EPA&rsquo;s promulgation of standards. Under VIDA, all provisions of the Vessel General Permit
remain in force and effect as currently written until the U.S. Coast Guard regulations are published.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Vessels that are constructed after December 1, 2013
are subject to the ballast water numeric effluent limitations. Several U.S. states have added specific requirements to the VGP
and, in some cases, may require vessels to install ballast water treatment technology to meet biological performance standards.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>Security Regulations</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Since the terrorist attacks of September 11, 2001,
there have been a variety of initiatives intended to enhance vessel security. In November 2002, the MTSA came into effect. To implement
certain portions of the MTSA, in July 2003, the U.S. Coast Guard issued regulations requiring the implementation of certain security
requirements aboard vessels operating in waters subject to the jurisdiction of the United States. Similarly, in December 2002,
amendments to SOLAS created a new chapter of the convention dealing specifically with maritime security. The new chapter went into
effect on July 1, 2004, and imposes various detailed security obligations on vessels and port authorities, most of which are contained
in the newly created ISPS Code. Among the various requirements are:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">on-board installation of automatic information systems to enhance vessel-to-vessel and vessel-to-shore communications;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">on-board installation of ship security alert systems;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the development of vessel security plans; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">compliance with flag state security certification requirements.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The U.S. Coast Guard regulations, intended to be aligned
with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels
have on board a valid International Ship Security Certificate that attests to the vessel&rsquo;s compliance with SOLAS security
requirements and the ISPS Code. The vessels in our fleet that we operate have on board valid International Ship Security Certificates
and, therefore, will comply with the requirements of the MTSA.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>International Laws Governing
Civil Liability to Pay Compensation or Damages</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Although the United States is not a party to the International
Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by the 1992 Protocol and further amended in 2000, or
the CLC (which has been adopted by the IMO and sets out a liability regime in relation to oil pollution damage), many countries
are parties and have ratified either the original CLC or its 1992 Protocol. Under the CLC, a vessel&rsquo;s registered owner is
strictly liable for pollution damage caused in the territorial waters or, under the 1992 Protocol, in the exclusive economic zone
or equivalent area, of a contracting state by discharge of persistent oil, subject to certain defenses and subject to the right
to limit liability. The original CLC applies to vessels carrying oil as cargo and not in ballast, whereas the CLC as amended by
the 1992 Protocol applies to tanker vessels and combination carriers (i.e., vessels which sometimes carry oil in bulk and sometimes
other cargoes) but only when the latter carry oil in bulk as cargo and during any voyage following such carriage (to the extent
they have oil residues on board). The limits on liability are based on the use of the International Monetary Fund currency unit
of Special Drawing Rights, or SDR. The value of the SDR is based on a basket of five major currencies &ndash; the U.S. dollar,
the Euro, the Chinese renminbi, the Japanese yen, and the Great British pound sterling. Under the 2000 amendment to the 1992 Protocol
that became effective on November 1, 2003, for vessels between 5,000 and 140,000 gross tons (a unit of measurement for the total
enclosed spaces within a vessel), liability is limited to approximately 4.51 million SDR plus 631 SDR for each additional gross
ton over 5,000. For vessels of over 140,000 gross tons, liability is limited to 89.77 million SDR.. Under the original CLC, the
right to limit liability is forfeited where the incident causing the damage is caused by the owner&rsquo;s actual fault or privity
and under the 1992 Protocol where the relevant incident is caused by the owner&rsquo;s personal act or omission, committed with
the intent to cause such damage, or recklessly and with knowledge that such damage would probably result. Vessels trading with
states that are parties to these conventions must provide evidence of insurance covering the liability of the owner. In jurisdictions
where the CLC has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis
of fault or in a manner similar to that of the convention. We believe that our protection and indemnity insurance will cover the
liability under the regime adopted by the IMO.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The CLC is supplemented by the International Convention
on the Establishment of an International Fund for Compensation for Oil Pollution Damage 1971, as amended (or the Fund Convention).
The purpose of the Fund Convention was the creation of a supplementary compensation fund (the International Oil Pollution Compensation
Fund, or IOPC Fund) which provides additional compensation to victims of a pollution incident who are unable to obtain adequate
or any compensation under the CLC.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In 2001, the IMO adopted the International Convention
on Civil Liability for Bunker Oil Pollution Damage, or the Bunker Convention, which covers liability and compensation for pollution
damage caused in the territorial waters or the exclusive economic zone or equivalent area of ratifying states by discharges of
 &ldquo;bunker oil.&rdquo; The Bunker Convention defines &ldquo;bunker oil&rdquo; as &ldquo;any hydrocarbon mineral oil, including
lubricating oil, used or intended to be used for the operation or propulsion of the ship, and any residues of such oil.&rdquo;
The Bunker Convention imposes strict liability (subject to certain defenses) on the shipowner (which term includes the registered
owner, bareboat charterer, manager and operator of the vessel). It also requires registered owners of vessels over a certain size
to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international
limitation regime (but not exceeding the amount calculated in accordance with the Convention on Limitation of Liability for Maritime
Claims of 1976, as amended by the 1996 Protocol to it, or the 1976 Convention). The Bunker Convention entered into force in November
2008. In other jurisdictions, liability for spills or releases of oil from vessels&rsquo; bunkers continues to be determined by
the national or other domestic laws in the jurisdiction where the events or damages occur.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The IMO&rsquo;s International Convention on Liability
and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea 1996, as superseded by the
2010 Protocol, or the HNS Convention, sets out a liability regime for loss or damage caused by hazardous or noxious substances
carried on board a vessel. These substances are listed in the convention itself or defined by reference to lists of substances
included in various IMO conventions and codes. The HNS Convention covers loss or damage by contamination to the environment, costs
of preventive measures and further damage caused by such measures, loss or damage to property outside the ship and loss of life
or personal injury caused by such substances on board or outside the ship. It imposes strict liability (subject to certain defenses)
on the registered owner of the vessel and provides for limitation of liability and compulsory insurance. The owner&rsquo;s right
to limit liability is lost if it is proved that the damage resulted from the owner&rsquo;s personal act or omission, committed
with the intent to cause such damage, or recklessly and with knowledge that such damage would probably result. The HNS Convention
has not entered into force yet.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Outside the United States, national laws generally
provide for the owner to bear strict liability for pollution, subject to a right to limit liability under applicable national or
international regimes for limitation of liability. The most widely applicable international regime limiting maritime pollution
liability is the 1976 Convention. However, claims for oil pollution damage within the meaning of the CLC or any Protocol or amendment
to it are expressly excepted from the limitation regime set out in the 1976 Convention. Rights to limit liability under the 1976
Convention are forfeited where it is proved that the loss resulted from the shipowner&rsquo;s personal act or omissions, committed
with the intent to cause such loss, or recklessly and with knowledge that such loss would probably result. Some states have ratified
the 1996 Protocol to the 1976 Convention, which provides for liability limits substantially higher than those set forth in the
original 1976 Convention to apply in such states. Finally, some jurisdictions are not a party to either the 1976 Convention or
the 1996 Protocol, and some are parties to other earlier limitation of liability conventions and, therefore, shipowners&rsquo;
rights to limit liability for maritime pollution in such jurisdictions may be different or uncertain.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>The Maritime Labour Convention
</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The International Labour Organization&rsquo;s Maritime
Labour Convention was adopted in 2006 (&ldquo;MLC 2006&rdquo;). The basic aims of the MLC 2006 are to ensure comprehensive worldwide
protection of the rights of seafarers and to establish a level playing field for countries and ship owners committed to providing
decent working and living conditions for seafarers, protecting them from unfair competition on the part of substandard ships. The
Convention was ratified on August 20, 2012, and all our vessels have been certified, as required. The MLC 2006 requirements have
not had a material effect on our operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>C.&nbsp;&nbsp;Organizational
Structure</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Globus Maritime Limited is a holding company. As of
the date of this annual report, Globus wholly owns six operational subsidiaries, five of which are Marshall Islands corporations
and one of which is incorporated in Malta. Five of our operational subsidiaries each own one vessel and our sixth operational subsidiary,
our Manager, provides the technical and day-to-day commercial management of our fleet and also previously provided consultancy
services to an affiliated ship-management company. Our Manager maintains ship management agreements with each of our vessel-owning
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>D.&nbsp;&nbsp;Property, Plants
and Equipment</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In August 2006, our Manager entered into a rental agreement
for 350 square meters of office space for our operations within a building owned by Cyberonica S.A., a related party to us. Rental
expense was &euro;14,578 per month until December 31, 2015. The rental agreement provided for an annual increase in rent of 2%
above the rate of inflation as set by the Bank of Greece. The contract ran for nine years and could have been terminated by us
with six months&rsquo; notice, and terminated at the end of 2015. In 2016 we renewed the rental agreement at a monthly rate of
 &euro;10,360 ($11,900) with a lease period ending January 2, 2025. We do not presently own any real estate. As of December 31,
2019, we owed Cyberonica approximately $91,000 of back rent.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information about our vessels and how we account
for them, see &ldquo;Item 5. Operating and Financial Review and Prospects. A. Operating Results &ndash; Results of Operations &ndash;
Critical Accounting Policies &ndash; Impairment of Long-Lived Assets.&rdquo; Other than our vessels, we do not have any material
property. Our vessels are subject to priority mortgages, which secure our obligations under our various loan and credit facilities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For further details regarding our loan agreements and
credit facilities, please see &ldquo;Item 5. Operating and Financial Review and Prospects &mdash; B. Liquidity and Capital Resources
 &mdash; Indebtedness.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We have no manufacturing capacity, nor do we produce
any products.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We believe that our existing facilities are adequate
to meet our needs for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item4a></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 4A.&nbsp; Unresolved Staff Comments</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">None.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
<A name=item5></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 5.&nbsp;&nbsp;Operating and Financial Review
and Prospects</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>The following discussion should be read in conjunction
with our consolidated financial statements and the accompanying notes thereto included elsewhere in this annual report on Form
20-F. We believe that the following discussion contains forward-looking statements that involve risks and uncertainties. Actual
results or plan of operations could differ materially from those anticipated by forward-looking information due to factors discussed
under &ldquo;Item 3.D.&nbsp;&nbsp;Risk Factors&rdquo; and elsewhere in this annual report on Form 20-F. Please see the section
 &ldquo;Cautionary Note Regarding Forward-Looking Statements&rdquo; at the beginning of this annual report on Form 20-F.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>A.&nbsp;&nbsp;Operating Results</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are an integrated dry bulk shipping company, which
began operations in September 2006, providing marine transportation services on a worldwide basis. We own, operate and manage a
fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally.
Following the conclusion of our initial public offering on June 1, 2007, our common shares were listed on the AIM under the ticker
 &ldquo;GLBS.L.&rdquo; On July 29, 2010, we effected a one-for-four reverse stock split, with our issued share capital resulting
in 7,240,852 common shares of $0.004 each. On November 24, 2010, we redomiciled into the Marshall Islands pursuant to the BCA and
a resale registration statement for our common shares was declared effective by the SEC. Once the resale registration statement
was declared effective by the SEC, our common shares began trading on the Nasdaq Global Market under the ticker &ldquo;GLBS.&rdquo;
We delisted our common shares from the AIM on November 26, 2010.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On June 30, 2011, we completed a follow-on public offering
in the United States under the Securities Act, of 2,750,000 common shares at a price of $8.00 per share, the net proceeds of which
amounted to approximately $20 million. (These figures do not reflect the 4-1 reverse stock split which occurred in October 2016
or the 10-1 reverse stock split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2010, our fleet consisted of five
dry bulk vessels (three Supramaxes, one Panamax and one Kamsarmax) with an aggregate carrying capacity of 319,664 dwt. In March
2011, we purchased from an unaffiliated third party a 2007-built Supramax vessel for $30.3 million. The vessel was delivered in
September 2011 and was named <I>Sun Globe</I>. In May 2011, we purchased from an unaffiliated third party a 2005-built Panamax
vessel for $31.4 million. The vessel was delivered in June 2011 and was named <I>Moon Globe</I>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In July 2015, we sold <I>m/v Tiara Globe</I>, a 1998-built
Panamax.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In March 2016, we reached a settlement agreement with
Commerzbank relating to the loan agreement between Kelty Marine Ltd. and Commerzbank. Commerzbank agreed to settle the outstanding
indebtedness of $15.65 million in return for the sale of the shares of Kelty Marine Ltd. for $6.86 million plus overdue interest
of $40,708, to an unrelated third party.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On April 11, 2016 our common shares began trading on
the Nasdaq Capital Market and ceased trading on the Nasdaq Global Market, without a change in our ticker.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in">On October 20, 2016, we effected
a four-for-one reverse stock split which reduced the number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments
were made based on fractional shares).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">In July 2016, we redeemed the remaining
2,567 of our Series A Preferred Shares that were issued and outstanding.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 45.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We conducted a private placement on February 8, 2017,
in which we issued, for gross proceeds of $5 million, an aggregate of 5 million common shares and warrants to purchase 25 million
common shares at a price of $1.60 per share (subject to adjustment; these figures do not reflect a 10-1 reverse stock split which
occurred in October 2018), in a private placement to a group of private investors. The Company has used the proceeds from the sale
of common shares and warrants for general corporate purposes and working capital including repayment of debt. In connection with
the February, 2017 private placement, we terminated an aggregate of $20 million of the outstanding principal and interest of the
Firment Credit Facility and the Silaner Credit Facility in exchange for issuing 20 million shares and warrants exercisable for
7,380,017 common shares at a price of $1.60 per share (subject to adjustment; these figures do not reflect a 10-1 reverse stock
split which occurred in October 2018) to nominees of the lenders. In each instance, the outstanding amounts were paid in their
entirety subsequent to the close of the February 2017 private placement, but the Facilities remained available to the Company.
Both lenders are related parties to the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On October 19, 2017, we entered into a Share and Warrant
Purchase Agreement pursuant to which we sold for $2.5 million an aggregate of 2.5 million of our common shares and a warrant to
purchase 12.5 million of our common shares at a price of $1.60 per share (subject to adjustment; these figures do not reflect a
10-1 reverse stock split which occurred in October 2018) to an investor in a private placement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On October 15, 2018, we effected a ten-for-one reverse
stock split which reduced the number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments were made based
on fractional shares).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In November 2018, we entered into a credit facility
for up to $15 million with Firment Shipping Inc., a related party to us, for the purpose of financing our general working capital
needs. The Firment Shipping Credit Facility is unsecured and remains available until its final maturity on April 1, 2021, as amended.
We have the right to drawdown any amount up to $15 million or prepay any amount in multiples of $100,000. 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. We have also the right, in our sole option, to convert in whole or in part the outstanding
unpaid principal amount and accrued but unpaid interest under this agreement 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. over the Pricing Period
multiplied by 80%, where the &ldquo;Pricing Period&rdquo; equals the ten consecutive trading days immediately preceding the date
on which the conversion notice was executed or (ii) $2.80.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On April 23, 2019, the Company converted the outstanding
principal amount of $3.1 million plus the accrued interest of approximately $0.1 million with a conversion price of $2.80 per share
and issued 1,132,191 new common shares on behalf of Firment Shipping Inc. in accordance with the provisions of the Firment Shipping
Credit Facility. This conversion resulted in a gain of approximately $0.1 million. As of December 31, 2019, there was an amount
of $11.1 million available to be drawn under the Firment Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In December 2018, through our wholly owned subsidiaries,
Artful Shipholding S.A. (&ldquo;Artful&rdquo;) and Longevity Maritime Limited (&ldquo;Longevity&rdquo;), we entered into a loan
agreement with Macquarie Bank International Limited, which we refer to as our Macquarie Loan Agreement, for an amount up to $13.5
million and used funds borrowed thereunder to refinance part of the repayment of the then existing loan agreement with DVB, which
we refer to as the DVB Loan Agreement, for the m/v Moon Globe and m/v Sun Globe. Globus guaranteed this loan.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On March 13, 2019, the Company signed a securities
purchase agreement with a private investor and on March 13, 2019 issued, for gross proceeds of $5 million, a senior convertible
note (the &ldquo;Convertible Note&rdquo;) that is convertible into shares of the Company&rsquo;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 was scheduled
to mature on March 13, 2020, the first anniversary of its issue, but its holder waived the Convertible Note&rsquo;s maturity until
March 13, 2021. The waiver also provides that the floor price by which the Convertible Note may be converted adjusts for share
splits, share dividends, share combinations, and similar transactions. The Convertible Note was issued in a transaction exempt
from registration under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Convertible Note provides for interest to accrue
at 10% annually and paid at maturity, 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. The
following summaries of the conversion and redemption provisions of the Convertible Note are qualified in their entirety to the
terms of the Convertible Note itself:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The Convertible Note may be converted, in whole or in part, into the Company&rsquo;s common stock
at any time by its holder, in which case all principal, interest, and other amounts owed pursuant to the Convertible Note shall
convert at a price per share which differs based upon the performance of the Company&rsquo;s stock price. The price per share for
conversion purposes is the lowest of (a) the Conversion Price and (b) the highest of (i) $1.00 (the &ldquo;Floor Price&rdquo;)
and (ii) 87.5% of the average of the high and low bid price from any day chosen by the holder during the ten (10) consecutive trading
day period ending on and including the trading day immediately prior to the applicable conversion date (the &ldquo;Alternate Conversion
Price&rdquo;) regardless of the subsequent stock price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The Convertible Note may be redeemed, in whole or in part, by request of its holder upon:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">(a) an Event of Default (as defined within the Convertible Note), in exchange for the higher of
(a) 120% of all amounts owed under the Convertible Note, and (b) the value of the stock to which the Convertible Note could be
converted (as calculated within Section 4(b) of the Convertible Note);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">(b) a Change in Control (as defined within the Convertible Note) of the Company, in exchange for
the higher of (a) 120% of all amounts owed under the Convertible Note and (b) the value of the stock to which the Convertible Note
could be converted (as calculated within Section 5(c) of the Convertible Note); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">(c) any time after an uninterrupted ten Trading Day period in which the common shares trade below
the Floor Price, in exchange for 100% of all amounts owed under the Convertible Note.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The Convertible Note may be redeemed, in whole or in part, at any time by the Company. If the Company
elects to redeem the Convertible Note, the Company shall immediately be obligated to pay the holder the greater of (a) 120% of
all amounts owed under the Convertible Note and (b) the value of the stock to which the Convertible Note could be converted (as
calculated within Section 8(a) of the Convertible Note). If the Company elects to redeem the Convertible Note, the Company (as
a procedural matter) must first provide the holder notice, which could allow the holder to convert prior to payment by the Company
of the redemption amount.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">If any portion of the Convertible Note is not redeemed or converted prior to its maturity date,
on the maturity date, the Company shall pay all outstanding principal in cash and may elect whether to pay the interest (and any
other amounts owed) in cash or shares of the Company&rsquo;s common stock. If interest is paid in common stock, the Alternate Conversion
Price per share shall apply.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Convertible Note includes anti-dilution protections
to its holder. The Convertible Note initially contained a Floor Price of $2.25 and allowed the Company, with the holder&rsquo;s
consent, to reduce the Floor Price or the then current conversion price, as to any amount and for any period of time deemed appropriate
by the Company&rsquo;s board of directors, but to a price no less than $1.00 per share, which subsequently was so reduced to $1.00.
Although it was originally agreed that the floor price would not adjust upon share splits, share dividends, share combinations,
and similar transactions, we and the holder subsequently agreed that the floor price would adjust proportionately under these circumstances.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the terms of the Convertible Note, the Company
may not issue shares to the extent such issuance would cause the Holder, 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&rsquo;
notice, but not to exceed 9.99%) of our then outstanding common shares immediately following such issuance, excluding for purposes
of such determination common shares issuable upon subsequent conversion of principal or interest on the Convertible Note. This
provision does not limit a Holder from acquiring up to 4.99% of our common shares, selling all of their common shares, and immediately
thereafter re-acquiring up to 4.99% of our common shares. The Convertible Note further entitles its holder to any options, convertible
securities or rights to purchase shares, warrants, securities or other property if the Company should issue such pro rata to all
or substantially all of the record holders of any class of common shares, in each instance as though the Convertible Note had converted
in full at the Alternate Conversion Price and as though the aforementioned limitation on conversion and issuance did not exist.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company also signed a registration rights agreement
with the private investor pursuant to which we agreed to register for resale the shares that could be issued pursuant to the Convertible
Note, and subsequently filed a registration statement registering the resale of the maximum number of common shares issuable pursuant
to the Convertible Note, including payment of interest on the notes through its maturity date, determined as if the Convertible
Note (including interest) was converted in full at the lowest price at which the note may convert pursuant to its terms. The registration
rights agreement contains liquidated damages if we are unable to register for resale the shares into which the convertible note
may convert, and maintain such registration. The Convertible Note was scheduled to mature on March 13, 2020, the first anniversary
of its issue, but its holder waived the Convertible Note&rsquo;s maturity until March 13, 2021.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">During the year ended December 31, 2019 the total of
approximately $1.8 million (principal plus interest) was converted and a total of 867,643 common shares were issued. As of December
31, 2019, the amount outstanding with respect to the Convertible Note was approximately $3.3 million. Further to the conversion
clause included in the Convertible Note, up to March 2020 a total amount of approximately $1.2 million (principal and accrued interest),
was converted at a conversion price of $1.00 per share and a total number of 1,167,767 new common shares were issued in name of
the holder of the Convertible Note.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We intend to stabilize and then try to grow our fleet
through timely and selective acquisitions of modern vessels in a manner that we believe will provide an attractive return on equity
and will be accretive to our earnings and cash flow based on anticipated market rates at the time of purchase. There is no guarantee
however, that we will be able to find suitable vessels to purchase or that such vessels will provide an attractive return on equity
or be accretive to our earnings and cash flow.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our strategy is to generally employ our vessels on
a mix of all types of charter contracts, including bareboat charters, time charters and spot charters although all of our vessels
are currently on the spot market. We may, from time to time, enter into charters with longer durations depending on our assessment
of market conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We seek to manage our fleet in a manner that allows
us to maintain profitability across the shipping cycle and thus maximize returns for our shareholders. To accomplish this objective
we have historically deployed our vessels primarily on a mix of bareboat and time charters (with terms of between one month and
five years). According to our assessment of market conditions, we have historically adjusted the mix of these charters to take
advantage of the relatively stable cash flow and high utilization rates associated with time charters or to profit from attractive
spot charter rates during periods of strong charter market conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The average number of vessels in our fleet for the
years ended December&nbsp;31, 2019, 2018 and 2017 was 5.0.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our operations are managed by our Attica, Greece-based
wholly owned subsidiary, Globus Shipmanagement Corp., our Manager, who provides in-house commercial and technical management services
to our vessels and consultancy services to an affiliated ship-management company. Our Manager enters into a ship management agreement
with each of our wholly owned vessel-owning subsidiaries to provide such services and previously entered into a consultancy agreement
with an affiliated ship-management company, which agreement terminated.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Lack of Historical Operating Data for Vessels Before
their Acquisition</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Consistent with shipping industry practice, we were
not and have not been able obtain the historical operating data for the secondhand vessels we purchase, in part because that information
is not material to our decision to acquire such vessels, nor do we believe such information would be helpful to potential investors
in our common shares in assessing our business or profitability. We purchased our vessels under a standardized
agreement commonly used in shipping practice, which, among other things, provides us with the right to inspect the vessel and the
vessel&rsquo;s classification society records. The standard agreement does not provide us the right to inspect, or receive copies
of, the historical operating data of the vessel. Accordingly, such information was not available to us. Prior to the delivery of
a purchased vessel, the seller typically removes from the vessel all records, including past financial records and accounts related
to the vessel. Typically, the technical management agreement between a seller&rsquo;s technical manager and the seller is automatically
terminated and the vessel&rsquo;s trading certificates are revoked by its flag state following a change in ownership.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, and consistent with shipping industry
practice, we treat the acquisition of vessels from unaffiliated third parties as the acquisition of an asset rather than a business.
We believe that, under the applicable provisions of Rule 11-01(d) of Regulation S-X under the Securities Act, the acquisition of
our vessels does not constitute the acquisition of a &ldquo;business&rdquo; for which historical or pro forma financial information
would be provided pursuant to Rules 3-05 and 11-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Although vessels are generally acquired free of charter,
we may in the future acquire some vessels with charters. Where a vessel has been under a voyage charter, the vessel is usually
delivered to the buyer free of charter. It is rare in the shipping industry for the last charterer of the vessel in the hands of
the seller to continue as the first charterer of the vessel in the hands of the buyer. In most cases, when a vessel is under time
charter and the buyer wishes to assume that charter, the vessel cannot be acquired without the charterer&rsquo;s consent and the
buyer entering into a separate direct agreement, called a novation agreement, with the charterer to assume the charter. The purchase
of a vessel itself does not transfer the charter because it is a separate service agreement between the vessel owner and the charterer.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If the Company acquires a vessel subject to a time
charter, it amortizes the amount of the component that is attributable to favorable or unfavorable terms relative to market terms
and is included in the cost of that vessel, over the remaining term of the lease. The amortization is included in line &ldquo;amortization
of fair value of time charter attached to vessels&rdquo; in the income statement component of the consolidated statement of comprehensive
(loss)/income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If we purchase a vessel and assume or renegotiate a
related time charter, we must take the following steps before the vessel will be ready to commence operations:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">obtain the charterer&rsquo;s consent to us as the new owner;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">obtain the charterer&rsquo;s consent to a new technical manager;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">in some cases, obtain the charterer&rsquo;s consent to a new flag for the vessel;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">arrange for a new crew for the vessel, and where the vessel is on charter, in some cases, the crew must be approved by the charterer;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">replace all hired equipment on board, such as gas cylinders and communication equipment;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">negotiate and enter into new insurance contracts for the vessel through our own insurance brokers;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">register the vessel under a flag state and perform the related inspections in order to obtain new trading certificates from the flag state;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">implement a new planned maintenance program for the vessel; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">ensure that the new technical manager obtains new certificates for compliance with the safety and vessel security regulations of the flag state.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following discussion is intended to help you understand
how acquisitions of vessels affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our business is comprised of the following main elements:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">employment and operation of our dry bulk vessels and
        management of a vessel owned by a third party; and</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">management of the financial, general and administrative elements involved in the conduct of our business and ownership of our dry bulk vessels.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The employment and operation of our vessels and the
vessel we manage require the following main components:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">vessel maintenance and repair;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">crew selection and training;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">vessel spares and stores supply;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">contingency response planning;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">onboard safety procedures auditing;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">accounting;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">vessel insurance arrangement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">vessel chartering;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">vessel security training and security response plans (ISPS);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">obtaining ISM certification and audit for each vessel within the six months of taking over a vessel;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">vessel hire management;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">vessel surveying; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">vessel performance monitoring.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The management of financial, general and administrative
elements involved in the conduct of our business and ownership of our vessels requires the following main components:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">management of our financial resources, including banking relationships, i.e., administration of bank loans and bank accounts;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">management of our accounting system and records and financial reporting;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">administration of the legal and regulatory requirements affecting our business and assets; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">management of the relationships with our service providers and customers.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The principal factors that affect our profitability,
cash flows and shareholders&rsquo; return on investment include:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">rates and periods of hire;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">levels of vessel operating expenses, including repairs and drydocking;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">purchase and sale of vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 4%">&raquo;</TD><TD STYLE="width: 92%">management fees for any third party ships that we manage;</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">depreciation expenses;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">financing costs; and</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">fluctuations in foreign exchange rates.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Revenue</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>Overview</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We generate revenues by charging our customers for
the use of our vessels to transport their dry bulk commodities. Under a time charter, the charterer pays us a fixed daily charter
hire rate and bears all voyage expenses, including the cost of bunkers (fuel oil) and port and canal charges. We remain responsible
for paying the chartered vessel&rsquo;s operating expenses, including the cost of crewing, insuring, repairing and maintaining
the vessel, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Under a bareboat charter,
the charterer pays us a fixed daily charter hire rate and bears all voyage expenses, as well as the vessel&rsquo;s operating expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Spot charters can be spot voyage charters or spot time
charters. Spot voyage charters involve the carriage of a specific amount and type of cargo on a load-port to discharge-port basis,
subject to various cargo handling terms, and the vessel owner is paid on a per-ton basis. Under a spot voyage charter, the vessel
owner is responsible for the payment of all expenses including capital costs, voyage expenses, such as port, canal and bunker costs.
A spot time charter is a contract to charter a vessel for an agreed period of time at a set daily rate. Under spot time charters,
the charterer pays the voyage expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Voyage revenues and management
 &amp; consulting fee income</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our voyage revenues are driven primarily by the number
of vessels in our fleet, the number of days during which our vessels operate and the amount of daily hire rates that our vessels
earn under charters or on the spot market, which, in turn, are affected by a number of factors, including:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the duration of our charters;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the number of days our vessels are hired to operate on the spot market;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">our decisions relating to vessel acquisitions and disposals;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the amount of time that we spend positioning our vessels for employment;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the amount of time that our vessels spend in drydocking undergoing repairs;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">maintenance and upgrade work;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the age, condition and specifications of our vessels;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">levels of supply and demand in the dry bulk shipping industry; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">other factors affecting spot market charter rates for dry bulk vessels.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In 2019, our voyage revenues decreased when compared
to 2018, mainly due to lower daily time charter and spot rates earned on average from our vessels on a year over year basis. Our
voyage revenues in 2018 and 2017 increased compared to their respective prior year mainly due to greater daily time charter and
spot rates earned on average from our vessels on a year over year basis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In January 2017, we provided consultancy services to
an affiliated ship-management company, something we did not do in 2018 or 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Employment of our Vessels</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of the date of this annual report on Form 20-F,
we employed our vessels as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD STYLE="text-align: justify"><I>m/v Star Globe</I> &ndash; seeking for next employment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD STYLE="text-align: justify"><I>m/v River Globe</I> &ndash; on a time charter that began in March 2020 and is expected to expire
in April 2020, at a gross rate of $4,300 per day.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD STYLE="text-align: justify"><I>m/v Sky Globe</I> &ndash; on a time charter that began in March 2020 and is expected to expire
in April 2020, at a gross rate of $10,250 per day.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD STYLE="text-align: justify"><I>m/v Moon Globe</I> &ndash; seeking for next employment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD STYLE="text-align: justify"><I>m/v Sun Globe</I> &ndash; on a time charter that began in March 2020 and is expected to expire
in April 2020, at a gross rate of $10,000 per day.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our charter agreements subject us to counterparty risk.
In depressed market conditions, charterers may seek to renegotiate the terms of their existing charter parties or avoid their obligations
under those contracts. Should counterparties to one or more of our charters fail to honor their obligations under their agreements
with us, we could sustain significant losses which could have a material adverse effect on our business, financial condition, results
of operations, cash flows and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Voyage Expenses</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We charter our vessels primarily through time charters
under which the charterer is responsible for most voyage expenses, such as the cost of bunkers (fuel oil), port expenses, agents&rsquo;
fees, canal dues, extra war risks insurance and any other expenses related to the cargo.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Whenever we employ our vessels on a voyage basis (such
as trips for the purpose of geographically repositioning a vessel or trip(s) after the end of one time charter and up to the beginning
of the next time charter), we incur voyage expenses that include port expenses and canal charges and bunker (fuel oil) expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If we charter our vessels on bareboat charters, the
charterer will pay for most of the voyage expenses and operating expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As is common in the shipping industry, we have historically
paid commissions ranging from 1.25% to 2.50% of the total daily charter hire rate of each charter to unaffiliated ship brokers
and in-house brokers associated with the charterers, depending on the number of brokers involved with arranging the charter.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the year ended December 31, 2019, commissions amounted
to $0.2 million. For the year ended December 31, 2018, commissions amounted to $0.3 million, and for the year ended December 31,
2017, commissions amounted to $0.2 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We believe that the amounts and the structures of our
commissions are consistent with industry practices.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These commissions are directly related to our revenues.
We therefore expect that the amount of total commissions will increase if the size of our fleet grows as a result of additional
vessel acquisitions and employment of those vessels or if charter rates increase.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Vessel Operating Expenses</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Vessel operating expenses include costs for crewing,
insurance, repairs and maintenance, lubricants, spare parts and consumable stores, statutory and classification tonnage taxes and
other miscellaneous expenses. We calculate daily vessel operating expenses by dividing vessel operating expenses by ownership days
for the relevant time period excluding bareboat charter days.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our vessel operating expenses have historically fluctuated
as a result of changes in the size of our fleet. In addition, a portion of our vessel operating expenses is in currencies other
than the U.S. dollar, such as costs related to repairs, spare parts and consumables. These expenses may increase or decrease as
a result of fluctuation of the U.S. dollar against these currencies.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We expect that crewing costs will increase in the future
due to the shortage in the supply of qualified sea-going personnel. In addition, we expect that maintenance costs will increase
as our vessels age. Other factors that may affect the shipping industry in general, such as the cost of insurance, may also cause
our expenses to increase. To the extent that we purchase additional vessels, we expect our vessel operating expenses to increase
accordingly.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Depreciation</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The cost of each of the Company&rsquo;s vessels is
depreciated on a straight-line basis over each vessel&rsquo;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, if appropriate. During the third quarter of 2017, we adjusted the scrap rate from $200/ton to $250/ton
due to the increased scrap rates worldwide. This resulted to a reduced depreciation expense of approximately $86,000 included in
the consolidated statement of comprehensive (loss)/income 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 approximately $178,000
of the depreciation charge included in the consolidated statement of comprehensive loss for 2018. For the year 2019, we maintained
the scrap rate at the same level of $300/ton.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We do not expect these assumptions to change significantly
in the near future. We expect that these charges will increase if we acquire additional vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Depreciation of Drydocking Costs</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Approximately every 2.5 years, our vessels are required
to be taken out of service and removed from water (known as &ldquo;drydocking&rdquo;) for major repairs and maintenance that cannot
be performed while the vessels are operating. The costs associated with the drydockings are capitalized and depreciated on a straight-line
basis over the period between drydockings, to a maximum of 2.5 years. At the date of acquisition of a vessel, we estimate the component
of the cost that corresponds to the economic benefit to be derived until the first scheduled drydocking of the vessel under our
ownership and this component is depreciated on a straight-line basis over the remaining period through the estimated drydocking
date. We expect that drydocking costs will increase as our vessels age and if we acquire additional vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Amortization of Fair Value of Time Charter Attached
to Vessels</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If the Company acquires a vessel subject to a time
charter, it amortizes the amount of the component that is attributable to favorable or unfavorable terms relative to market terms
and is included in the cost of that vessel, over the remaining term of the lease. The amortization is included in line &ldquo;amortization
of fair value of time charter attached to vessels&rdquo; in the income statement component of the consolidated statement of comprehensive
(loss)/income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Administrative Expenses</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our administrative expenses include payroll expenses,
traveling, promotional and other expenses associated with us being a public company, which include the preparation of disclosure
documents, legal and accounting costs, director and officer liability insurance costs and costs related to compliance. We expect
that our administrative expenses will increase as we enlarge our fleet.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Administrative Expenses Payable to Related Parties</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our administrative expenses payable to related parties
include cash remuneration of our executive officers and directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Share Based Payments</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We operate an equity-settled, share based compensation
plan. 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, if any, 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)/income,
with a corresponding impact in equity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Impairment Loss</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We assess at each reporting date whether there is an
indication that a vessel that we own may be impaired. The vessel&rsquo;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 recognized in the consolidated statement of comprehensive (loss)/income. A previously recognized
impairment loss is reversed only if there has been a change in the estimates used to determine the asset&rsquo;s recoverable amount
since the last impairment loss was recognized. 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 recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of comprehensive (loss)/income.
After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset&rsquo;s revised carrying amount,
less any residual value, on a systematic basis over its remaining useful life. As of December 31, 2019, the Company concluded that
the recoverable amounts of the vessels were lower than their carrying amounts and recognized an impairment loss of approximately
$29.9 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Gain/ (Loss) on Sale of Vessels</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Gain or loss on the sale of vessels is the residual
value remaining after deducting from the vessels&rsquo; sale proceeds, the carrying value of the vessels at the respective date
of delivery to their new owners and the total expenses associated with the sale.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Other (Expenses)/ Income, Net</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We include other operating expenses or income that
is not classified otherwise. It mainly consists of provisions for insurance claims deductibles and refunds from insurance claims.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Interest Income from Bank Balances &amp; Bank Deposits</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We earn interest on the funds we have deposited with
banks as well as from short-term certificates of deposit.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Interest Expense and Finance Costs</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We incur interest expense and financing costs in connection
with the indebtedness under our credit arrangements, including the loan agreement between Kelty Marine Ltd. and Commerzbank (prior
to its termination), the DVB Loan Agreement (prior to its termination), our loan agreement with Hamburg Commercial Bank AG (formerly
known as HSH Nordbank AG), which we refer to as the Hamburg Commercial Loan Agreement (prior to its termination), the Macquarie
Loan Agreement (prior to its termination), the Firment Credit Facility (prior to its termination), the Silaner Credit Facility
(prior to its termination), the Firment Shipping Credit Facility that we entered into in November 2018, the Convertible Note that
we entered in March 2019 and the EnTrust Loan Facility that we entered in June 2019. We also incurred financing costs in connection
with establishing those arrangements, which is included in our finance costs and amortization and write-off of deferred finance
charges. As of December 31, 2019, 2018 and 2017, we had $41.1 million, $37.9 million and $41.7 million of indebtedness outstanding
under our then existing credit arrangements, respectively. We incurred interest expense and financing costs relating to our outstanding
debt as well as our available but undrawn credit facilities, if any. We will incur additional interest expense in the future on
our outstanding borrowings and under future borrowings to finance future acquisitions. Please see &ldquo;Item 5.B. Liquidity and
Capital Resources&mdash;Indebtedness&rdquo; for further information.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Gain/ (Loss) on Sale of Subsidiary</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Gain or loss on disposal of subsidiary is the difference
between (a) the carrying amount of the net assets and (b) the proceeds of sale.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Gain/ (Loss) on Derivative Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Derivative financial instruments, including embedded
derivative financial instruments, are initially recognized at fair value on the date a derivative contract is entered into and
are subsequently remeasured at fair value. Changes in the fair value of these derivative instruments are recognized immediately
in the income statement component of the consolidated statement of comprehensive (loss)/income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Foreign Exchange Gains/ (Losses), Net</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We generate substantially all of our revenues from
the trading of our vessels in U.S. dollars but incur a portion of our expenses in currencies other than the U.S. dollar. We convert
U.S. dollars into foreign currencies to pay for our non-U.S. dollar expenses, which we then hold on deposit until the date of each
transaction. Fluctuations in foreign exchange rates create foreign exchange gains or losses when we mark-to-market these non-U.S.
dollar deposits. Because a portion of our expenses is payable in currencies other than the U.S. dollar, our expenses may from time
to time increase relative to our revenues as a result of fluctuations in exchange rates, which could affect the amount of net income
that we report in future periods.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Factors Affecting Our Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We believe that the important measures for analyzing
trends in our results of operations consist of the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Ownership days</I>. We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Available days</I>. We define available days as the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Operating days</I>. Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels generate revenues.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Fleet utilization</I>. We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company&rsquo;s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades and special surveys.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Average number of vessels</I>. We measure average number of vessels by the sum of the number of days each vessel was part of our fleet during a relevant period divided by the number of calendar days in such period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>TCE rates</I>. We define TCE rates as our revenue less net revenue from our bareboat charters less voyage expenses during a period divided by the number of our available days during the period excluding bareboat charter days, which is consistent with industry standards. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters generally are expressed in such amounts.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table reflects our ownership days, available
days, operating days, average number of vessels and fleet utilization for the periods indicated.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year&nbsp;Ended&nbsp;December&nbsp;31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Ownership
    days</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,825</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,825</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,825</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,908</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2,380</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Available
    days</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,788</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,755</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,787</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,885</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2,336</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Operating
    days</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,756</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,723</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,745</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,830</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2,252</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Bareboat
    charter days</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Fleet utilization</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">98.2%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">98.2%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">97.6%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">97.1%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">96.4%</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Average number of vessels</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">6.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Daily time
    charter equivalent (TCE) rate*</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">7,564</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">9,213</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">6,993</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">3,962</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,333</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">*Amounts subject to rounding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We utilize TCE because we believe it is a meaningful
measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., voyage charters,
spot charters and time charters) under which our vessels may be employed between the periods. Our management also utilizes TCE
to assist them in making decisions regarding employment of our vessels. We believe that our method of calculating TCE is consistent
with industry standards and is determined by dividing revenue after deducting voyage expenses, and net revenue from our bareboat
charters, by available days for the relevant period excluding bareboat charter days. Voyage expenses primarily consist of brokerage
commissions and port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charter
under a time charter contract.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table reflects the Voyage Revenues to
Daily Time Charter Equivalent (&ldquo;TCE&rdquo;) Reconciliation for the periods presented.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Expressed&nbsp;in&nbsp;Thousands&nbsp;of&nbsp;U.S.&nbsp;Dollars,
    except&nbsp;number&nbsp;of&nbsp;days&nbsp;and&nbsp;daily</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>TCE&nbsp;rates)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Voyage
    revenues</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">15,623</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">17,354</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">13,852</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">8,423</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">12,252</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Less: Voyage
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,098</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,188</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,352</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">954</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,921</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Less:
    bareboat charter net revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">304</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net revenue
    excluding bareboat charter net revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">13,525</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">16,166</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">12,500</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">7,469</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">10,027</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Available
    days net of bareboat charter days</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,788</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,755</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,787</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,885</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,314</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Daily TCE
    rate*</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">7,564</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">9,213</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">6,993</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3,962</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,333</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">*Amounts subject to rounding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following is a discussion of our operating results
for the year ended December 31, 2019 compared to the year ended December 31, 2018 and for the year ended December 31, 2018 compared
to the year ended December 31, 2017. Variances are calculated on the numbers presented in the discussion over operating results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Year ended December 31, 2019
compared to the year ended December 31, 2018</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019 and 2018, our fleet consisted
of five dry bulk vessels (four Supramaxes and one Panamax) with an aggregate carrying capacity of 300,571 dwt. During the years
ended December 31, 2019 and 2018 we had an average of 5.0 dry bulk vessels in our fleet.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">During the year ended December 31, 2019, we had an
operating loss of $33.6 million, while during the year ended December 31, 2018, we had an operating loss of $1.4 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Voyage revenues.</I> Voyage revenues decreased by
$1.8 million, or 10%, to $15.6 million in 2019, compared to $17.4 million in 2018. The decrease is primarily attributable to a
decrease in average TCE rates. In 2019, we had total operating days of 1,756 and fleet utilization of 98.2%, compared to 1,723
operating days and a fleet utilization of 98.2% in 2018. The foregoing fleet utilization percentage are based upon the available
days of each vessel, being the number of our ownership days less the aggregate number of days that our vessels are off-hire due
to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys. We also had 1,825 ownership days both in 2019
and 2018.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Voyage expenses.</I> Voyage expenses increased by
$0.9 million, or 75%, to $2.1 million in 2019, compared to $1.2 million in 2018. The increase is mainly attributed to the increase
in bunkers expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: #FDFDFD"><I>Vessel operating expenses.</I>
Vessel operating expenses decreased by $1 million, or 10%, to $8.9 million in 2019, compared to $9.9 million in 2018. The breakdown
of our operating expenses for the year 2019 was as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: #FDFDFD">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 30%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; text-align: justify; padding-left: 5.4pt">Crew expenses</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">53%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Repairs and spares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Stores</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Lubricants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The decrease is mainly attributed to the decrease of
the daily operating expenses of the vessels. Daily vessel operating expenses were $4,867 in 2019 compared to $5,438 in 2018, representing
a decrease of 11%. The decrease is mainly attributed to our continuing efforts to keep our operating expenses low.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Depreciation of dry-docking costs</I>. Depreciation
of dry-docking costs increased by $0.5 million, or 42%, to $1.7 million in 2019, compared to $1.2 million in 2018. This is due
to the increased cost of dry-dockings that 3 of our vessels underwent during 2018 and subsequently resulted to a higher depreciation
charge in 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Administrative expenses payable to related parties.</I>
Administrative expenses payable to related parties decreased by $157,000, or 30%, to $371,000 in 2019 compared to $528,000 in 2018.
This is attributed to the adoption of IFRS 16 as of January 1, 2019. Due to the adoption of IFRS 16, we identified the rental agreement
with Cyberonica S.A., a related party to the Company, to give rise to a right of use asset and a corresponding liability. The depreciation
charge for right-of-use asset for the year ended December 31, 2019, was approximately $112,000 and the interest expense on lease
liabilities for the same period was approximately $51,000 and recognised in the income statement component of the consolidated
statement of comprehensive loss under depreciation and interest expense and finance costs, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Administrative expenses.</I> Administrative expenses
increased by $200,000 or 14% to $1.6 million in 2019 from $1.4 million in 2018 mainly due to the increase of consulting fees by
approximately $223,000, from approximately $234,000 in 2018 to approximately $457,000 in 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Share-based payments.</I> Share-based payments for
2019 and 2018 amounted to $40,000.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Impairment Loss. </I>As of December 31, 2019, the
Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized an impairment
loss of $29.9 million. As of December 31, 2018, no impairment loss was recognized as the vessels&rsquo; recoverable amounts exceeded
their carrying amounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Interest expense and finance costs.</I> Interest
expense and finance costs increased by $2.6 million, or 124%, to $4.7 million in 2019, compared to $2.1 million in 2018. This increase
is mainly attributed to the higher weighted average interest rate in 2019 compared to 2018, the prepayment fees and the write off
of unamortized loan fees for the early termination of Macquarie Loan Agreement. Our weighted average interest rate for 2019 was
8.66% compared to 4.97% during 2018. Total borrowings outstanding as of December 31, 2019 amounted to $41.1million compared to
$37.9 million as of December 31, 2018. All of our credit and loan facilities are denominated in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Gain / (Loss) on derivative financial instruments.
</I>The gain on the derivative financial instruments is mainly attributed to the valuation of the &ldquo;Convertible Note&rdquo;.
As per the conversion clause included in this agreement, we have recognized it as a hybrid instrument which includes an embedded
derivative. This hybrid instrument was separated to the derivative component and the non-derivative host. The derivative component
is shown separately from the non-derivative host at fair value. The changes in the fair value of the derivative financial instrument
are recognized in the consolidated statement of comprehensive loss. As of December 31, 2019 we recognized a gain on this derivative
financial instrument amounting to $1.8 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Year ended December 31, 2018
compared to the year ended December 31, 2017</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2018 and 2017, our fleet consisted
of five dry bulk vessels (four Supramaxes and one Panamax) with an aggregate carrying capacity of 300,571 dwt. During the years
ended December 31, 2018 and 2017, we had an average of 5.0 dry bulk vessels in our fleet.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">During the year ended December 31, 2018, we had an
operating loss of $1.4 million while during the year ended December 31, 2017, we had an operating loss of $4.0 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Voyage revenues</I>. Voyage revenues increased by
$3.5 million, or 25%, to $17.4 million in 2018, compared to $13.9 million in 2017. The increase is primarily attributable to an
increase in average TCE rates. In 2018, we had total operating days of 1,723 and fleet utilization of 98.2%, compared to 1,745
operating days and a fleet utilization of 97.6% in 2017. We also had 1,825 ownership days both in 2018 and 2017.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Management &amp; consulting fee income. </I>During
2018 we did not earn any income from management and consulting fees compared to $31,000 in 2017. In June 2016, Globus Shipmangement
Corp., our ship management subsidiary, entered into a consultancy agreement with Eolos Shipmanagement S.A., a related party, for
the purpose of providing consultancy services to Eolos Shipmanagement S.A., which was terminated on January 31, 2017. For these
services we received a daily fee of $1,000.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Voyage expenses.</I> Voyage expenses decreased by
$200,000, or 14%, to $1.2 million in 2018, compared to $1.4 million in 2017. The decrease is mainly attributed to the decrease
in bunkers expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: #FDFDFD"><I>Vessel operating expenses.</I>
Vessel operating expenses increased by $800,000, or 9%, to $9.9 million in 2018, compared to $9.1 million in 2017. The breakdown
of our operating expenses for the year 2018 was as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: #FDFDFD">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 30%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Crew expenses</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">48%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Repairs and spares</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">28%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Stores</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">10%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Lubricants</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">3%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The increase is mainly attributed to the increase of
the daily operating expenses of the vessels. Daily vessel operating expenses were $5,438 in 2018 compared to $5,005 in 2017, representing
an increase of 9%. The increase is mainly attributed to the increase of the weighted average age of the vessels in our fleet from
9.8 years as of December 31, 2017 to 10.8 years as of December 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Depreciation</I>. Depreciation decreased by $300,000,
or 6%, to $4.6 million in 2018, compared to $4.9 million in 2017 due to the increase of the scrap rate from $250/ton to $300/ton
during the first quarter of 2018 due to the increased scrap rates worldwide. This resulted to a reduced depreciation expense of
approximately $178,000.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Administrative expenses payable to related parties.</I>
Administrative expenses payable to related parties increased by $14,000, or 3%, to $528,000 in 2018 compared to $514,000 in 2017.
This was attributed mainly to unfavorable exchange rates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Administrative expenses.</I> Administrative expenses
increased by $200,000 or 17% to $1.4 million in 2018 from $1.2 million in 2017 mainly due to the increase in personnel expenses
by $200,000, from $600,000 in 2017 to $800,000 in 2018.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Share-based payments.</I> Share-based payments for
2018 and 2017 amounted to $40,000.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Interest expense and finance costs.</I> Interest
expense and finance costs decreased by $100,000, or 5%, to $2.1 million in 2018, compared to $2.2 million in 2017. Our weighted
average interest rate for 2018 was 4.97% compared to 3.8% during 2017. Total borrowings outstanding as of December 31, 2018 amounted
to $37.9 million compared to $41.7 million as of December 31, 2017. All of our credit and loan facilities are denominated in U.S.
dollars.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Inflation</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Inflation has only a moderate effect on our expenses
given current economic conditions. In the event that significant global inflationary pressures appear, these pressures would increase
our operating, voyage, administrative and financing costs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Critical Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The discussion and analysis of our financial condition
and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with IFRS
as issued by the IASB. The preparation of those consolidated financial statements requires us to make estimates and judgments that
affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities
at the date of our consolidated financial statements. Actual results may differ from these estimates under different assumptions
and conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Critical accounting policies are those that reflect
significant judgments of uncertainties and potentially result in material different results under different assumptions and conditions.
We have described below what we believe are our most critical accounting policies, because they generally involve a comparatively
higher degree of judgment in their application. For a description of all our significant accounting policies, see Note 2 to our
consolidated financial statements included in this annual report on Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Our ability to continue as a going concern </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">When assessing our ability to continue as a going concern,
our management must make judgments and estimates about various aspects of our business, including the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD>plans to raise new funds, restructure our debt and reorganize our capital structure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD>the timing and amount of cash flows from operating activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD>the marketability of assets to be disposed of and the timing and amount of related cash proceeds to be used to repay our indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD>plans to reduce and delay our expenditures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD>our ability to comply with the various debt covenants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD>the present and future regulatory, business, credit and competitive environment in which we operate.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These factors individually and collectively will have
a significant effect on our financial condition and results of operations and on our ability to generate sufficient cash to repay
our indebtedness as it becomes due. All of our vessels are pledged as collateral to the banks, and therefore if we were to sell
one or more vessels, the net proceeds of such sale would be used first to repay the outstanding debt to which the vessel is collateralized
with, and the remainder, if any, would be for our use, subject to the terms of our remaining loan and credit arrangements. However,
the doubts raised relating to our ability to continue as a going concern may make our securities an unattractive investment for
potential investors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, we were in compliance with
the loan covenants.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, we reported a working capital
deficit of $3.2 million and accumulated deficit of $135.6 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The current low charter rates for drybulk vessels as
a result of the coronavirus outbreak and its effects on world trade and financial markets have been adversely affecting us. Our
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 and we might not be able to meet the minimum liquidity requirements included in the loan
agreement with EnTrust at certain measurement dates falling due within the 12 month period from the issuance of these financial
statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The above conditions raise substantial doubt about
our ability to continue as a going concern. We are exploring several alternatives aiming to manage our working capital requirements
and other commitments, including drawdown of additional funds available of $11.1 million under the facility with Firment Shipping
Inc, raising additional debt and discussions with other financial institutions and private funds to provide us with refinancing
for our existing loans. We expect that the lenders will not demand payment in full of our loans before their maturity, provided
that we pay scheduled loan instalments and accumulated interest as they fall due under the existing loan agreements. With respect
to the Convertible Note that matures during March 2021, we anticipate that it will be converted to equity and no cash will be required
for its repayment. As of December 31, 2019, the balance of the Convertible Note was approximately $3.6 million, principal and accrued
interest. Within the first quarter of 2020, an amount of approximately $1.17 million, principal and accrued interest, has already
been converted to equity. We plan to settle loan interest and scheduled loan repayments with cash on hand and cash that we expect
to generate from our operations and from financing activities. If for any reason we are unable to continue as a going concern,
this could have an impact on our ability to realize our assets at their recognized values and to extinguish liabilities in the
normal course of business at the amounts stated in these consolidated financial statements.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Impairment of Long-Lived Assets:</I> We assess at
each reporting date whether there is an indication that a vessel may be impaired. The vessel&rsquo;s recoverable amount is estimated
when events or changes in circumstances indicate the carrying value may not be recoverable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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. This assessment is made at the individual vessel level as separately identifiable cash flow information
for each vessel is available. We determine the fair value of our assets based on management estimates and assumptions and by making
use of available market data and taking into consideration third party valuations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Discounted future cash flows for each vessel were determined
and compared to the vessel&rsquo;s carrying value. For the discount factor, we applied the Weighted Average Cost of Capital rate
that was calculated to be 9.42% as at December 31, 2019. The projected net discounted future cash flows for the first year were
determined by considering an estimate 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 remaining year of 2020 for each type of vessel. For the remaining
useful life of the vessels, we used the historical ten-year blended average one-year time charter rates substituting for the year
2016 that was considered as extreme value, with the year 2009. Expected outflows for scheduled vessels maintenance were taken into
consideration as well as vessel operating expenses assuming an average annual increase rate of approximately 1% based on the historical
trend deriving from actual results for the Company&rsquo;s vessels since their delivery under Company&rsquo;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&rsquo;s operating
fleet (Supramax and Panamax vessels with a deadweight tonnage of more than 50,000 and 70,000, respectively) and they covered at
least one full business cycle. Effective fleet utilization was assumed at 87% and 90% (including ballast days) for the Supramaxes
and the Panamaxes, respectively, taking into account the period(s) each vessel is expected to undergo her scheduled maintenance
(drydocking 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&rsquo;s expectations for future fleet utilization
under the current fleet deployment strategy.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, in terms of our estimates for the charter
rates for the unfixed period, we consider that the FFA for the remaining year of 2020, which is applied in our model for the first
year which is not fixed, approximates historical low levels and fully reflects the conceivable downside scenario.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Impairment losses are recognized in the consolidated
statement of comprehensive (loss)/income. A previously recognized impairment loss is reversed only if there has been a change in
the estimates used to determine the asset&rsquo;s recoverable amount since the last impairment loss was recognized. 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 recognized for the asset in prior years.
Such reversal is recognized in the consolidated statement of comprehensive (loss)/income. After such a reversal, the depreciation
charge is adjusted in future periods to allocate the asset&rsquo;s revised carrying amount, less any residual value, on a systematic
basis over its remaining useful life.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the year ended December 31, 2019 we recognized
an impairment loss of $29.9 million for the vessels of our fleet.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The carrying value of each of our vessels does not
necessarily represent its fair market value or the amount that could be obtained if the vessel were sold. Our estimates of the
market values assume that the vessels are in good and seaworthy condition without need for repair and, if inspected, would be certified
as being in class without any recommendations of any kind. Because vessel values are highly volatile, these estimates may not be
indicative of either current or future prices that we could achieve if we were to sell any of the vessels. We would not record
impairment for any of the vessels for which the fair market value is below its carrying value unless and until we either determine
to sell the vessel for a loss or determine that the vessel&rsquo;s carrying amount is not recoverable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">During the years ended December 31, 2018 and 2017,
we did not recognize an impairment loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Although we believe that the assumptions used to evaluate
impairment are reasonable and appropriate, these assumptions are highly subjective and we are not able to estimate the variability
between the assumptions used and actual results that is reasonably likely to result in the future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December&nbsp;31, 2019 and 2018 we owned and
operated a fleet of five vessels, with an aggregate carrying value of $48.2 and $83.8 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A vessel-by-vessel carrying value summary as of December&nbsp;31,
2019 and 2018 follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Dry bulk Vessels</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Dwt</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Year<BR> Built</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Month and Year
    of<BR> Acquisition</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Purchase Price
    (in<BR> millions of U.S. <BR>
    Dollars)</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carrying&nbsp;Value<BR>
    as of December 31, <BR>
    2019 (in millions of <BR> U.S. Dollars)</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carrying&nbsp;Value<BR>
    as of December 31, <BR>
    2018 (in millions of<BR> U.S. Dollars)</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 16%; font-style: italic; text-align: left">m/v River Globe</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">53,627</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">2007</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">December 2007</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">57.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">15.8</TD><TD STYLE="width: 1%; text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">m/v Sky Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">56,855</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">May 2010</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">32.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">9.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">17.9</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left">m/v Star Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">56,867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2010</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">May 2010</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">32.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">9.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">18.2</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic">m/v Sun Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">58,790</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2007</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">September 2011</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">30.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">11.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">16.9</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left">m/v Moon Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">74,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">June 2011</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">31.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">10.9</TD><TD STYLE="text-align: left">*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">15.0</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">48.2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">83.8</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>* Indicates vessels which we believe, as of December 31, 2019 and 2018,
may have fair values below their carrying values. As of December 31, 2019 and 2018, we believe that the aggregate carrying value
of these five vessels exceeded their market value by $2.9 and $27.5 million, respectively.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Vessels, net:</I> Vessels are stated at cost, less
accumulated depreciation (including depreciation of drydocking costs and component attributable to favorable or unfavorable 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 and on-site supervision
costs incurred during the construction periods). Any seller&rsquo;s credit, which is the 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 capitalized when the recognition criteria are met. Otherwise, these amounts are charged to expenses as incurred.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Vessels Depreciation:</I> The cost of each of the
Company&rsquo;s vessels is depreciated on a straight-line basis over each vessel&rsquo;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, if appropriate. Depreciation is based on the cost of the vessel less
its estimated residual value. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated
useful lives. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual
depreciation charge. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful
life is adjusted to end at the date such regulations become effective. During the third quarter of 2017, we adjusted the scrap
rate from $200/ton to $250/ton due to the increased scrap rates worldwide. This resulted to a reduced depreciation expense of approximately
$86,000 included in the consolidated statement of comprehensive (loss)/income 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 approximately
$178,000 of the depreciation charge included in the consolidated statement of comprehensive (loss)/income for 2018. For the year
ended December 31, 2019 we maintained the same scrap rate of $300/ton.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Drydocking costs:</I> Approximately every 2.5 years,
our vessels are required to be taken out of service and removed from water (known as &ldquo;drydocking&rdquo;) for major repairs
and maintenance that cannot be performed while the vessels are operating. The costs associated with the drydockings are capitalized
and depreciated on a straight-line basis over the period between drydockings, 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 drydocking of the vessel under our ownership and this component is depreciated on a straight-line basis over the remaining
period through the estimated drydocking date. Costs capitalized are limited to actual costs incurred, such as shipyard rent, paints
and related works and surveyor fees in relation to obtaining the class certification. If a drydocking is performed prior to the
scheduled date, the remaining unamortized balances of previous drydockings are immediately written off. Unamortized balances of
vessels that are sold are written off and included in the calculation of the resulting gain or loss in the period of the vessel&rsquo;s
sale.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Trade receivables, net:</I> The amount shown as
trade receivables 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Derivative financial instruments:</I> Derivative
financial instruments, including embedded derivative financial instruments, are initially recognized at fair value on the date
a derivative contract is entered into and are subsequently remeasured at fair value. The fair value of these instruments at each
reporting date is derived or corroborated by observable market data or estimated based on inputs from unobservable data. Depending
of the type of derivative financial instrument, inputs include quoted prices for similar assets, liabilities (risk adjusted) and
market-corroborated inputs, such as market comparables, interest rates, risk free rates, yield curves, dividend yields, volatility
of quoted market prices and other items that allow value to be determined. Changes in the fair value of these derivative instruments
are recognized immediately in the income statement component of the consolidated statement of comprehensive (loss)/income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Share based payments:</I> 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>B.&nbsp;&nbsp;Liquidity and
Capital Resources</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, we had $2.4 million in &ldquo;restricted
cash&rdquo;. In addition we had an amount of $11.1 million available to be drawn under a Revolving Credit Facility dated November
21, 2018 with Firment Shipping Inc. as lender (the &ldquo;Firment Shipping Credit Facility&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, we had an aggregate debt outstanding
of $37.7 million, net of unamortized debt costs, which included $36.3 million from the EnTrust Loan Facility, and a non-derivative
amount of $0.3 million from the Firment Shipping Credit Facility (for the year ended December 31, 2019, the amount drawn and outstanding
with respect to the Firment Shipping Credit Facility was $0.8 million. The non-derivative host was classified under &ldquo;current
portion of long-term borrowings&rdquo; in the consolidated statement of financial position and was approximately $0.3 million and
the fair value of the derivative component amounted to approximately $0.5 million and was classified under &ldquo;current portion
of fair value of derivative financial instruments&rdquo; in the consolidated statement of financial position.) and $1.2 million
from the Convertible Note (for the year ended December 31, 2019, the amount drawn and outstanding with respect to the Convertible
Note was $3.3 million. The non-derivative host was classified under &ldquo;current portion of long-term borrowings&rdquo; in the
consolidated statement of financial position and was approximately $1.2 million and the fair value of the derivative component
amounted to approximately $0.1 million and was classified under &ldquo;current portion of fair value of derivative financial instruments&rdquo;
in the consolidated statement of financial position.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2018, we had $1.35 million in &ldquo;restricted
cash&rdquo;. In addition we had an amount of $12.8 million available to be drawn under the Firment Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2018, we had an aggregate debt outstanding
of $36.9 million net of unamortized debt costs, which included $22.1 million from Hamburg Commercial Facility, $13.3 million from
the Macquarie Loan Agreement and a non-derivative amount of $1.5 million from the Firment Shipping Credit Facility (for the year
ended December 31, 2018, the amount drawn and outstanding with respect to Firment Shipping Credit Facility was $2.2 million). The
non-derivative host was classified under &ldquo;long-term borrowings&rdquo; in the consolidated statement of financial position
and was $1.5 million and the derivative component amounted to $0.8 million and was classified under &ldquo;fair value of derivative
financial instruments&rdquo; in the consolidated statement of financial position.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Please see &ldquo;Item 5.B. Liquidity and Capital Resources&mdash;Indebtedness&rdquo;
for further information about our loan agreements and credit facilities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our primary uses of funds have been vessel operating
expenses, general and administrative expenses, expenditures incurred in connection with ensuring that our vessels comply with international
and regulatory standards, financing expenses and repayments of bank loans. We do not have any commitments for newbuilding contracts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Since our operations began in 2006, we have financed
our capital requirements mainly through equity subscriptions from shareholders, long-term bank debt and cash from operations, including
cash from sales of vessels. To finance further vessel acquisitions of either new or secondhand vessels, we anticipate that our
primary sources of funds will be our current cash, cash from continuing operations, additional indebtedness to be raised and, possibly,
future equity or debt financings.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Working capital, which is current assets, minus current
liabilities, including for 2019 and 2018 the current portion of long-term debt, amounted to a working capital deficit of $3.2 million
as of December 31, 2019 and to a working capital deficit of $40.4 million as of December 31, 2018. If we are unable to satisfy
our liquidity requirements, we may not be able to continue as a going concern. All of our vessels are pledged as collateral to
the banks, and therefore if we were to sell one or more vessels, the net proceeds of such sale would be used first to repay the
outstanding debt to which the vessel collateralized, and the remainder, if any, would be for our use, subject to the terms of our
remaining loan and credit arrangements. The doubts raised relating to our ability to continue as a going concern may make our securities
an unattractive investment for potential investors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In November 2018, we entered into a credit facility
for up to $15 million with Firment Shipping Inc., a company related to us, for the purpose of financing our general working capital
needs. Any prepaid amount could be re-borrowed in accordance with the terms of the facility. As per the conversion clause included
in the Firment Shipping Credit Facility, we have recognized this agreement as a hybrid financial instrument which includes an embedded
derivative. This embedded derivative component was separated from 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, 2019 and 2018, the amount drawn and outstanding with respect to Firment Shipping Credit Facility was $0.8 and $2.2 million
respectively. The non-derivative host at December 31, 2019 and 2018 amounted to $0.3 and $1.5 million, respectively and was classified
under &ldquo;current portion of long-term borrowings&rdquo; and &ldquo;non-current portion of long-term borrowings&rdquo;, respectively
in the consolidated statements of financial position. The derivative component at December 31, 2019 and 2018 amounted to $0.5 and
$0.8 million, respectively and was classified under &ldquo;fair value of derivative financial instruments, current&rdquo; and &ldquo;fair
value of derivative financial instruments, non-current&rdquo;, respectively in the consolidated statements of financial position.
During 2019, the Company converted the outstanding principal amount of $3,1 million plus the accrued interest of approximately
$0.1 million owed pursuant to the Firment Shipping Credit Facility with a conversion price of $2.80 per share and issued 1,132,191
new common shares on behalf of Firment Shipping Inc. This conversion resulted to a gain of approximately $0.1 million, which was
classified under &ldquo;gain/(loss) on derivative financial instruments&rdquo; in the consolidated statement of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the year ended December 31, 2019 and 2018, we recognized
a gain on this derivative financial instrument amounting to approximately $0.1 million and for the year ended December 2018 we
recognized a loss on this derivative financial instrument amounting to approximately $0.1 million, which was classified under &ldquo;gain/(loss)
on derivative financial instruments&rdquo; in the consolidated statement of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On March 13, 2019, the Company signed a securities
purchase agreement with a private investor and on March 13, 2019 issued, for gross proceeds of $5 million, a senior convertible
note (the &ldquo;Convertible Note&rdquo;) that is convertible into shares of the Company&rsquo;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 was scheduled
to mature on March 13, 2020, the first anniversary of its issue, but its holder waived the Convertible Note&rsquo;s maturity until
March 13, 2021. The waiver also provides that the floor price by which the Convertible Note may be converted adjusts for share
splits, share dividends, share combinations, and similar</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">transactions. We used part of the proceeds from the
Convertible Note for general corporate purposes and working capital including repayment of debt. 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, 2019, the amount drawn and
outstanding with respect to the Convertible Note was $3.3 million. The non-derivative host was classified under &ldquo;long-term
borrowings&rdquo; in the consolidated statement of financial position and was $1,179,610 for the year ended 2019. The derivative
component that was initially recognized amounted to approximately $3.2 million. During 2019, pursuant to the Convertible Note,
the Company converted to common shares the principal amount of approximately $1.7 million plus the accrued interest of approximately
$0.1 million and issued 867,643 new common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the year ended December 31, 2019, we recognized
a gain on this derivative financial instrument amounting to approximately $1.8 million which was classified under &ldquo;gain/(loss)
on derivative financial instruments&rdquo; in the consolidated statement of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Because of the global economic downturn that has affected
the international dry bulk industry and based on our cash flow projections for the period ending March 31, 2021, cash on hand and
cash generated from operating activities will not be sufficient for us to be in compliance with the minimum liquidity requirements
contained in certain of our loan and credit facilities or to cover scheduled debt payments due in this period. The period of time
that we will be able to continue to operate as a going concern will depend on our ability to restructure our loan and credit arrangements
and/or to finance our operations through the sale of vessels, drawdown of additional funds available of $11.1 million under the
facility with Firment Shipping Inc, selling securities through one or more private placement or public offerings, through incurring
debt, or other financing alternatives. All of our vessels are pledged as collateral to the banks, and therefore if we were to sell
one or more vessels, the net proceeds of such sale would be used first to repay the outstanding debt to which the vessel is collateralized,
and the remainder, if any, would be for our use, subject to the terms of our remaining loan and credit arrangements. We acknowledge
that uncertainty remains over our ability to meet our liabilities as they fall due during the following twelve months.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Cash and cash equivalents were $2.4 million in unrestricted
bank deposits as of December 31, 2019, $46,000 in unrestricted bank deposits as of December 31, 2018 and $2.8 million in unrestricted
bank deposits as of December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Restricted cash that consist of cash pledged as collateral
was $2.4 million at the end of 2019, $1.4 million at the end of 2018 and $0.2 million at the end of 2017. We consider highly liquid
investments such as bank time deposits with an original maturity of three months or less to be cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>Net Cash Generated From / (Used In) Operating
Activities</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Net cash generated from operating activities in 2019
amounted to $0.2 million compared to $3.9 million in 2018. The decrease is primarily attributable to a decrease in the general
shipping rates and average TCE rates achieved by the vessels in our fleet.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Net cash generated from operating activities in 2018
amounted to $3.9 million compared to $0.6 million in 2017. The increase is primarily attributable to an increase in the general
shipping rates and average TCE rates achieved by the vessels in our fleet.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>Net Cash Used In Investing Activities</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Net cash used in investing activities was $20,000 during
the year ended December 31, 2019, which was mainly attributable to the purchase of new equipment for the vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Net cash used in investing activities was $126,000
during the year ended December 31, 2018, which was mainly attributable to the purchase of new equipment for the office.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Net cash used in investing activities was $263,000
during the year ended December 31, 2017, which was mainly attributable to the purchase of new equipment for the vessels.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>Net Cash Generated From / (Used in) Financing
Activities</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Net cash generated from financing activities during
the year ended December 31, 2019 amounted to $2.1 million and consisted of $1.7 million in proceeds drawn from the Firment Shipping
Credit Facility entered into for financing general working capital needs, $37 million drawn from EnTrust Loan Facility and $5 million
proceeds from the Convertible Note, reduced by $13.5 million of indebtedness that we repaid on the Macquarie Loan Agreement and
$22.2 million of indebtedness that we repaid on the Hamburg Commercial Loan Facility, a $1.1 million increase of pledged bank deposits,
a $0.9 million payment of financing costs for EnTrust Loan Facility, a $30,000 repayment of lease liability and $3.9 million of
interest paid.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Net cash used in financing activities during the year
ended December 31, 2018 amounted to $6.4 million and consisted of $2.2 million in proceeds drawn from the Firment Shipping Credit
Facility entered into for financing general working capital needs, $13.5 million drawn from the Macquarie Loan Agreement and $0.6
million proceeds drawn from the issuance of share capital due to exercise of warrants, reduced by $16.7 million of indebtedness
that we repaid on the DVB Loan Facility and $2.8 million that we repaid to Hamburg Commercial Loan Facility, a $1.1 million increase
of pledged bank deposits, a $203,000 payment of financing costs on the Macquarie Loan Agreement and $1.9 million of interest paid.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Net cash generated from financing activities during
the year ended December 31, 2017 amounted to $2.2 million and consisted of $280,000 in proceeds drawn from the Silaner Credit Facility
entered into for financing general working capital needs and $9.6 million proceeds drawn from the issuance of share capital, reduced
by $4.4 million of indebtedness that we repaid under our existing credit and loan facilities and $3.3 million of interest paid.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Indebtedness</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We operate in a capital intensive industry which requires
significant amounts of investment, and we fund a portion of this investment through long-term bank debt.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, 2018 and 2017, we and our
vessel-owning subsidiaries had outstanding borrowings under the DVB Loan Agreement, the Hamburg Commercial Loan Agreement, the
Firment Credit Facility, the Silaner Credit Facility, the Firment Shipping Credit Facility, the Macquarie Loan Agreement, the Convertible
Note and the EnTrust Loan Facility of an aggregate of $41.1 million, $37.9 million and $41.7 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>DVB Loan Agreement</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In June 2011, Globus through its wholly owned subsidiaries,
Artful Shipholding S.A. and Longevity Maritime Limited, entered into the DVB Loan Agreement for an amount up to $40.0 million with
DVB Bank SE and used funds borrowed thereunder to finance part of the purchase price for the <I>m/v Moon Globe</I> and <I>m/v Sun
Globe</I>. Globus acted as guarantor for this loan. Interest on outstanding loan balances were payable at LIBOR plus 2.5% per annum
and any outstanding amount under the DVB Loan Agreement could have been prepaid in a multiple of $500,000 with five days business
prior written notice. A variable prepayment fee applied in case of refinancing of the DVB loan agreement by another lender within
the first three years of a new loan, but was not applicable in case of the sale of a vessel or repayment of such facility by equity.
The DVB Loan Agreement contained a standard security package, and financial and other covenants. As at December 13, 2018, the balance
of both tranches of approximately $15 million was fully repaid using the proceeds from the Macquarie Loan Agreement and the Firment
Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Firment Credit Facility </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In December 2013, Globus Maritime Limited entered into
a credit facility for up to $4.0 million with Firment Trading Limited, a related party to us, for the purpose of financing our
general working capital needs. The Firment Credit Facility was unsecured and remained available until it expired on April 12, 2017.
During December 2014 the credit limit of the facility increased from $4.0 million to $8.0 million and its final maturity date was
extended from December 12, 2015 to April 29, 2016. During December 2015 the credit limit of the facility increased from $8.0 million
to $20.0 million and its final maturity date was extended to April 12, 2017. In December 2015, 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 a related party to us. We had the right to drawdown any amount up to $20.0 million or prepay any amount, during the availability
period in multiples of $100,000. 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2016, the amount drawn and outstanding
with respect to the facility was $17.4 million. As of December 31, 2016, there was an amount of $2.6 million available to be drawn
under the Firment Credit Facility. As of December 31, 2016 we were in compliance with the loan covenants of the Firment Credit
Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In connection with the February 2017 private placement,
on February 8, 2017 Firment released an amount equal to $16,885,000 (but left an amount equal to $1,638,787 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, 16,885,000 common shares and a warrant to purchase 6,230,580 common shares
at a price of $1.60 per share (subject to adjustment). Subsequent to the closing of the February 2017 private placement, Globus
repaid the outstanding amount on the Firment Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse stock
split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Silaner Credit Facility </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In January 2016, Globus Maritime Limited entered into
a credit facility for up to $3.0 million with Silaner Investments Limited, a related party to us, for the purpose of financing
our general working capital needs. The Silaner Credit Facility was unsecured and remained available until its final maturity date
on January 12, 2018. We had the right to drawdown any amount up to $3.0 million or prepay any amount in multiples of $100,000.
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 is charged on the amounts remaining available and undrawn. As of December
31, 2016, the amount drawn and outstanding with respect to the facility was $3.1 million, which amount was approved by our board.
As of December 31, 2017, the amount drawn and outstanding with respect to the facility was $0. As of December 31, 2017 and 2016
we were in compliance with the loan covenants of the Silaner Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In connection with the February 2017 private placement,
on February 8, 2017 Silaner released an amount equal to the outstanding principal of $3,115,000 (but left an amount equal to $74,048
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, 3,115,000 common shares and a warrant to purchase 1,149,437
common shares at a price of $1.60 per share (subject to adjustment). Subsequent to the closing of the February 2017 private placement,
Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse
stock split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Hamburg Commercial Loan Agreement</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In February 2015, through our wholly owned subsidiaries,
Devocean Maritime Ltd. Domina Maritime Ltd. and Dulac Maritime S.A., we entered into the Hamburg Commercial Loan Agreement for
an amount up to $30.0 million with Hamburg Commercial Bank Ag (formerly known as HSH Nordbank AG) and used funds borrowed thereunder
with the purpose to part refinance our then existing credit facility with Credit Suisse. On March 3, 2015, $29.4 million was drawn.
As at June 27, 2019, the balances of all tranches of $20.8 million were fully repaid using the proceedings from the EnTrust Loan
Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Firment Shipping Credit Facility</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In November 2018, we entered into a credit facility
for up to $15 million with Firment Shipping Inc., a related party to us, for the purpose of financing our general working capital
needs. The Firment Shipping Credit Facility is unsecured and remains available until its final maturity date at April 1, 2021,
as amended. We have the right to drawdown any amount up to $15 million or prepay any amount in multiples of $100,000. 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. We have also the right, in our sole option, to convert in whole or in part
the outstanding unpaid principal amount and accrued but unpaid interest under this Agreement 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. over
the Pricing Period multiplied by 80%, where the &ldquo;Pricing Period&rdquo; equals the ten consecutive trading days immediately
preceding the date on which the conversion notice was executed or (ii) $2.80.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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 us, other
than due to actions taken by Firment Shipping, such as sales of shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019 we were in compliance with
the loan covenants of the Firment Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Macquarie Loan Agreement</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In December 2018, through our wholly owned subsidiaries,
Artful Shipholding S.A. (&ldquo;Artful&rdquo;) and Longevity Maritime Limited (&ldquo;Longevity&rdquo;), we entered into the Macquarie
Loan Agreement for an amount up to $13.5 million 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 acted as guarantor
for this loan. In December 2018, $6 million (Artful Advance) and $7.5 million (Longevity Advance) were drawn down for the purpose
of partly refinancing the existing DVB Loan Agreement for m/v <I>Moon Globe</I> and m/v <I>Sun Globe</I>, respectively. As at June
28, 2019, the balance of all tranches of $13 million was fully repaid using the proceedings from the EnTrust Loan Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Convertible Note</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On March 13, 2019, we 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
 &ldquo;Convertible Note&rdquo;) that is convertible into shares of the Company&rsquo;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 was scheduled to mature
on March 13, 2020, the first anniversary of its issue, but its holder waived the Convertible Note&rsquo;s maturity until March
13, 2021. The waiver also provides that the floor price by which the Convertible Note may be converted adjusts for share splits,
share dividends, share combinations, and similar transactions. The Convertible Note was issued in a transaction exempt from registration
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company signed a registration rights agreement
with the private investor pursuant to which we agreed to register for resale the shares that could be issued pursuant to the Convertible
Note, and subsequently filed a registration statement registering the resale of the maximum number of common shares issuable pursuant
to the Convertible Note, including payment of interest on the notes through its maturity date, determined as if the Convertible
Note (including interest) was converted in full at the lowest price at which the note may convert pursuant to its terms. The registration
rights agreement contains liquidated damages if we are unable to register for resale the shares into which the convertible note
may convert, and maintain such registration.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, the amount outstanding with
respect to the Convertible Note was $3,308,750.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>EnTrust Loan Facility</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On June 24, 2019, the Company drew down $37,000,000
and fully prepaid the existing loan facilities with Hamburg Commercial Bank AG (formerly known as HSH Nordbank AG) and Macquarie
Bank International Limited. The EnTrust Loan Facility consists of five Tranches:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Tranche (A) of $6,375,000 for the purpose of prepaying
to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v River Globe. The balance outstanding of tranche (A)
at December 31, 2019, was $6,375,000 payable in 6 equal quarterly instalments of $265,625 starting, March 2021, as well as a balloon
payment of $4,781,250 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations
depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which could have already decreased the
balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Tranche (B) of $7,375,000 for the purpose of prepaying
to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Sky Globe. The balance outstanding of tranche (B)
at December 31, 2019, was $7,375,000 payable in 6 equal quarterly instalments of $230,469 starting, March 2021, as well as a balloon
payment of $5,992,186 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations
depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which could have already decreased the
balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Tranche (C) of $7,750,000 for the purpose of prepaying
to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Star Globe. The balance outstanding of tranche (C)
at December 31, 2019, was $7,750,000 payable in 6 equal quarterly instalments of $215,278 starting, March 2021, as well as a balloon
payment of $6,458,332 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations
depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which could have already decreased the
balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Tranche (D) of $6,500,000 for the purpose of prepaying
to Macquarie Bank International Limited the amount outstanding with respect to the m/v Moon Globe. The balance outstanding of tranche
(D) at December 31, 2019, was $6,500,000 payable in 6 equal quarterly instalments of $406,250 starting, March 2021, as well as
a balloon payment of $4,062,500 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject
to alterations depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which could have already
decreased the balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Tranche (E) of $9,000,000 for the purpose of prepaying
to Macquarie Bank International Limited the amount outstanding with respect to the m/v Sun Globe. The balance outstanding of tranche
(E) at December 31, 2019, was $9,000,000 payable in 6 equal quarterly instalments of $375,000 starting, March 2021, as well as
a balloon payment of $6,750,000 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject
to alterations depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which could have already
decreased the balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The EnTrust Loan
Facility bears interest at LIBOR plus 8.5% (or 10.5% default interest), and is repayable by five consecutive quarterly installments
commencing on December 31, 2019 each in the amount of the earnings of the ships after deducing interest on the EnTrust Loan Facility,
operating expenses and reserves for drydocking, then by six consecutive quarterly installments commencing on March 31, 2021 each
in the amount of $1,492,622, and by a final installment on June 30, 2022 in the amount of $1,492,622 together with the remaining
principal amount as a balloon payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The loan is secured by, among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>First preferred mortgage over m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Guarantee from Globus and joint liability of the vessel owning companies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Shares pledges respecting each borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Pledges of bank accounts, charter assignments, and a general assignment over each ship's earnings, insurances and any requisition
compensation in relation to that ship.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The EnTrust Loan Facility contains various covenants
requiring the vessels owning companies and/or Globus to, among others things, ensure that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD>The borrowers, being Globus Maritime&rsquo;s five shipowning subsidiaries, must maintain a minimum liquidity at all times of
not less than $250,000 for each mortgaged ship.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD>Globus Maritime must maintain, on a consolidated basis, at the end of each calendar quarter liquid funds in an amount, in aggregate,
of not less than 5% of the consolidated financial indebtedness of the Group as reflected in the most recent financial statements
of Globus Maritime.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&raquo;</TD><TD>Each borrower must maintain in its earnings account during a &ldquo;Cash Sweep Period&rdquo;, which is the period commencing
on June 24, 2019 and ending on September 30, 2019 and each three-month period thereafter commencing on January 1, April 1, July
1 and October 1 in each financial year of the relevant borrower, with the last such three-month period commencing on June 30, 2020
and ending on September 30, 2020, the applicable &ldquo;Buffer Amount&rdquo;, which is in relation to a Borrower for a Cash Sweep
Period, the product of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">(a) an amount equal to the lower of:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(i) $1,000; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-align: justify">(ii) the difference between the daily time
charter equivalent rate of the ship owned by that borrower, as evidenced in the management accounts, and the break-even expenses
of that ship for that Cash Sweep Period; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">(b) the actual number of days lapsed
during that Cash Sweep Period for that borrower.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt">&raquo;</TD><TD>Each of Domina Maritime Ltd, Dulac Maritime S.A. and Artful Shipholding S.A. must create a reserve fund in the reserve account
to meet the anticipated dry docking and special survey fees and expenses for the relevant ship owned by it by maintaining in the
reserve account a minimum credit balance that may not be withdrawn (other than for the purpose of covering the documented and incurred
costs and expenses for the next special survey of that ship), in an amount equal to, at each quarter end date, the product of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: 0.55pt">(i) $500; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: 0.55pt">(ii) the number of
days elapsed from June 24, 2019 until such quarter end date, and that borrower shall ensure that the relevant credit balance of
the reserve account shall be increased to meet the required amount of the reserves by no later than each quarter end date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">Each of Devocean Maritime Ltd. and Longevity
Maritime Limited deposited on June 24, 2019 in the reserve account a minimum credit balance in an amount equal to $450,000 which
may not be withdrawn to meet the anticipated dry docking and special survey fees and expenses for the ship which is owned by it
(other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that ship).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt">&raquo;</TD><TD>No Borrower shall incur or permit to be outstanding any financial indebtedness except &ldquo;Permitted Financial Indebtedness&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 17.45pt">&quot;Permitted Financial Indebtedness&quot;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">any financial indebtedness incurred under the finance
documents;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">any financial indebtedness that is subordinated to
all financial indebtedness incurred under the finance documents pursuant to a subordination agreement or otherwise and which is,
in the case of any such financial indebtedness of the borrower, the subject of subordinated debt security; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">any trade debt on arm's length commercial terms reasonably
incurred in the ordinary course of owning, operating, trading, chartering, maintaining and repairing a ship which remains unpaid
for over 15 days of its due date and which does not exceeds $400,000 (or the equivalent in any other currency) per ship at any
relevant time.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, the Company was in compliance
with the covenants of EnTrust Loan Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The major trading currency of our business is the U.S.
dollar. Movements in the U.S. dollar relative to other currencies can potentially impact our operating and administrative expenses
and therefore our operating results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We believe that we have a low risk approach to treasury
management. Cash balances are invested in term deposit accounts, with their maturity dates projected to coincide with our liquidity
requirements. Credit risk is diluted by placing cash on deposit with a variety of institutions in Europe, including a small number
of banks in Greece, which are selected based on their credit ratings. We have policies to limit the amount of credit exposure to
any particular financial institution.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, 2018 and 2017, we did not
use any financial instruments designated in our consolidated financial statements as those with hedging purposes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Capital Expenditures</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We make capital expenditures from time to time in connection
with our vessel acquisitions or vessel improvements. We have no agreements to purchase any additional vessels, but may do so in
the future. We expect that any purchases of vessels will be paid for with cash from operations, with funds from new credit facilities
from banks with whom we currently transact business, with loans from banks with whom we do not have a banking relationship but
will provide us funds at terms acceptable to us, with funds from equity or debt issuances or any combination thereof.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We incur additional capital expenditures when our vessels
undergo surveys. This process of recertification may require us to reposition these vessels from a discharge port to shipyard facilities,
which will reduce our operating days during the period. The loss of earnings associated with the decrease in operating days, together
with the capital needs for repairs and upgrades, is expected to result in increased cash flow needs. We expect to fund these expenditures
with cash on hand.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>C.&nbsp;&nbsp;Research and
Development, Patents and Licenses, etc.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We incur, from time to time, expenditures relating
to inspections for acquiring new vessels that meet our standards. Such expenditures are insignificant and they are expensed as
they incur.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>D.&nbsp;&nbsp;Trend Information</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Please read &ldquo;Item 4.B.&nbsp;&nbsp;Information
on the Company&mdash;Business Overview.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>E.&nbsp;&nbsp;Off-Balance
Sheet Arrangements</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We do not have any off-balance sheet arrangements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>F.&nbsp;&nbsp;Tabular Disclosure
of Contractual Obligations</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table sets forth our contractual obligations
as of December 31, 2019, assuming the lenders will not demand the repayment of the loans before maturity:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.8pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Less
                                         than</B></FONT></P> <P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.8pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>One
                                         Year</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">One
    to Three<BR>
    Years</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Three
    to <BR>
    Five Years</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">More
    than<BR>
    Five years</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">(in thousands
    of U.S. Dollars)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: 10pt Times New Roman,serif; text-align: left">Long term debt</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">4,109</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">37,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman,serif; text-align: right">41,109</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on long term debt</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,341</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5,247</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">9,588</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Lease payments</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">232</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">425</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">142</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">800</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif">Totals</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">8,682</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">42,672</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">142</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">51,497</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>G.&nbsp;&nbsp;Safe Harbor</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">See the section entitled &ldquo;Cautionary Note Regarding
Forward-Looking Statements&rdquo; at the beginning of this annual report on Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
<A name=item6></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Item 6.&nbsp;&nbsp;Directors, Senior Management and Employees</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>A. Directors and Senior Management</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following table sets forth information regarding our executive officers
and our directors. Our articles of incorporation provide for a board of directors serving staggered, three-year terms, other than
any members of our board of directors that may serve at the option of the holders of preferred shares, if any are issued with relevant
appointment powers. The term of our Class I directors expires at our annual general meeting of shareholders in 2020, the term of
our Class II directors expires at our annual general meeting of shareholders in 2021, and the term of our Class III directors expires
at our annual general meeting of shareholders in 2022. Officers are appointed from time to time by our board of directors and hold
office until a successor is appointed or their employment is terminated. The business address of each of the directors and officers
is c/o Globus Shipmanagement Corp., 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Position</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left">Age</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; text-align: left">Georgios Feidakis</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: left">Director, Chairman of the Board of Directors</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: left">69</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ioannis Kazantzidis</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">69</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Jeffrey O. Parry</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Athanasios Feidakis</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Director, President, Chief Executive Officer, Chief Financial Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Olga Lambrianidou</TD><TD>&nbsp;</TD>
    <TD>Secretary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">64</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Georgios </B>(&ldquo;<B>George</B>&rdquo;) <B>Feidakis</B>,
a Class III director, is our founder and principal shareholder and has served as our non-executive chairman of the board of directors
since inception. Mr. George Feidakis is also the major shareholder and Chairman of F.G. Europe S.A., a company Mr. George Feidakis
has been involved with since 1994, and acts as a director and executive for several of its subsidiaries. FG Europe is active in
four lines of business and distributes well-known brands in Greece, the Balkans, Turkey, Italy and UK. FG Europe is also active
in the air-conditioning and white/brown electric goods market in Greece and ten other countries in Europe as well as in the production
of renewal energy. Mr. George Feidakis is also the director and chief executive officer of R.F. Energy S.A., a company that plans,
develops and controls the operation of energy projects, and acts as a director and executive for several of its subsidiaries. As
of January 31, 2018, Mr. Feidakis was the majority shareholder of Eolos Shipmanagement SA.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Athanasios </B>(&ldquo;<B>Thanos</B>&rdquo;) <B>Feidakis</B>,<B>*
</B>a Class I director was appointed to our board of directors in July 2013 to fill a vacancy in our board of directors. As of
December 28, 2015, Mr. Athanasios Feidakis was also appointed our President, CEO and CFO. From October 2011 through June 2013,
Mr. Athanasios Feidakis worked for our operations and chartering department as an operator. Prior to that and from September 2010
to May 2011, Mr. Athanasios Feidakis worked for ACM, a shipbroking firm, as an S&amp;P broker, and from October 2007 to April 2008,
he worked for Clarksons, a shipbroking firm, as a chartering trainee on the dry cargo commodities chartering
and on the sale and purchase of vessels. From April 2011 to April 2016, Mr. Athanasios Feidakis was a director of F.G. Europe S.A.,
a company controlled by his family, specializing in the distribution of well-known brands in Greece, the Balkans, Turkey, Italy
and UK. From December 2008 to December 2015, Mr. Athanasios Feidakis was the President of Cyberonica S.A., a family owned company
specializing in real estate development. Mr. Athanasios Feidakis holds a B.Sc. in Business Studies and a M.Sc. in Shipping Trade
and Finance from the Cass Business School (City University London) and an MBA from London School of Economics. In addition, Mr.
Athanasios Feidakis has professional qualifications in dry cargo chartering and operations from the Institute of Chartered Shipbrokers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Jeffrey O. Parry</B>,<B>&nbsp;</B>a Class II director,
has served as our director since July 2010. Mr. Parry is currently the president of Mystic Marine Advisors LLC, a Connecticut based
advisory firm specializing in turnaround and emerging shipping companies which he founded in 1998. Mr. Parry was chairman of the
board of directors of TBS Shipping Limited from April 2012 until March 2018.&nbsp;&nbsp;From July 2008 to October 2009, he was
president and chief executive officer of Nasdaq-listed Aries Maritime Transport Limited. Mr. Parry holds a B.A. from Brown University
and an MBA from Columbia University.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Ioannis Kazantzidis</B>, a Class I director, was
appointed to our board in November, 2016 to fill a vacancy in our board of directors. Mr. Kazantzidis has been the principal of
Porto Trans Shipping LLC, a shipping and logistics company based in the United Arab Emirates, since 2007. Between 1987 to 2007,
Mr. Kazantzidis was with HSBC Group, where he served in managerial positions participating in the development and implementation
of financial systems in multiple locations. Mr. Kazantzidis has since 2009 been a Director of Saeed Mohammed Heavy Equipment Trading
LLC, a general trading company, and a senior partner in Porto Trans Auto Services Company, both based in Jebel Ali, UAE. Mr. Kazantzidis
has served as the Chairman of Nazaki Corporation, a private investment company based in the British Virgin Islands, since 1988.
Mr. Kazantzidis has served, from 2015, to 2018&nbsp;as the Chairman of W.M.Mendis Hotel Pvt Ltd in the Republic of Sri Lanka. From
1989 to 2015, he was the Chairman of Fishermans Wharf Pvt Ltd, and a director of Dow Corning Lanka Pvt Ltd from 2000 to 2013 and
Propasax Pvt Ltd from 2010 to 2015.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Olga Lambrianidou</B>, our secretary, has been a
corporate consultant to the Company since November 2010, and was appointed as secretary to the Company in December 2012. Prior
to joining Globus, Ms. Lambrianidou was the Corporate Secretary and Investor Relations Officer of NewLead Holdings Ltd., formerly
known as Aries Maritime Limited from 2008 to 2010, and of DryShips Inc., a dry bulk publicly trading shipping company from 2006
to 2008. Ms. Lambrianidou was Corporate Secretary, Investor Relations Officer and Human Resources Manager with OSG Ship Management
(GR) Ltd., formerly known as Stelmar Shipping Ltd. from 2000 to 2006. Prior to 2000, Ms. Lambrianidou worked in the banking and
insurance fields in the United States. She holds a BBA Degree in Marketing/English Literature from Pace University and an MBA Degree
in Banking/Finance from the Lubin School of Business of Pace University in New York.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">*Athanasios Feidakis is the son of our Chairman, George
Feidakis. Other than the aforementioned, there are no other family relationships between any of our directors or senior management.
There are no arrangements or understandings with major shareholders, customers, suppliers or others, pursuant to which any person
referred to above was selected as a director or member of senior management. See, however, some of the covenants of our loan facilities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company is not aware of any agreements or arrangements
between any director and any person or entity other than the Company relating to the Compensation or other payments in connection
with such director&rsquo;s candidacy or service as a director of the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>B.&nbsp;&nbsp;Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In August 2016, the Company entered into a consultancy
agreement with an affiliated company of our CEO, Mr. Athanasios Feidakis, for the purpose of providing consulting services to the
Company in connection with the Company&rsquo;s international shipping and capital raising activities, including but not limited
to assisting and advising the Company&rsquo;s CEO. The annual fees for the services provided amount to &euro;200,000. The consultant
is eligible to receive bonus compensation (whether in the form of cash and/or equity and/or quasi-equity awards) for the services
provided and such bonus shall be determined by the Remuneration Committee or the Board of the Company. In 2019, the aggregate remuneration
that should have been paid for all executive officers (namely, only our Chief Executive Officer) amounted to approximately $224,000.
The aggregate remuneration that should have been paid for all of our executive officers in 2018 was approximately $235,000, and
was approximately $229,000 in 2017.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The aggregate compensation actually paid to members
of our senior management (namely, only our Chief Executive Officer) or a consulting company for which an executive officer is an
owner was approximately $49,000 within 2019, $100,000 within 2018, and $200,000 within 2017. In addition, our senior management
received no shares in 2019, 2018 and 2017. Information about dividends paid to our shareholders, including to holders of Series
A Preferred Shares, is contained in &ldquo;Item 8.&nbsp;&nbsp;Financial Information - A. Consolidated Statements and Other Financial
Information - Our Dividends Policy and Restrictions on Dividends.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The aggregate compensation other than share based compensation
paid to our non-executive directors (including our non-executive Chairman, Mr. George Feidakis) in 2019 was $30,000, in 2018 was
approximately $70,000 and in 2017 was $352,000. In addition, in 2019, 2018 and 2017, non-executive directors (excluding our non-executive
Chairman, Mr. George Feidakis) received an aggregate of 17,998 common shares, 8,797 common shares and 2,094 common shares, respectively.
As of December 31, 2019, we had not yet paid any non-executive directors the cash amounts that we agreed to pay them for their
prior service; such amount in the aggregate is approximately $318,200 ($126,950 for 2019, $105,000 for 2018, $16,250 for 2017 and
$30,000 for 2016 and $40,000 for 2015). As of March 31, 2020, we have not yet paid these outstanding amounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our Greek employees are bound by Greek labor law, which
provides certain payments to these employees upon their dismissal or retirement. We accrued as of December 31, 2019 a non-current
liability of $26,291 for such payments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We do not have a retirement plan for our officers or
directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>C.&nbsp;&nbsp;Board Practices</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our board of directors and executive officers oversee
and supervise our operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Each director holds office until his successor is elected
or appointed, unless his office is earlier vacated in accordance with the articles of incorporation or with the provisions of the
BCA. In addition to cash compensation, we pay each of Mr. Kazantzidis and Mr. Parry $20,000 in common shares annually. The members
of our senior management are appointed to serve at the discretion of our board of directors. Our board of directors and committees
of our board of directors schedule regular meetings over the course of the year. Under the Nasdaq rules, we believe that Mr. Ioannis
Kazantzidis and Mr. Parry are independent.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We have an Audit Committee, a Remuneration Committee
and a Nomination Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Audit Committee is comprised of Ioannis Kazantzidis
and Jeffrey O. Parry. It is responsible for ensuring that our financial performance is properly reported on and monitored, for
reviewing internal control systems and the auditors&rsquo; reports relating to our accounts and for reviewing and approving all
related party transactions. Our board of directors has determined that Ioannis Kazantzidis is our audit committee financial expert.
Each Audit Committee member has experience in reading and understanding financial statements, including statements of financial
position, statements of comprehensive income and statements of cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Remuneration Committee is comprised of Jeffrey
O. Parry, Athanasios Feidakis, and Ioannis Kazantzidis. It is responsible for determining, subject to approval from our board of
directors, the remuneration guidelines to apply to our executive officers, secretary and other members of the executive management
as our board of directors designates the Remuneration Committee to consider. It is also responsible for suggesting the total individual
remuneration packages of each director including, where appropriate, bonuses, incentive payments and share options. The Remuneration
Committee is responsible for declaring dividends on our Series A Preferred Shares, if any. The Remuneration Committee will also
liaise with the Nomination Committee to ensure that the remuneration of newly appointed executives falls within our overall remuneration
policies. While Athanasios Feidakis is not an independent director, we believe that, as our Chief Executive Officer, he has a substantial
vested interest in our success and his particular input will significantly aid and assist us.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Nomination Committee is comprised of George Feidakis,
Ioannis Kazantzidis and Jeffrey O. Parry. It is responsible for reviewing the structure, size and composition of our board of directors
and identifying and nominating candidates to fill board positions as necessary.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information about the term of each director, see
 &ldquo;Item 6. Directors, Senior Management and Employees - A. Directors and Senior Management&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>D.&nbsp;&nbsp;Employees</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, we had thirteen full-time
employees and two consultants that we hired directly. All of our employees are located in Greece and are engaged in the service
and management of our fleet. None of our employees are covered by collective bargaining agreements, although certain crew members
are parties to collective bargaining agreements. We do not employ a significant number of temporary employees.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>E.&nbsp;&nbsp;Share Ownership</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">With respect to the total number of common shares owned
by all of our officers and directors, individually and as a group, please read &ldquo;Item 7.&nbsp;Major Shareholders and Related
Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Incentive program </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We maintain an equity incentive program, because we
believe that equity awards are important to align our employees&rsquo; interests with those of our shareholders. Our equity incentive
program is administered by our Remuneration Committee or, in certain circumstances, our board of directors. The Remuneration Committee
generally measures our performance in terms of total shareholder return, which is calculated based on changes in our share price
and our dividends paid over a calendar year, which we refer to as TSR.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our board of directors believe that these awards keep
our employees focused on our growth, as well as dividend growth and its impact on our share price, over an extended time period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The 2012 Equity Incentive Plan of Globus Maritime Limited,
or the &ldquo;EIP,&rdquo; provides for the award of stock options, stock appreciation rights, restricted stock, restricted stock
units and unrestricted stock, for directors, officers and employees (including any prospective officer or employee) of our Company
and our subsidiaries and affiliates and consultants and service providers (including individuals who are employed by or provide
services to any entity that is itself such a consultant or service provider) to our Company and our subsidiaries and affiliates,
with the goal of providing such persons the incentive to enter into and remain in the service of the Company or its affiliates,
acquire a proprietary interest in the success of the Company,&nbsp;maximize their performance and&nbsp;enhance the long-term performance
of the Company. The EIP was amended August 12, 2016 to clarify that the full board of directors may act as plan administrator.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Administration</I></B>. The EIP is administered
by the Remuneration Committee of our board of directors, or such other committee of the board of directors designated by the board
of directors (which could be the board of directors itself). We refer to the body administering the EIP as the &ldquo;Administrator.&rdquo;
The EIP allows the Administrator to delegate its rights to the extent consistent with applicable law and our organizational documents.
The Administrator has the authority to, among other things, designate the persons to receive awards under the EIP; determine the
types of awards granted to a participant under the EIP; determine the number of shares to be covered by, or with respect to which
payments, rights or other matters are to be calculated with respect to, awards; determine the terms and conditions of any awards;
determine whether, and to what extent, and under what circumstances, awards may be settled or exercised in cash, shares, other
securities, other awards or other property, or cancelled, forfeited or suspended, and the methods by which awards may be settled,
exercised, cancelled, forfeited or suspended; determine whether, to what extent, and under what circumstances cash, shares, other
securities, other awards, other property and other amounts payable with respect to an award shall be deferred, either automatically
or at the election of the holder thereof or the Administrator; construe, interpret and implement the EIP and any Award Agreement;
prescribe, amend, rescind or waive rules and regulations relating to the EIP, including rules governing its operation, and appoint
such agents as it shall deem appropriate for the proper administration of the EIP; make all determinations necessary or advisable
in administering the EIP; correct any defect, supply any omission and reconcile any inconsistency in the EIP or any Award Agreement;
and make any other determination and take any other action that the Administrator deems necessary or desirable for the administration
of the EIP. The board of directors has the right to alter or amend the EIP.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Number of Shares</I></B>. Subject to adjustment
in the event of any distribution, recapitalization, split, merger, consolidation or similar corporate event, 100,000 of our common
shares are available for delivery pursuant to awards granted under the EIP. Awards may not be paid in cash. Shares subject to an
award under the EIP that are cancelled, forfeited, exchanged, settled in cash or otherwise terminated, including withheld to satisfy
exercise prices or tax withholding obligations, are available for delivery pursuant to other awards. Shares issued pursuant to
the EIP may be authorized but unissued common shares or treasury shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Award Agreements</I></B>. Each award granted
under the EIP shall be evidenced by a written certificate, which we refer to as an Award Agreement, which shall contain such provisions
as the Administrator may deem necessary or desirable and which may, but need not, require execution or acknowledgment by a grantee.
Each Award shall be subject to all of the terms and provisions of the EIP and the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Stock Options</I></B>. A stock option is a right
to purchase shares at a specified price during a specified time period. The EIP permits the grant of options covering our common
shares. The Administrator may make grants under the EIP to participants containing such terms as the Administrator shall determine.
No option shall be treated as an &ldquo;incentive stock option&rdquo; for purposes of the Code. Stock options granted will become
exercisable over a period determined by the Administrator. Each Award Agreement with respect to an option shall set forth the exercise
price of such Award and, unless otherwise specifically provided in the Award Agreement, the exercise price of an option shall equal
the fair market value of a common share on the date of grant; provided that in no event may such exercise price be less than the
greater of the fair market value of a common share on the date of grant and the par value of a common share.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Restricted Shares</I></B>. A restricted share
grant is an award of common shares that vests over a period of time and is subject to forfeiture until it has vested. The Administrator
may determine to make grants of restricted shares under the EIP to participants containing such terms as the Administrator shall
determine. The Administrator will determine the period over which restricted shares granted to participants will vest and the voting
provisions. The Administrator, in its discretion, may base its determination upon the achievement of specified financial objectives.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Stock Appreciation Rights</I></B>. A stock appreciation
right is the right, subject to the terms of the EIP and the applicable Award Agreement, to receive from the Company an amount equal
to (i) the excess of the fair market value of a common share on the date of exercise of the stock appreciation right over the exercise
price of the stock appreciation right, multiplied by (ii) the number of shares with respect to which the stock appreciation right
is exercised. Each Award Agreement with respect to a stock appreciation right shall set forth the exercise price of such Award
and, unless otherwise specifically provided in the Award Agreement, the exercise price of a stock appreciation right shall equal
the fair market value of a common share on the date of grant; provided that in no event may such exercise price be less than the
greater of (A) the fair market value of a common share on the date of grant and (B) the par value of a common share. Payment upon
exercise of a stock appreciation right shall be in cash or in common shares (valued at their fair market value on the date of exercise
of the stock appreciation right) or any combination of both, all as the Administrator shall determine. Upon the exercise of a stock
appreciation right granted in connection with an option, the number of shares subject to the option shall be reduced by the number
of shares with respect to which the stock appreciation right is exercised. Upon the exercise of an option in connection with which
a stock appreciation right has been granted, the number of shares subject to the stock appreciation right shall be reduced by the
number of shares with respect to which the option is exercised.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Restricted Stock Unit</I></B>. A restricted stock
unit is a notional share that entitles the grantee to receive a common share upon the vesting of the restricted stock unit or,
in the discretion of the Administrator, cash equivalent to the value of a common share. The Administrator may determine to make
grants of restricted stock units under the EIP to participants containing such terms as the Administrator shall determine. The
Administrator will determine the period over which restricted stock units granted to participants will vest.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Unrestricted Stock</I></B>. The Administrator
may grant (or sell at a purchase price at least equal to par value) common shares free of restrictions under the EIP to available
participants and in such amounts and subject to such forfeiture provisions as the Administrator shall determine. Common shares
may be thus granted or sold in respect of past services or other valid consideration.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Tax Withholding</I></B>. At our discretion, and
subject to conditions that the Administrator may impose, a participant may elect that his minimum statutory tax withholding with
respect to an award may be satisfied by withholding from any payment related to an award or by the withholding of shares issuable
pursuant to the award based on the fair market value of the shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Award Adjustments</I></B>. If the Administrator
determines that any dividend or other distribution (whether in the form of cash, Company shares, other securities or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase
or exchange of Company shares or other securities of the Company, issuance of warrants or other rights to purchase Company shares
or other securities of the Company, or other similar corporate transaction or event affects the Company shares such that an adjustment
is determined by the Administrator to be appropriate or desirable, then the Administrator shall, in such manner as it may deem
equitable or desirable, adjust any or all of the number of shares or other securities of the Company (or number and kind of other
securities or property) with respect to which Awards may be granted under the EIP. The Administrator is authorized to make adjustments in the terms and conditions of, and
the criteria included in, Awards in recognition of unusual or nonrecurring events (including the events described above in the
first sentence of this paragraph, the occurrence of a Change in Control (as defined in the EIP) affecting the Company, any affiliate,
or the financial statements of the Company or any affiliate, or of changes in applicable rules, rulings, regulations or other requirements
of any governmental body or securities exchange, accounting principles or law, whenever the Administrator determines that such
adjustments are appropriate or desirable, including providing for adjustment to (1)&nbsp;the number of shares or other securities
of the Company (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards
relate and (2)&nbsp;the exercise price with respect to any Award and a substitution or assumption of Awards, accelerating the exercisability
or vesting of, or lapse of restrictions on, Awards, or accelerating the termination of Awards by providing for a period of time
for exercise prior to the occurrence of such event, or, if deemed appropriate or desirable, providing for a cash payment to the
holder of an outstanding Award in consideration for the cancellation of such Award (it being understood that, in such event, any
option or stock appreciation right having a per share exercise price equal to, or in excess of, the fair market value of a share
subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Change in Control</I></B>. Upon a &ldquo;change
of control&rdquo; (as defined in the EIP), and unless the Administrator decides otherwise:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Any Award then outstanding shall become fully vested and any restriction and forfeiture provisions
thereon imposed pursuant to the EIP and the Award Agreement shall lapse and any Award in the form of an option or stock appreciation
right shall be immediately exercisable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 38.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">To the extent permitted by law and not otherwise limited by the terms of the EIP, the Administrator
may amend any Award Agreement in such manner as it deems appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">An award recipient who is terminated or dismissed from their position for any reason other than
 &ldquo;for cause&rdquo; within one year of the change in control may, for a limited time, exercise any outstanding option or stock
appreciation right, but only to the extent that the grantee was entitled to exercise the Award on the date of his or her termination
of employment or consultancy/service relationship or dismissal from the board of directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 38.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Termination of Employment or Service</I></B>.
The consequences of the termination of a grantee&rsquo;s employment, consulting arrangement, or membership on the board of directors
will be determined by the Administrator in the terms of the relevant Award Agreement. Generally, the Administrator may modify these
consequences. The Administrator can impose any forfeiture or vesting provisions in any Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><I>2019, 2018, 2017 Grants</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">No awards were granted pursuant to the equity incentive plan during the
years ended December 31, 2019, 2018 and 2017, but we issued shares directly to our directors, which was not part of the equity
incentive program.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>
<A name=item7></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 7.&nbsp;&nbsp;Major Shareholders and Related
Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>A.&nbsp;&nbsp;Major Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table sets forth information concerning
ownership of our common shares as of March 31, 2020 by persons who beneficially own more than 5.0% of our outstanding common shares,
each person who is a director of our company, each executive officer named in this annual report on Form 20-F and all directors
and executive officers as a group.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Beneficial ownership of shares is determined under
rules of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and generally includes any shares over which a person exercises
sole or shared voting or investment power. Except as indicated in the footnotes to this table and subject to community property
laws where applicable, the persons named in the table have sole voting and investment power with respect to all shares shown as
beneficially owned by them.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The numbers of shares and percentages of beneficial
ownership are based on 6,416,666 common shares outstanding on March 31, 2020. All common shares owned by the shareholders listed
in the table below have the same voting rights as the other of our outstanding common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The address for those individuals for which an address
is not otherwise indicated is: c/o Globus Shipmanagement Corp., 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Name and address
    of beneficial owner</B></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Number
    of common<BR>
    shares beneficially<BR>
    owned as of March<BR>
    31, 2020</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Percentage
    of<BR>
    common shares<BR>
    beneficially owned<BR>
    as of March 31, 2020</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">5% Beneficial Owners&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Officers and Directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">George Feidakis (1)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">1,420,163</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">22.1%</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Ioannis Kazantzidis</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,292</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Jeffrey O. Parry</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,431</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Athanasios Feidakis</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,886</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">All executive officers and directors as a group</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">23.1%</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>*Less than 1.0% of the outstanding shares.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>(1) Mr. George Feidakis beneficially owns 1,420,163
common shares through Firment Shipping Inc., a Marshall Islands corporation for which he exercises sole voting and investment power.
Mr. George Feidakis and Firment Shipping Inc., disclaim beneficial ownership over such common shares except to the extent of their
pecuniary interests in such shares. Firment Shipping Inc. is the lender of the Firment Shipping Credit Facility, which facility
provides that debt may be repaid by the Company using the Company&rsquo;s common shares at the Company&rsquo;s election. As the
conversion would occur at the Company&rsquo;s election, and by no act of Mr. Feidakis, these figures do not include shares issuable
upon such conversion. This figure assumes no conversion of the convertible note.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">When we filed our annual report for the year ended
2019 and 2018, Mr. George Feidakis beneficially owned 22.1% and 44.3% of our common shares, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">To the best of our knowledge, except as disclosed in
the table above, we are not owned or controlled, directly or indirectly, by another corporation or by any foreign government. To
the best of our knowledge, there are no agreements in place that could result in a change of control of us, other than the convertible
note and Firment Shipping Credit Facility described above.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the normal course of business, there have been institutional
investors that buy and sell our shares. It is possible that significant changes in the percentage ownership of these investors
will occur.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>B.&nbsp;&nbsp;Related Party
Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Lease</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">During the years ended December 31, 2019, 2018 and
2017 fiscal years, the rent charged amounted to $139,000, $147,000 and $140,000, respectively, to Cyberonica S.A., a company owned
by Mr. George Feidakis, for the rental of 350 square meters of office space for our operations. As of December 31, 2019, we owed
$91,000 in back rent to Cyberonica S.A.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Employment of Relative of Mr. George Feidakis</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of July 1, 2013, Mr. Athanasios Feidakis became
a non-executive director of the Company. Mr. Athanasios Feidakis was previously an employee of the Company and his employment agreement
was terminated when he became a non-executive director. Mr. Athanasios Feidakis was appointed as President, Chief Executive Officer
and Chief Financial Officer as of December 28, 2015, and remains in these positions. He is the son of our chairman of the board
of directors and largest beneficial shareholder, Mr. George Feidakis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>February 2017 Private Placement</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On February 8, 2017, we sold for $5 million an aggregate
of 500,000 of our common shares and warrants (which expired in February 2019) to purchase 2.5 million of our common shares at a
price of $16 per share (subject to adjustment) to four investors in a private placement, one of whom was the sister of our CEO
and daughter of our chairman. These securities were issued in transactions exempt from registration under the Securities Act. We
entered into a registration rights agreement providing the purchasers of these shares with certain rights relating to registration
under the Securities Act of the shares and the common shares underlying the warrants. (These figures reflect the 10-1 reverse stock
split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Firment Credit Facility </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In December 2013, Globus Maritime Limited entered into
a credit facility for up to $4.0 million with Firment Trading Limited, a Cypriot corporation and related party to us, for the purpose
of financing our general working capital needs. The Firment Credit Facility was unsecured and remained available until it terminated
on April 29, 2016. During December 2014 the credit limit of the facility increased from $4.0 million to $8.0 million and its final
maturity date was extended from December 12, 2015 to April 29, 2016. During December 2015 the credit limit of the facility increased
from $8.0 to $20.0 million and its final maturity date was extended to April 12, 2017. In December 2015, 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 a related party to us. We had the right to drawdown any amount up to $20.0 million or prepay any amount, during the
availability period in multiples of $100,000. 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 is charged on the amounts
remaining available and undrawn.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In connection with the February 2017 private placement,
on February 8, 2017 Firment released an amount equal to $16,885,000 (but left an amount equal to $1,638,787 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, 16,885,000 common shares and a warrant to purchase 6,230,580 common shares
at a price of $1.60 per share (subject to adjustment). Subsequent to the closing of the February 2017 private placement, Globus
repaid the outstanding amount on the Firment Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse stock
split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Silaner Credit Facility </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In January 2016, Globus Maritime Limited entered into
a credit facility for up to $3.0 million with Silaner Investments Limited, a related party to us, for the purpose of financing
our general working capital needs. The Silaner Credit Facility was unsecured and remained available until it terminated on January
12, 2018. We had the right to drawdown any amount up to $3.0 million or prepay any amount in multiples of $100,000. Any prepaid
amount could have been be re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts is
charged at 5% per annum and no commitment fee was charged on the amounts remaining available and undrawn. As of December 31, 2016,
the amount drawn and outstanding with respect to the facility was $3.1 million, which amount has been approved by our board. As
of December 31, 2017 we were in compliance with the loan covenants of the Silaner Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In connection with the February 2017 private placement,
on February 8, 2017 Silaner released an amount equal to the outstanding principal of $3,115,000 (but left an amount equal to $74,048
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, 3,115,000 common shares and a warrant to purchase 1,149,437
common shares at a price of $1.60 per share (subject to adjustment). Subsequent to the closing of the February 2017 private placement,
Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse
stock split which occurred in October 2018.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Firment Shipping Credit Facility</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In November 2018, we entered into a credit facility
for up to $15 million with Firment Shipping Inc., a related party to us, for the purpose of financing our general working capital
needs. The Firment Shipping Credit Facility is unsecured and remains available until its final maturity on April 1, 2021, as amended.
We have the right to drawdown any amount up to $15 million or prepay any amount in multiples of $100,000. 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. We have also the right, in our sole option, to convert in whole or in part the outstanding
unpaid principal amount and accrued but unpaid interest under this Agreement 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. over the Pricing Period
multiplied by 80%, where the &ldquo;Pricing Period&rdquo; equals the ten consecutive Trading Days immediately preceding the date
on which the conversion notice was executed or (ii) $2.80.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019 and 2018, the amount drawn
and outstanding with respect to the facility was $0.8 and $2.2 million, respectively, and there was an amount of $11.1 and $12.8
million available to be drawn, respectively, under the Firment Shipping Credit Facility. As of December 31, 2019 and 2018 we were
in compliance with the loan covenants of the Firment Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Business Opportunities Agreement</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In November 2010, we entered into a business opportunities
arrangement with Mr. George Feidakis. Under this agreement, Mr. George Feidakis is required to disclose to us any business opportunities
relating to dry bulk shipping that may arise during his service to us as a member of our board of directors that could reasonably
be expected to be a business opportunity that we may pursue. Mr. George Feidakis agreed to disclose all such opportunities, and
the material facts attendant thereto, to our board of directors for our consideration and if our board of directors fails to adopt
a resolution regarding an opportunity within seven business days of disclosure, we will be deemed to have declined to pursue the
opportunity, in which event Mr. George Feidakis will be free to pursue it. Mr. George Feidakis is also prohibited for six months
after the termination of the agreement to solicit any of our or our subsidiaries&rsquo; senior employees or officers. Mr. George
Feidakis&rsquo; obligations under the business opportunities agreement terminated in 2019 because he no longer beneficially owned
at least 30% of the combined voting power of all our outstanding equity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Registration Rights Agreement</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In November 2016, we entered into a registration rights
agreement with Firment Trading Limited, pursuant to which we granted to them and their affiliates (including Mr. George Feidakis
and certain of their transferees), the right, under certain circumstances and subject to certain restrictions to require us to
register under the Securities Act our common shares held by them. Under the registration rights agreement, these persons have the
right to request us to register the sale of shares held by them on their behalf and may require us to make available shelf registration
statements permitting sales of shares into the market from time to time over an extended period. In addition, these persons have
the ability to exercise certain piggyback registration rights in connection with registered offerings requested by shareholders
or initiated by us.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Consulting Agreements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On August 18, 2016, the Company entered into a consultancy
agreement with an affiliated company of our CEO, Mr. Athanasios Feidakis, for the purpose of providing consulting services to the
Company in connection with the Company&rsquo;s international shipping and capital raising activities, including but not limited
to assisting and advising the Company&rsquo;s CEO.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In June 2016, our Manager, entered into a consultancy
agreement with Eolos Shipmanagement S.A., a related party, for the purpose of providing consultancy services to Eolos Shipmanagement
S.A. For these services our Manager receives a daily fee of $1,000. This agreement terminated on January 31, 2017. For 2017 and
2016 the total income from these fees amounted to $31,000 and $187,000, respectively, and is classified in the income statement
component of the consolidated statement of comprehensive (loss)/income under management &amp; consulting fee income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>C.&nbsp;&nbsp;Interests of Experts
and Counsel</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
<A name=item8></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 8.&nbsp;&nbsp;Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>A. Consolidated Statements and Other
Financial Information</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">See Item 18.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We have not been involved in any legal proceedings
which may have, or have had, a significant effect on our business, financial position, results of operations or liquidity, nor
are we aware of any other proceedings that are pending or threatened which may have a significant effect on our business, financial
position, results of operations or liquidity. From time to time, we may be subject to legal proceedings and claims in the ordinary
course of business, principally personal injury and property casualty claims. We expect that these claims would be covered by insurance,
subject to customary deductibles. Those claims, even if lacking merit, could result in the expenditure of significant financial
and managerial resources.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Our Dividend Policy and Restrictions on Dividends</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our dividend policy is to pay to holders of our shares
a variable quarterly dividend in excess of 50% of the net income of the previous quarter subject to any reserves our board of directors
may from time to time determine are required. We believe this policy maintains an appropriate level of dividend cover taking into
account the likely effects of the shipping cycle and the need to retain cash to reinvest in vessel acquisitions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In calculating our dividend to holders of our shares,
we exclude any gain on the sale of vessels and any unrealized gains or losses on derivatives. Our board of directors, in its discretion,
can determine in the future whether any capital surpluses arising from vessel sales are included in the calculation of a dividend.
Dividends will be paid in U.S. dollars equally on a per-share basis between our common shares and our Class B shares, to the extent
any are issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our Remuneration Committee will also determine by unanimous
resolution, in its sole discretion, when and to the extent dividends are paid to the holders of our Series A Preferred Shares,
to the extent any are outstanding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are a holding company, with no material assets other
than the shares of our subsidiaries. Therefore, our ability to pay dividends depends on the earnings and cash flow of those subsidiaries
and their ability to pay dividends to us. Additionally, the declaration and payment of any dividend is subject at all times to
the discretion of our board of directors and will depend on, among other things, our earnings, financial condition and anticipated
cash requirements and availability, additional acquisitions of vessels, restrictions in our debt arrangements, the provisions of
Marshall Islands law affecting the payment of dividends to shareholders, required capital and drydocking expenditures, reserves
established by our board of directors, increased or unanticipated expenses, a change in our dividend policy, additional borrowings
and future issuances of securities, many of which are beyond our control.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Marshall Islands law generally prohibits the payment
of dividends other than from surplus (retained earnings and the excess of consideration received from the sale of shares above
the par value of the shares) or while a corporation is insolvent or would be rendered insolvent by the payment of such dividend.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We historically paid dividends to our common shareholders
in amounts ranging from $0.03 per share to $0.50 per share. Historical dividend payments should not provide any promise or indication
of future dividend payments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">No dividends were declared or paid on our common shares
during the years ended December 31, 2019, 2018 and 2017.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">No Series A Preferred Shares were outstanding as of
December 31, 2019, 2018 and 2017.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our loan agreements impose certain restrictions to
us with respect to dividend payments. Please see &ldquo;Item 5.B. Liquidity and Capital Resources&mdash;Indebtedness.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>B.&nbsp;&nbsp;Significant Changes</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
<A name=item9></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 9.&nbsp;&nbsp;The Offer and Listing</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our common shares trade on the Nasdaq Capital Market
under the ticker &ldquo;GLBS.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">All of our shares are in registered form. Our articles
of incorporation do not permit the issuance of bearer shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item10></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 10.&nbsp;&nbsp;Additional Information</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>A. Share Capital</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>B. Memorandum and Articles of Association</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Purpose</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our objects and purposes, as provided in Section 1.3
of our articles of incorporation, are to engage in any lawful act or activity for which corporations may now or hereafter be organized
under the BCA.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Common Shares and Class B Shares</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Generally, Marshall Islands law provides that the holders
of a class of stock of a Marshall Islands corporation are entitled to a separate class vote on any proposed amendment to the relevant
articles of incorporation that would change the aggregate number of authorized shares or the par value of that class of shares
or alter or change the powers, preferences or special rights of that class so as to affect the class adversely. Except as described
below, holders of our common shares and Class B shares will have equivalent economic rights, but holders of our common shares are
entitled to one vote per share and holders of our Class B shares are entitled to 20 votes per share. Each holder of Class B shares
(not including the Company and the Company&rsquo;s subsidiaries) may convert, at its option, any or all of the Class B shares held
by such holder into an equal number of common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Except as otherwise provided by the BCA, holders of
our common shares and Class B shares will vote together as a single class on all matters submitted to a vote of shareholders, including
the election of directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The rights, preferences and privileges of holders of
our shares are subject to the rights of the holders of any preferred shares that have been issued and which we may issue in the
future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Holders of our common shares do not have conversion,
redemption or pre-emptive rights to subscribe to any of our securities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There is no limitation on the right to own securities
or the rights of non-resident shareholders to hold or exercise voting rights on our securities under Marshall Islands law or our
articles of incorporation or bylaws.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our articles of incorporation authorize our board of
directors to establish and issue up to 100 million preferred shares and to determine, with respect to any series of preferred shares,
the rights and preferences of that series, including:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the designation of the series;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the number of preferred shares in the series;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the preferences and relative participating option or other special rights, if any, and any qualifications, limitations or restrictions of such series; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the voting rights, if any, of the holders of the series (subject to terms set forth below with regard to the policy of our board of directors regarding preferred shares).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In April 2012 we issued an aggregate of 3,347 Series
A Preferred Shares to two persons who were then executive officers, but as of December 31, 2016 and as of the date hereof no Series
A Preferred Shares were outstanding. The holders of our Series A Preferred Shares will be entitled to receive, if funds are legally
available, dividends payable in cash in an amount per share to be determined by unanimous resolution of our Remuneration Committee,
in its sole discretion. Our board of directors or Remuneration Committee will determine whether funds are legally available under
the BCA for such dividend. Any accrued but unpaid dividends will not bear interest. Except as may be provided in the BCA, holders
of our Series A Preferred Shares do not have any voting rights. Upon our liquidation, dissolution or winding up, the holders of
our Series A Preferred Shares will 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. Our Series A Preferred Shares are not convertible into any of our other capital
stock.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Series A Preferred Shares are redeemable at the
written request of the Remuneration Committee, at par value plus all declared and unpaid dividends as of the date of redemption
plus any additional consideration determined by a unanimous resolution of the Remuneration Committee. We redeemed and cancelled
780 Series A Preferred Shares in January 2013 and the remaining 2,567 were redeemed and cancelled in July 2016.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Liquidation</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of our dissolution, liquidation or winding
up, whether voluntary or involuntary, after payment in full of the amounts, if any, required to be paid to our creditors and the
holders of preferred shares, our remaining assets and funds shall be distributed pro rata to the holders of our common shares and
Class B shares, and the holders of common shares and the holders of Class B shares shall be entitled to receive the same amount
per share in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Declaration and payment of any dividend is subject
to the discretion of our board of directors. The timing and amount of dividend payments to holders of our shares will depend on
a series of factors and risks described under &ldquo;Item 3.D.&nbsp;Risk Factors,&rdquo; and includes risks relating to earnings,
financial condition, cash requirements and availability, restrictions in our current and future loan arrangements, the provisions
of the Marshall Islands law affecting the payment of dividends and other factors. The BCA generally prohibits the payment of dividends
other than from surplus or while we are insolvent or if we would be rendered insolvent upon paying the dividend.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Subject to preferences that may apply to any shares
of preferred stock outstanding at the time, the holders of our common shares and Class B shares will be entitled to share equally
(pro rata based on the number of shares held) in any dividends that our board of directors may declare from time to time out of
funds legally available for dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>Conversion</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our common shares are not convertible into any other
shares of our capital stock. Each of our Class B shares is convertible at any time at the election of the holder thereof into one
of our common shares. We will not reissue or resell any Class B shares that shall have been converted into common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Directors</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our directors are elected by the vote of the plurality
of the votes cast by holders with voting power of our voting shares. Our articles of incorporation provide that our board of directors
must consist of at least three members. Shareholders may change the number of directors only by the affirmative vote of holders
of a majority of the total voting power of our outstanding capital stock (subject to the rights of any holders of preferred shares).
The board of directors may change the number of directors by a majority vote of the entire board of directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">No contract or transaction between us and one or more
of our directors or officers will be void or voidable solely for the following reason, or solely because the director or officer
is present at or participates in the meeting of our board of directors or committee thereof which authorizes the contract or transaction,
or solely because his or her or their votes are counted for such purpose, if (1) the material facts as to such director&rsquo;s
interest in such contract or transaction and as to any such common directorship, officership or financial interest are disclosed
in good faith or known to the board of directors or committee, and the board of directors or committee approves such contract or
transaction by a vote sufficient for such purpose without counting the vote of such interested director, or, if the votes of the
disinterested directors are insufficient to constitute an act of the board, by unanimous vote of the disinterested directors; or
(2) the material facts as to such director&rsquo;s interest in such contract or transaction and as to any such common directorship,
officership or financial interest are disclosed in good faith or known to the shareholders entitled to vote thereon, and such contract
or transaction is approved by vote of such shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our board of directors has the authority to fix the
compensation of directors for their services.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Classified Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our articles of incorporation provide for a board of
directors serving staggered, three-year terms. Approximately one-third of our board of directors will be elected each year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Removal of Directors; Vacancies</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our articles of incorporation provide that directors
may be removed with or without cause upon the affirmative vote of holders of a majority of the total voting power of our outstanding
capital stock. Our bylaws require parties to provide advance written notice of nominations for the election of directors other
than the board of directors and shareholders holding 30% or more of the voting power of the aggregate number of our shares issued
and outstanding and entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>No Cumulative Voting</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our articles of incorporation prohibit cumulative voting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Shareholder Meetings</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under our bylaws, annual shareholder meetings will
be held at a time and place selected by our board of directors. The meetings may be held in or outside of the Marshall Islands.
Special meetings may be called by the chairman of our board of directors, by resolution of our board of directors or by holders
of 30% or more of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote at such meeting.
Our board of directors may set a record date between 15 and 60 days before the date of any meeting to determine the shareholders
that will be eligible to receive notice and vote at the meeting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>Dissenters&rsquo; Right of Appraisal and
Payment</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the BCA, our shareholders have the right to dissent
from various corporate actions, including certain amendments to our articles of incorporation and certain mergers or consolidations
or the sale or exchange of all or substantially all of our assets not made in the usual course of our business, and receive payment
of the fair value of their shares, subject to exceptions. For example, the right of a dissenting shareholder to receive payment
of the fair value of his shares is not available if for the shares of any class or series of stock, which shares at the record
date fixed to determine the shareholders entitled to receive notice of and vote at the meeting of shareholders to act upon the
agreement of merger or consolidation or any sale or exchange of all or substantially all of the property and assets of the corporation
not made in the usual course of its business, were either (1) listed on a securities exchange or admitted for trading on an interdealer
quotation system or (2) held of record by more than 2,000 holders. In the event of any further amendment of our articles of incorporation,
a shareholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in
respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment. In the
event that we and any dissenting shareholder fail to agree on a price for the shares, the BCA procedures involve, among other things,
the institution of proceedings in the high court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction
in which our shares are primarily traded on a local or national securities exchange to fix the value of the shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Shareholders&rsquo; Derivative Actions</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the BCA, any of our shareholders may bring an
action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing
the action is a holder of common shares or a beneficial interest therein both at the time the derivative action is commenced and
at the time of the transaction to which the action relates or that the shares devolved upon the shareholder by operation of law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Amendment to our Articles of Incorporation</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Except as otherwise provided by law, any provision
in our articles of incorporation requiring a vote of shareholders may only be amended by such a vote. Further, certain sections
may only be amended by affirmative vote of the holders of at least a majority of the voting power of the voting shares. In October
2016 we amended our articles of incorporation in order to enable us to immediately effect a four-for-one one reverse stock split,
reducing the number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments were made based on fractional
shares). In October 2018 we amended our articles of incorporation in order to enable us to immediately effect a ten-for-one one
reverse stock split, reducing the number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments were made
based on fractional shares).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Anti-Takeover Effects of Certain Provisions of our
Articles of Incorporation and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Mr. George Feidakis, the chairman of our board of directors,
owns beneficially a significant number of our total outstanding common shares, and may be able to block many types of changes in
control. Nonetheless, we note that certain provisions of our articles of incorporation and bylaws, which are summarized in the
following paragraphs, may have an anti-takeover effect and may delay, defer or prevent a takeover attempt or hostile change of
control that a shareholder may consider in its best interest, including those attempts that may result in a premium over the market
price for our common shares held by shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Multiple Classes of Shares</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Should we issue any, our Class B shares have 20 votes
per share, while our common shares, which is the only class of shares listed on an established U.S. securities exchange, will have
one vote per share. Our board of directors also has authority under our articles of incorporation to issue blank check preferred
shares. Because of this share structure, any issuance of Class B shares or preferred shares may cause such holders to be able to
significantly influence matters submitted to our shareholders for approval even if such holders and their affiliates come to own
significantly less than 50% of the aggregate number of outstanding common shares, Class B shares, and preferred shares. This control
over shareholder voting could discourage others from initiating any potential merger, takeover or other change of control transaction
that other shareholders may view as beneficial and which would require shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Blank Check Preferred Shares</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the terms of our articles of incorporation, our
board of directors has authority, without any further vote or action by our shareholders, to issue up to 100 million shares of
blank check preferred shares. We currently have no outstanding Series A Preferred Shares. Except as may be provided in the BCA,
holders of our Series A Preferred Shares do not have any voting rights.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Classified Board of Directors</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our articles of incorporation provide for a board of
directors serving staggered, three-year terms. Approximately one-third of our board of directors will be elected each year. This
classified board of directors provision could discourage a third party from making a tender offer for our shares or attempting
to obtain control of us. It could also delay shareholders who do not agree with the policies of the board of directors from removing
a majority of the board of directors for two years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>No Cumulative Voting</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our articles of incorporation prohibit cumulative voting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Calling of Special Meetings
of Shareholders</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our bylaws provide that special meetings of our shareholders
may be called only by the chairman of our board of directors, by resolution of our board of directors or by holders of 30% or more
of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote at such meeting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Advance Notice Requirements
for Shareholder Proposals and Director Nominations</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our bylaws provide that, with a few exceptions, shareholders
seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide
timely notice of their proposal in writing to the corporate secretary.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Generally, to be timely, a shareholder&rsquo;s notice
must be received at our principal executive offices not less than 150 days nor more than 180 days prior to the first anniversary
date of the immediately preceding annual meeting of shareholders. Our bylaws also specify requirements as to the form and content
of a shareholder&rsquo;s notice. These provisions may impede shareholders&rsquo; ability to bring matters before an annual meeting
of shareholders or make nominations for directors at an annual meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Business Combinations</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Although the BCA does not contain specific provisions
regarding &ldquo;business combinations&rdquo; between corporations incorporated under or redomiciled pursuant to the laws of the
Marshall Islands and &ldquo;interested shareholders,&rdquo; our articles of incorporation prohibit us from engaging in a business
combination with an interested shareholder for a period of three years following the date of the transaction in which the person
became an interested shareholder, unless, in addition to any other approval that may be required by applicable law:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">prior to the date of the transaction that resulted in the shareholder becoming an interested shareholder, our board of directors approved either the business combination or the transaction that resulted in the shareholder becoming an interested shareholder;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85.0% of our voting shares outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned by (1) persons who are directors and officers and (2) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">at or after the date of the transaction that resulted in the shareholder becoming an interested shareholder, the business combination is approved by our board of directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of at least 66-2/3% of the voting power of the voting shares that are not owned by the interested shareholder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Among other transactions, a &ldquo;business combination&rdquo;
includes any merger or consolidation of us or any directly or indirectly majority-owned subsidiary of ours with (1) the interested
shareholder or any of its affiliates or (2) with any corporation, partnership, unincorporated association or other entity if the
merger or consolidation is caused by the interested shareholder. Generally, an &ldquo;interested shareholder&rdquo; is any person
or entity (other than us and any direct or indirect majority-owned subsidiary of ours) that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">owns 15.0% or more of our outstanding voting shares;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">is an affiliate or associate of ours and was the owner of 15.0% or more of our outstanding voting shares at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such person is an interested shareholder; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">is an affiliate or associate of any person listed in the first two bullets, except that any person who owns 15.0% or more of our outstanding voting shares, as a result of action taken solely by us will not be an interested shareholder unless such person acquires additional voting shares, except as a result of further action by us and not caused, directly or indirectly, by such person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, the restrictions regarding business combinations
do not apply to persons that became interested shareholders prior to the effectiveness of our articles of incorporation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Limitations on Liability and Indemnification of
Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The BCA authorizes corporations to limit or eliminate
the personal liability of directors to corporations and their shareholders for monetary damages for breaches of certain directors&rsquo;
fiduciary duties. Our articles of incorporation include a provision that eliminates the personal liability of directors for monetary
damages for breach of fiduciary duty as a director to the fullest extent permitted by law (i.e., other than breach of duty of loyalty,
acts not taken in good faith or which involve intentional misconduct or a knowing violation of law or transactions for which the
director derived an improper personal benefit) and provides that we must indemnify our directors and officers to the fullest extent
authorized by law. We are also expressly authorized to advance certain expenses to our directors and officers and expect to carry
directors&rsquo; and officers&rsquo; insurance providing indemnification for our directors and officers for some liabilities. We
believe that these indemnification provisions and the directors&rsquo; and officers&rsquo; insurance are useful to attract and
retain qualified directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The limitation of liability and indemnification provisions
in our articles of incorporation may discourage shareholders from bringing a lawsuit against our directors for breach of their
fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors
and officers, even though such an action, if successful, may otherwise benefit us and our shareholders. In addition, an investor
in our common shares may be adversely affected to the extent we pay the costs of settlement and damage awards against directors
and officers pursuant to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There is no pending material litigation or proceeding
involving any of our directors, officers or employees for which indemnification is sought.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>C.&nbsp;&nbsp;Material Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We refer you to &ldquo;Item 7.B. Related Party Transactions&rdquo;
for a discussion of our agreements with companies related to us. We also refer you to &ldquo;Item 4.&nbsp;&nbsp;Information on
the Company,&rdquo; &ldquo;Item 5.B. Liquidity and Capital Resources&mdash;Indebtedness&rdquo; and &ldquo;Item 6.E.&nbsp;Share
Ownership&mdash;Incentives Program&rdquo; for a description of other material contracts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Other than these agreements, we have no material contracts,
other than contracts entered into in the ordinary course of business, to which the Company or any member of the group is a party.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>D.&nbsp;&nbsp;Exchange Controls</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are not aware, under Marshall Islands law, of any
restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance
of dividends, interest or other payments to holders of our common shares that are neither residents nor citizens of the Marshall
Islands.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>E.&nbsp;&nbsp;Taxation</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Marshall Islands Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following is applicable only to persons who are
not citizens of and do not reside in, maintain offices in or engage in business, transactions or operations in the Marshall Islands.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Because we do not, and we do not expect that we or
any of our future subsidiaries will, conduct business, transactions or operations in the Marshall Islands, and because we anticipate
that all documentation related to any offerings of our securities will be executed outside of the Marshall Islands, under current
Marshall Islands law our shareholders will not be subject to Marshall Islands taxation or withholding tax on our distributions.
In addition, our shareholders will not be subject to Marshall Islands stamp, capital gains or other taxes on the purchase, ownership
or disposition of our common shares, and our shareholders will not be required by the Marshall Islands to file a tax return related
to our common shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Malta Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">One of our subsidiaries is incorporated in Malta, which
imposes taxes on us that are immaterial to our operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Greek Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In January 2013, a 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 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 completely 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The tax residents of Greece who receive dividends from
such shipowning or their holding companies, (pursuant to a very recent agreement between the Union of Greek Shipowners and the
Greek State, which is expected to come in force shortly) are taxed at 10% on the dividends which they receive and which they import
into Greece, not being liable to any other taxation for these, which include those dividends which either remain with the holding
company or are paid to the individual Greek tax resident abroad.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>United States Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">This discussion of United States federal income taxes
is based upon provisions of the Code, existing final, temporary and proposed regulations thereunder and current administrative
rulings and court decisions, all as in effect on the effective date of this annual report on Form 20-F and all of which are subject
to change, possibly with retroactive effect. Changes in these authorities may cause the tax consequences to vary substantially
from the consequences described below. No rulings have been or are expected to be sought from the IRS with respect to any of the
United States federal income tax consequences discussed below, and no assurance can be given that the IRS will not take contrary
positions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Further, the following summary does not deal with
all United States federal income tax consequences applicable to any given holder of our common shares, nor does it address the
United States federal income tax considerations applicable to categories of investors subject to special taxing rules, such as
expatriates, banks, real estate investment trusts, regulated investment companies, insurance companies, tax-exempt organizations,
dealers or traders in securities or currencies, partnerships, S corporations, estates and trusts, investors that hold their common
shares as part of a hedge, straddle or an integrated or conversion transaction, investors whose &ldquo;functional currency&rdquo;
is not the United States dollar or investors that own, directly or indirectly, 10% or more of our stock by vote or value. Furthermore,
the discussion does not address alternative minimum tax consequences or estate or gift tax consequences, or any state tax consequences,
and is limited to shareholders that will hold their common shares as &ldquo;capital assets&rdquo; within the meaning of Section
1221 of the Code. Each shareholder is encouraged to consult, and discuss with his or her own tax advisor the United States federal,
state, local and non-United States tax consequences particular to him or her of the acquisition, ownership or disposition of common
shares. Further, it is the responsibility of each shareholder to file all state, local and non-U.S., as well as U.S. federal,
tax returns that may be required of it.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>United States Federal Income Taxation of the
Company</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Taxation of Operating Income</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Unless exempt from United States federal income taxation
under the rules described below in &ldquo;&mdash;The Section 883 Exemption,&rdquo; a foreign corporation that earns only transportation
income is generally subject to United States federal income taxation under one of two alternative tax regimes: (1) the 4% gross
basis tax or (2) the net basis tax and branch profits tax. The Company is a Marshall Islands corporation and its subsidiaries are
incorporated in the Marshall Islands or Malta. There is no comprehensive income tax treaty between the Marshall Islands and the
United States, so the Company and its Marshall Islands subsidiaries cannot claim an exemption from this tax under a treaty.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>The 4% Gross Basis Tax</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The United States imposes a 4% United States federal
income tax (without allowance of any deductions) on a foreign corporation&rsquo;s United States source gross transportation income
to the extent such income is not treated as effectively connected with the conduct of a United States trade or business. For this
purpose, transportation income includes income from the use, hiring or leasing of a vessel, or the performance of services directly
related to the use of a vessel (and thus includes time charter, spot charter and bareboat charter income). The United States source
portion of transportation income is 50% of the income attributable to voyages that begin or end, but not both begin and end, in
the United States. As a result of this sourcing rule the effective tax rate is 2% of the gross income attributable to U.S. voyages.
Generally, no amount of the income from voyages that begin and end outside the United States is treated as United States source,
and consequently none of the transportation income attributable to such voyages is subject to this 4% tax. (Although the entire
amount of transportation income from voyages that begin and end in the United States would be United States source, neither the
Company nor any of its subsidiaries expects to have any transportation income from voyages that both begin and end in the United
States.)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>The Net Basis Tax and Branch Profits Tax</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company and each of its subsidiaries do not expect
to engage in any activities in the United States (other than port calls of its vessels) or otherwise have a fixed place of business
in the United States. Consequently, the Company and its subsidiaries are not expected to be subject to the net basis or branch
profits taxes. Nonetheless, if this situation were to change or if the Company or a subsidiary of the Company were to be treated
as engaged in a United States trade or business, all or a portion of the Company&rsquo;s or such subsidiary&rsquo;s taxable income,
including gain from the sale of vessels, could be treated as effectively connected with the conduct of this United States trade
or business, or effectively connected income. Any effectively connected income, net of allowable deductions, would be subject to
United States federal corporate income tax. In addition, an additional 30% branch profits tax would be imposed on the Company or
such subsidiary at such time as the Company&rsquo;s or such subsidiary&rsquo;s after-tax effectively connected income is deemed
to have been repatriated to the Company&rsquo;s or subsidiary&rsquo;s offshore office.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The 4% gross basis tax described above is inapplicable
to income that is treated as effectively connected income. A non-United States corporation&rsquo;s United States source transportation
income would be considered to be effectively connected income only if the non-United States corporation has or is treated as having
a fixed place of business in the United States involved in the earning of the transportation income and substantially all of its
United States source transportation income is attributable to regularly scheduled transportation (such as a published schedule
with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States), or in
the case of leasing income (such as bareboat charter income) is attributable to such fixed place of business. The Company and its
vessel-owning subsidiaries believe that their vessels will not operate to and from the United States on a regularly scheduled basis.
Based on the intended mode of shipping operations and other activities, the Company and its vessel-owning subsidiaries do not expect
to have any effectively connected income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>The Section 883 Exemption</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Both the 4% gross basis tax and the net basis and branch
profits taxes described above are inapplicable to transportation income that qualifies for the Section 883 Exemption. To qualify
for the Section 883 Exemption a foreign corporation must, among other things:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">be organized in a jurisdiction outside the United States that grants an equivalent exemption from tax to corporations organized in the United States (an &ldquo;Equivalent Exemption&rdquo;);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">satisfy one of the following three ownership tests (discussed in more detail below): (1) the more than 50% ownership test, or 50% Ownership Test, (2) the controlled foreign corporation test, or CFC Test, or (3) the &ldquo;Publicly Traded Test&rdquo;; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">meet certain substantiation, reporting and other requirements (which include the filing of United States income tax returns).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company is a Marshall Islands corporation, and
each of the vessels in its fleet is owned by a separate wholly owned subsidiary organized in the Marshall Islands or Malta. The
U.S. Department of the Treasury recognizes the Marshall Islands and Malta as jurisdictions which grant an Equivalent Exemption;
therefore, the Company and each of its vessel-owning subsidiaries meet the first requirement for the Section 883 Exemption.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>The 50</I> % <I>Ownership Test</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In order to satisfy the 50% Ownership Test, a non-United
States corporation must be able to substantiate that more than 50% of the value of its shares is owned, for at least half of the
number of days in the non-United States corporation&rsquo;s taxable year, directly or indirectly, by &ldquo;qualified shareholders.&rdquo;
For this purpose, qualified shareholders are: (1) individuals who are residents (as defined in the Treasury regulations promulgated
under Section 883 of the Code, or Section 883 Regulations) of countries, other than the United States, that grant an Equivalent
Exemption, (2) non-United States corporations that meet the Publicly Traded Test of the Section 883 Regulations and are organized
in countries that grant an Equivalent Exemption, or (3) certain foreign governments, non-profit organizations, and certain beneficiaries
of foreign pension funds. In order for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares
in the chain of ownership between the shareholder and the taxpayer claiming the exemption (unless such bearer shares are maintained
in a dematerialized or immobilized book-entry system as permitted under the Section 883 Regulations). A corporation claiming the
Section 883 Exemption based on the 50% Ownership Test must obtain all the facts necessary to satisfy the IRS that the 50% Ownership
Test has been satisfied (as detailed in the Section 883 Regulations). The Company does not anticipate that it will be able to satisfy
the substantiation and reporting requirements of the 50% Ownership Test for the taxable year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>The CFC Test</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The CFC Test requires that a non-United States corporation
be treated as a controlled foreign corporation, or a CFC, for United States federal income tax purposes for more than half of the
days in the taxable year. A CFC is a foreign corporation, more than 50% of the vote or value of which is owned by significant U.S.
shareholders (meaning U.S. persons who own at least 10% of the vote or value of the foreign corporation). In addition, more than
50% of the value of the shares of the CFC must be owned by qualifying U.S. persons for more than half of the days during the taxable
year concurrent with the period of time that the company qualifies as a CFC. For this purpose, a qualifying U.S. person is defined
as a U.S. citizen or resident alien, a domestic corporation or domestic tax-exempt trust, in each case, if such U.S. person provides
the company claiming the exemption with an ownership statement. The Company does not believe that the requirements of the CFC Test
will be met in the near future with respect to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>The Publicly Traded Test</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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 &ldquo;primarily
and regularly traded&rdquo; on an established securities market either in the United States or in a foreign country that grants
an Equivalent Exemption. The Section 883 Regulations provide, in relevant part, that the shares of a non-United States corporation
will be considered to be &ldquo;primarily traded&rdquo; 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.
The Section 883 Regulations also generally provide that shares will be considered to be &ldquo;regularly traded&rdquo; on an established
securities market if one or more classes of shares in the corporation representing in the aggregate more than 50% of the total
combined voting power and value of all classes of shares of the corporation are listed on an established securities market. Also,
with respect to each class relied upon to meet this requirement (1) such class of shares must be traded on the market, other than
in minimal quantities, on at least 60 days during the taxable year or one-sixth of the days in a short taxable year, and (2) the
aggregate number of shares of such class of shares traded on such market during the taxable year is at least 10% of the average
number of shares of such class of shares outstanding during such year or as adjusted for a short taxable year. These two tests
are deemed to be satisfied if such class of shares is traded on an established market in the United States and such shares are
regularly quoted by dealers making a market in such shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Notwithstanding the foregoing, the Section 883 Regulations
provide, in relevant part, that a class of shares will not be considered to be &ldquo;regularly traded&rdquo; 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, to which we refer as the 5 Percent Override
Rule.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For purposes of being able to determine the person
who actually or constructively own 5% or more of the vote and value of the Company&rsquo;s common shares, or 5% Shareholders, the
Section 883 Regulations permit a company whose stock is traded on an established securities market in the United States to rely
on those persons that are identified on Schedule 13G and Schedule 13D filings with the SEC, as owning 5% or more of the company&rsquo;s
common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event the 5 Percent Override Rule is triggered,
the Section 883 Regulations provide 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 Section 883 and the Section 883 Regulations to preclude non-qualified
shareholders in such group from owning 50% or more of the total value of the Company&rsquo;s common shares for more than half the
number of days during the taxable year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company expects to satisfy the Publicly Traded
Test for the taxable year ended December 31, 2019 . However, if the Company&rsquo;s common shares are delisted (as described in
 &ldquo;Item 3.D. Risk Factors&mdash;Company Specific Risk Factors&mdash;Our common shares may be delisted from Nasdaq, which could
affect their market price and liquidity&rdquo;), the Publicly Traded Test generally would not be met. Furthermore, if, 50% or more
of the vote and value of the outstanding shares of our common shares are owned on more than half the days during the Company&rsquo;s
taxable year by 5% Shareholders, and the 5 Percent Override Rule does not apply, then the Publicly Traded Test generally would
not be met. The Company anticipates that its historic qualified shareholder who beneficially owned more than 50% of the Company&rsquo;s
common shares prior to December 2018 will continue to qualify towards the 5 Percent Override Rule, which will help in satisfying
the Publicly Traded Test. However, because the common shares are publicly traded, there can be no guarantee that the shareholding
requirements will be met in 2020 or future years. The stock in the Company&rsquo;s vessel-owning subsidiaries is not publicly traded,
but if the Company meets the Publicly Traded Test described above, the Company also may be a qualified shareholder for purposes
of applying the 50% Ownership Test as to any subsidiary claiming the Section 883 Exemption. However, if for any period after the
Company issues the Class B shares, the common shares represent less than 50% of the voting power of the Company, the Company would
not be able to satisfy the Publicly Traded Test for such period because less than 50% of the stock of the Company, measured by
voting power, would be listed on an established securities market.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A foreign corporation can only claim the Section 883
Exemption if it receives the ownership statements required under the Section 883 Regulations certifying as to the matters required
to satisfy the relevant ownership test. Each of our vessel-owning subsidiaries has received, or expects to receive, ownership statements,
valid for the year ended December 31, 2019, certifying the qualified shareholder status of Globus Maritime Limited and any intermediary
holding companies required to support a claim by each vessel-owning subsidiary of the Section 883 Exemption.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Each of the Company&rsquo;s vessel-owning subsidiaries
has claimed the Section 883 Exemption on the basis that it satisfies the 50% Ownership Test and the Company intends to continue
to comply with the substantiation, reporting and other requirements that are applicable under Section 883 of the Code to enable
such subsidiaries to claim the exemption on this basis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the future, if the shareholders or the relative
ownership in the Company changes, if the Company believes that it (or its subsidiaries) can qualify for the Section 883 Exemption,
each shareholder who is or may be a qualifying person will be asked to provide to the Company an ownership statement for purposes
of substantiating the relevant company&rsquo;s entitlement to the exemption. An ownership statement is required to be signed by
the shareholder under penalties of perjury and contains information regarding the residence of the shareholder and its ownership
in the company claiming the Section 883 Exemption. If the Company or a subsidiary needs to obtain additional ownership statements
in order to establish a Section 883 Exemption, there is no guarantee that shareholders representing a sufficient ownership interest
in the Company or any of its subsidiaries will provide ownership statements to the relevant company so that it will satisfy any
of the Section 883 ownership tests and the Section 883 Exemption would not apply to the Company. If in future years the shareholders
fail to update or correct such statements, the Company and its subsidiaries may be unable to continue to qualify for the Section
883 Exemption.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A corporation&rsquo;s qualification for the Section
883 Exemption is determined for each taxable year. If the Company and/or its subsidiaries were not to qualify for the Section 883
Exemption in any year, the United States income taxes that become payable would have a negative effect on the business of the Company
and its subsidiaries, and would result in decreased earnings available for distribution to the Company&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>United States Taxation of Gain
on Sale of Vessels</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If the Company&rsquo;s subsidiaries qualify for the
Section 883 Exemption, then gain from the sale of any vessel would be exempt from tax under Section 883. If, however, the gain
is not exempt from tax under Section 883, the Company will not be subject to United States federal income taxation with respect
to such gain provided that the income from the vessel has never constituted effectively connected income and that the sale is considered
to occur outside of the United States under United States federal income tax principles. In general, a sale of a vessel will be
considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the
vessel, pass to the buyer outside of the United States. To the extent possible, the Company will attempt to structure any sale
of a vessel so that it is considered to occur outside of the United States.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 129.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>United States Federal Income Taxation of United
States Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As used herein, &ldquo;United States Holder&rdquo;
means a beneficial owner of the Company&rsquo;s common shares that is an individual citizen or resident of the United States for
United States federal income tax purposes, a corporation or other entity taxable as a corporation created or organized in or under
the laws of the United States or any state thereof (including the District of Columbia), an estate the income of which is subject
to United States federal income taxation regardless of its source or a trust where a court within the United States is able to
exercise primary supervision over the administration of the trust and one or more United States persons (as defined in the Code)
have the authority to control all substantial decisions of the trust (or a trust that has made a valid election under U.S. Department
of the Treasury regulations to be treated as a domestic trust). A &ldquo;Non-United States Holder&rdquo; generally means any owner
(or beneficial owner) of common shares that is not a United States Holder, other than a partnership. If a partnership holds common
shares, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership.
Partners of partnerships holding common shares should consult their own tax advisors regarding the tax consequences of an investment
in the common shares (including their status as United States Holders or Non-United States Holders).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Distributions</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Subject to the discussion of PFICs below, any distributions
made by the Company with respect to the common shares to a United States Holder will generally constitute dividends, which may
be taxable as ordinary income or qualified dividend income as described in more detail below, to the extent of the Company&rsquo;s
current or accumulated earnings and profits as determined under United States federal income tax principles. Distributions in excess
of the Company&rsquo;s earnings and profits will be treated as a nontaxable return of capital to the extent of the United States
Holder&rsquo;s tax basis in its common shares and, thereafter, as capital gain.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Dividends paid in respect of the Company&rsquo;s common
shares may qualify for the preferential rate attributable to qualified dividend income if: (1) the common shares are readily tradable
on an established securities market in the United States; (2) the Company is not a PFIC for the taxable year during which the dividend
is paid or in the immediately preceding taxable year; (3) the United States Holder has owned the common shares for more than 60
days in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend and (4) the United States
Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property.
The first requirement currently is and has been met, as our common shares are listed on the Nasdaq Capital Market. The Nasdaq Capital
Market is a tier of the Nasdaq Stock Market, which is an established securities market. Further, there is no minimal trading requirement
for shares to be &ldquo;readily tradable,&rdquo; so as long as our common shares remain listed on the Nasdaq Capital Market or
any other established securities market in the United States, the first requirement will be satisfied. However, if our common shares
are delisted and are not tradable on an established securities market in the United States (as described in &ldquo;Item 3.D. Risk
Factors&mdash;Company Specific Risk Factors&mdash;Our common shares may be delisted from Nasdaq, which could affect their market
price and liquidity&rdquo;), the first requirement would not be satisfied, and dividends paid in respect of our common shares would
not qualify for the preferential rate attributable to qualified dividend income. The second requirement is expected to be met as
more fully described below under &ldquo;&mdash;Consequences of Possible PFIC Classification.&rdquo; Satisfaction of the final two
requirements will depend on the particular circumstances of each United States Holder. Consequently, if any of these requirements
are not met, the dividends paid to individual United States Holders in respect of the Company&rsquo;s common shares would not be
treated as qualified dividend income and would be taxed as ordinary income at ordinary rates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Amounts taxable as dividends generally will be treated
as income from sources outside the United States and will, depending on your circumstances, be &ldquo;passive&rdquo; or &ldquo;general&rdquo;
income which, in either case, is treated separately from other types of income for purposes of computing the foreign tax credit
allowable to you. However, if (1) the Company is 50% or more owned, by vote or value, by United States persons and (2) at least
10% of the Company&rsquo;s earnings and profits are attributable to sources within the United States, then for foreign tax credit
purposes, a portion of our dividends would be treated as derived from sources within the United States. Under such circumstances,
with respect to any dividend paid for any taxable year, the United States source ratio of the Company&rsquo;s dividends for foreign
tax credit purposes would be equal to the portion of the Company&rsquo;s earnings and profits from sources within the United States
for such taxable year, divided by the total amount of the Company&rsquo;s earnings and profits for such taxable year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Consequences of Possible PFIC Classification </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A non-United States entity treated as a corporation
for United States federal income tax purposes will be a PFIC in any taxable year in which, after taking into account the income
and assets of the corporation and certain subsidiaries pursuant to a &ldquo;look through&rdquo; rule, either: (1) 75% or more of
its gross income is &ldquo;passive&rdquo; income or (2) 50% or more of the average value of its assets is attributable to assets
that produce passive income or are held for the production of passive income. If a corporation is a PFIC in any taxable year that
a person holds shares in the corporation (and was not a qualified electing fund with respect to such year, as discussed below),
the shares held by such person will be treated as shares in a PFIC for all future years (absent an election which, if made, may
require the electing person to pay taxes in the year of the election). A United States Holder of shares in a PFIC would be required
to file an annual information return on IRS Form 8621 containing information regarding the PFIC as required by U.S. Department
of the Treasury regulations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">While there are legal uncertainties involved in this
determination, including as a result of adverse case law described herein, based upon the Company&rsquo;s and its subsidiaries&rsquo;
expected operations as described herein and based upon the current and expected future activities and operations of the Company
and its subsidiaries, the income of the Company and such subsidiaries from time charters should not constitute &ldquo;passive income&rdquo;
for purposes of applying the PFIC rules, and the assets that the Company owns for the production of this time charter income should
not constitute passive assets for purposes of applying the PFIC rules.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Although there is no legal authority directly on point,
this view is based principally on the position that the gross income that the Company and its subsidiaries derive from time charters
constitutes services income rather than passive rental income. The Fifth Circuit Court of Appeals decided in <I>Tidewater Inc.
v. United States</I>, 565 F.3d 299 (5th Cir., 2009) that a typical time charter is a lease, and not a contract for the provision
of transportation services. In that case, the court was considering a tax issue that turned on whether the taxpayer was a lessor
where a vessel was under a time charter, and the court did not address the definition of passive income or the PFIC rules; however,
the reasoning of the case could have implications as to how the income from a time charter would be classified under such rules.
If the reasoning of the <I>Tidewater</I> case is applied to the Company&rsquo;s situation and the Company&rsquo;s or its subsidiaries&rsquo;
time charters are treated as leases, the Company&rsquo;s or its subsidiaries&rsquo; time charter income could be classified as
rental income and the Company would be a PFIC unless more than 25% of the income of the Company (taking into account the subsidiary
look through rule) is from spot charters plus other active income or an active leasing exception applies. The IRS has announced
that it will not follow the reasoning of the Tidewater case and would have treated the income from the time charters at issue in
that case as services income, including for other purposes of the Code. The Company intends to take the position that all of its
time, voyage and spot chartering activities will generate active services income and not passive leasing income, but in the absence
of direct legal authority specifically relating to the Code provisions governing PFICs, the IRS or a court could disagree with
this position. Although the matter is not free from doubt as described herein, based on the current operations and activities of
the Company and its subsidiaries and on the relative values of the vessels in the Company&rsquo;s fleet and the charter income
in respect of the vessels, Globus Maritime Limited should not be treated as a PFIC during the taxable year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Based on the Company&rsquo;s intention and expectation
that the Company&rsquo;s subsidiaries&rsquo; income from spot, time and voyage chartering activities plus other active operating
income will be greater than 25% of the Company&rsquo;s total gross income at all relevant times and that the gross value of the
vessels subject to such time, voyage or spot charters will exceed the gross value of all the passive assets the Company owns at
all relevant times, Globus Maritime Limited does not expect that it will constitute a PFIC with respect to a taxable year in the
near future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company will try to manage its vessels and its
business so as to avoid being classified as a PFIC for a future taxable year; however there can be no assurance that the nature
of the Company&rsquo;s assets, income and operations will remain the same in the future (notwithstanding the Company&rsquo;s current
expectations). Additionally, no assurance can be given that the IRS or a court of law will accept the Company&rsquo;s position
that the time charters that the Company&rsquo;s subsidiaries have entered into or any other time charter that the Company
or a subsidiary may enter into will give rise to active income rather than passive income for purposes of the PFIC rules, or that
future changes of law will not adversely affect this position. The Company has not obtained a ruling from the IRS on its time charters
or its PFIC status and does not intend to seek one. Any contest with the IRS may materially and adversely impact the market for
the common shares and the prices at which they trade. In addition, the costs of any contest on the issue with the IRS will result
in a reduction in cash available for distribution and thus will be borne indirectly by the Company&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If Globus Maritime Limited were to be classified as
a PFIC in any year, each United States Holder of the Company&rsquo;s shares will be subject (in that year and all subsequent years)
to special rules with respect to: (1) any &ldquo;excess distribution&rdquo; (generally defined as any distribution received by
a shareholder in a taxable year that is greater than 125% of the average annual distributions received by the shareholder in the
three preceding taxable years or, if shorter, the shareholder&rsquo;s holding period for the shares), and (2) any gain realized
upon the sale or other disposition of the common shares. Under these rules:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the excess distribution or gain will be allocated ratably over the United States Holder&rsquo;s holding period;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the amount allocated to the current taxable year and any year prior to the first year in which the Company was a PFIC will be taxed as ordinary income in the current year; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the amount allocated to each of the other taxable years in the United States Holder&rsquo;s holding period will be subject to United States federal income tax at the highest rate in effect for the applicable class of taxpayer for that year, and an interest charge will be added as though the amount of the taxes computed with respect to these other taxable years were overdue.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In order to avoid the application of the PFIC rules,
United States Holders may make a qualified electing fund, or a QEF, election provided in Section 1295 of the Code in respect of
their common shares. Even if a United States Holder makes a QEF election for a taxable year of the Company, if the Company was
a PFIC for a prior taxable year during which such holder held the common shares and for which such holder did not make a timely
QEF election, the United States Holder would also be subject to the more adverse rules described above. Additionally, to the extent
any of the Company&rsquo;s subsidiaries is a PFIC, an election by a United States Holder to treat Globus Maritime Limited as a
QEF would not be effective with respect to such holder&rsquo;s deemed ownership of the stock of such subsidiary and a separate
QEF election with respect to such subsidiary is required. In lieu of the PFIC rules discussed above, a United States Holder that
makes a timely, valid QEF election will, in very general terms, be required to include its pro rata share of the Company&rsquo;s
ordinary income and net capital gains, unreduced by any prior year losses, in income for each taxable year (as ordinary income
and long-term capital gain, respectively) and to pay tax thereon, even if no actual distributions are received for that year in
respect of the common shares and even if the amount of that income is not the same as the amount of actual distributions paid on
the common shares during the year. If the Company later distributes the income or gain on which the United States Holder has already
paid taxes under the QEF rules, the amounts so distributed will not again be subject to tax in the hands of the United States Holder.
A United States Holder&rsquo;s tax basis in any common shares as to which a QEF election has been validly made will be increased
by the amount included in such United States Holder&rsquo;s income as a result of the QEF election and decreased by the amount
of nontaxable distributions received by the United States Holder. On the disposition of a common share, a United States Holder
making the QEF election generally will recognize capital gain or loss equal to the difference, if any, between the amount realized
upon such disposition and its adjusted tax basis in the common share. In general, a QEF election should be made by filing a Form
8621 with the United States Holder&rsquo;s federal income tax return on or before the due date for filing such United States Holder&rsquo;s
federal income tax return for the first taxable year for which the Company is a PFIC or, if later, the first taxable year for which
the United States Holder held common shares. In this regard, a QEF election is effective only if certain required information is
made available by the PFIC. Subsequent to the date that the Company first determines that it is a PFIC, the Company will use commercially
reasonable efforts to provide any United States Holder of common shares, upon request, with the information necessary for such
United States Holder to make the QEF election.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition to the QEF election, Section 1296 of
the Code permits United States Holders to make a &ldquo;mark-to-market&rdquo; election with respect to marketable shares in a
PFIC, generally meaning shares regularly traded on a qualified exchange or market and certain other shares considered
marketable under U.S. Department of the Treasury regulations. For this purpose, a class of shares is regularly traded on a
qualified exchange or market for any calendar year during which such class of shares is traded, other than in de minimis
quantities, on at least 15 days during each calendar quarter of the year. Our common shares are regularly traded on the
Nasdaq Capital Market, which is an established securities market. However, if our common shares were to be delisted, (as
described in &ldquo;Item 3.D. Risk Factors&mdash;Company Specific Risk Factors&mdash;Our common shares may be delisted from
Nasdaq, which could affect their market price and liquidity&rdquo;), then the mark-to-market election generally would be
unavailable to United States Holders. If a United States Holder makes a mark-to-market election in respect of its common shares, such United
States Holder generally would, in each taxable year: (1) include as ordinary income the excess, if any, of the fair market value
of the common shares at the end of the taxable year over such United States Holder&rsquo;s adjusted tax basis in the common shares,
and (2) be permitted an ordinary loss in respect of the excess, if any, of such United States Holder&rsquo;s adjusted tax basis
in the common shares over their fair market value at the end of the taxable year, but only to the extent of the net amount previously
included in income as a result of the mark-to-market election (with the United States Holder&rsquo;s basis in the common shares
being increased and decreased, respectively, by the amount of such ordinary income or ordinary loss). The consequences of this
election may be less favorable than those of a QEF election for United States Holders that are sensitive to the distinction between
ordinary income and capital gain.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">United States Holders are urged to consult their tax
advisors as to the consequences of making a mark-to-market or QEF election, as well as other United States federal income tax consequences
of holding shares in a PFIC.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As previously indicated, if the Company were to be
classified as a PFIC for a taxable year in which the Company pays a dividend or the immediately preceding taxable year, dividends
paid by the Company would not constitute &ldquo;qualified dividend income&rdquo; and, hence, would not be eligible for the reduced
rate of United States federal income tax.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Sale, Exchange or Other Disposition of Common Shares</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A United States Holder generally will recognize taxable
gain or loss upon a sale, exchange or other disposition of common shares in an amount equal to the difference between the amount
realized by the United States Holder from such sale, exchange or other disposition and the United States Holder&rsquo;s tax basis
in such common shares. Assuming the Company does not constitute a PFIC for any taxable year, this gain or loss will generally be
treated as long-term capital gain or loss if the United States Holder&rsquo;s holding period is greater than one year at the time
of the sale, exchange or other disposition. Long term capital gains recognized by a United States Holder other than a corporation
are generally taxed at preferential rates. A United States Holder&rsquo;s ability to deduct capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Net Investment Income Tax</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A United States Holder that is an individual or estate,
or a trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on the lesser
of (1) such United States Holder&rsquo;s &ldquo;net investment income&rdquo; (or undistributed &ldquo;net investment income&rdquo;
in the case of estates and trusts) for the relevant taxable year and (2) the excess of such United States Holder&rsquo;s modified
adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000
and $250,000, depending on the individual&rsquo;s circumstances). A United States Holder&rsquo;s net investment income will generally
include its gross dividend income and its net gains from the disposition of the common shares, unless such dividends or net gains
are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain
passive or trading activities). Net investment income generally will not include a United States Holder&rsquo;s pro rata share
of the Company&rsquo;s income and gain if we are a PFIC and that United States Holder makes a QEF election, as described above
in &ldquo;&mdash;United States Federal Income Taxation of United States Holders&mdash;Consequences of Possible PFIC Classification&rdquo;.
However, a United States Holder may elect to treat inclusions of income and gain from a QEF election as net investment income.
Failure to make this election could result in a mismatch between a United States Holder&rsquo;s ordinary income and net investment
income. If you are a United States Holder that is an individual, estate or trust, you are urged to consult your tax advisor regarding
the applicability of the net investment income tax to your income and gains in respect of your investment in the common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>United States Federal Income
Taxation of Non-United States Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A Non-United States Holder will generally not be subject
to United States federal income tax on dividends paid in respect of the common shares or on gains recognized in connection with
the sale or other disposition of the common shares provided that the Non-United States Holder makes certain tax representations
regarding the identity of the beneficial owner of the common shares, that such dividends or gains are not effectively connected
with the Non-United States Holder&rsquo;s conduct of a United States trade or business and that, with respect to gain recognized
in connection with the sale or other disposition of the common shares by a non-resident alien individual, such individual is not
present in the United States for 183 days or more in the taxable year of the sale or other disposition and other conditions are
met. If the Non-United States Holder is engaged in a United States trade or business for United States federal income tax purposes,
the income from the common shares, including dividends and gain from the sale, exchange or other disposition of the common stock,
that is effectively connected with the conduct of that trade or business will generally be subject to regular United States federal
income tax in the same manner as discussed above relating to the taxation of United States Holders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Backup Withholding and Information
Reporting</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Information reporting to the IRS may be required with
respect to payments on the common shares and with respect to proceeds from the sale of the common shares. With respect to Non-United
States Holders, copies of such information returns may be made available to the tax authorities in the country in which the Non-United
States Holder resides under the provisions of any applicable income tax treaty or exchange of information agreement. A &ldquo;backup&rdquo;
withholding tax may also apply to those payments if:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">a holder of the common shares fails to provide certain identifying information (such as the holder&rsquo;s taxpayer identification number or an attestation to the status of the holder as a Non-United States Holder);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">such holder is notified by the IRS that he or she has failed to report all interest or dividends required to be shown on his or her federal income tax returns; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">in certain circumstances, such holder has failed to comply with applicable certification requirements.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Backup withholding is not an additional tax and may
be refunded (or credited against the holder&rsquo;s United States federal income tax liability, if any), provided that certain
required information is furnished to the IRS in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Non-United States Holders may be required to establish
their exemption from information reporting and backup withholding by certifying their status on IRS Form W-8BEN, W-8BEN-E, W-8ECI
or W-8IMY, as applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Individual United States Holders who hold certain specified
foreign assets with values in excess of certain dollar thresholds are required to report such assets on IRS Form 8938 with their
U.S. federal income tax return, subject to certain exceptions (including an exception for foreign assets held in accounts maintained
by financial institutions). Stock in a foreign corporation, including our common shares, is a specified foreign asset for this
purpose. Penalties apply for failure to properly complete and file Form 8938. You should consult your tax advisor regarding the
filing of this form. United States Holders of common shares may be required to file additional forms with the IRS under the applicable
reporting provisions of the Code. You should consult your tax advisor regarding the filing of any such forms.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>We encourage each United States Holder and Non-United
States Holder to consult with his, her or its own tax advisor as to the particular tax consequences to him, her or it of holding
and disposing of the Company&rsquo;s common shares, including the applicability of any federal, state, local or foreign tax laws
and any proposed changes in applicable law.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>F.&nbsp;&nbsp;Dividends and
Paying Agents</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>G.&nbsp;&nbsp;Statement by Experts</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>H.&nbsp;&nbsp;Documents on
Display</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We file reports and other information with the SEC.
These materials, including this annual report on Form 20-F and the accompanying exhibits, may be inspected and copied at the public
reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549, or from the SEC&rsquo;s website, http://www.sec.gov.
You may obtain information on the operation of the public reference room by calling 1 (800) SEC-0330 and you may obtain copies
at prescribed rates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>I.&nbsp;&nbsp;Subsidiary
Information</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>
<A name=item11></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 11.&nbsp;&nbsp;Quantitative and Qualitative
Disclosures About Market Risk</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Interest Rates</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are exposed to market risks associated with changes
in interest rates relating to our loan arrangements with EnTrust Global&rsquo;s Blue Ocean Fund. As of December 31, 2019, we had
a $37 million principal balance outstanding under the EnTrust Loan Facility with EnTrust Global&rsquo;s Blue Ocean Fund.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In November 2018, we entered into a credit facility
for up to $15.0 million with Firment Shipping Inc., a related party to us, for the purpose of financing our general working capital
needs. We are not exposed to market risk with respect to this facility because interest is charges at a fixed rate of 7% per annum.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On March 13, 2019, we 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 that
is convertible into shares of the Company&rsquo;s common stock, par value $0.004 per share. The Convertible Note provides for interest
to accrue at 10% annually.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Interest costs incurred under our loan arrangements
are included in our consolidated statement of comprehensive (loss)/income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In 2019, the weighted average interest rate for our
then-outstanding facilities in total was 8.66% and the respective interest rates on our loan agreements ranged from 7% to 10.6%,
including margins.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We will continue to have debt outstanding, which could
impact our results of operations and financial condition. Although we may in the future prefer to generate funds through equity
offerings on terms acceptable to us rather than through the use of debt arrangements, we may not be able to do so. We expect to
manage any exposure in interest rates through our regular operating and financing activities and, when deemed appropriate, through
the use of derivative financial instruments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table sets forth the sensitivity of our
existing loans as of December 31, 2019 as to a 1.0% (100 basis points) increase in LIBOR, during the next five years, and reflects
the additional interest expense that will be incurred.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 75%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">$&nbsp;0.4 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">$&nbsp;0.4 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">$ 0.2 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Currency and Exchange Rates</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We generate revenues from the trading of our vessels
in U.S. dollars but historically incur certain amounts of our operating expenses in currencies other than the U.S. dollar. For
cash management, or treasury, purposes, we convert U.S. dollars into foreign currencies which we then hold on deposit until the
date of each transaction. Fluctuations in foreign exchange rates create foreign exchange gains or losses when we mark-to-market
these non-U.S. dollar deposits.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For accounting purposes, expenses incurred in Euro
and other foreign currencies are converted into U.S. dollars at the exchange rate prevailing on the date of each transaction. Because
a portion of our expenses are incurred in currencies other than the U.S. dollar, our expenses may from time to time increase relative
to our revenues as a result of fluctuations in exchange rates, which could affect the amount of net income that we report in future
periods. While we historically have not mitigated the risk associated with exchange rate fluctuations through the use of financial
derivatives, we may determine to employ such instruments from time to time in the future in order to minimize this risk. Our use
of financial derivatives would involve certain risks, including the risk that losses on a hedged position could exceed the nominal
amount invested in the instrument and the risk that the counterparty to the derivative transaction may be unable or unwilling to
satisfy its contractual obligations, which could have an adverse effect on our results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Commodity Risk Exposure</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The price and supply of fuel is unpredictable and fluctuates
as a result of events outside our control, including geo-political developments, supply and demand for oil and gas, actions by
members of the Organization of Petroleum Exporting Countries and other oil and gas producers, war and unrest in oil producing countries
and regions, regional production patterns and environmental concerns and regulations. Because we do not intend to hedge our fuel
costs, an increase in the price of fuel beyond our expectations may adversely affect our profitability, cash flows and ability
to pay dividends. However, all of our vessels are employed on time charter contracts, where the fuel costs are assumed by our customers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Inflation</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We do not expect inflation to be a significant risk
to us in the current and foreseeable economic environment. In the event that inflation becomes a significant factor in the global
economy, inflationary pressures would result in increased operating, voyage and finance costs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item12></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 12.&nbsp;&nbsp;Description of Securities Other
than Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item13></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 13.&nbsp;&nbsp;Defaults, Dividend Arrearages
and Delinquencies</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item14></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 14.&nbsp;&nbsp;Material Modifications to the
Rights of Security Holders and Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<A name=item15></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 15.&nbsp;&nbsp;Controls and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(a) Disclosure Controls and Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Management, including our chief executive officer and
chief financial officer, has conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act)
as of the end of the period covered by this annual report on Form 20-F. Disclosure controls and procedures are defined under SEC
rules as controls and other procedures that are designed to ensure that information required to be disclosed by a company in the
reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within
required time periods. Disclosure controls and procedures include controls and procedures designed to ensure that information is
accumulated and communicated to the issuer&rsquo;s management, including its principal executive and principal financial officers,
or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosures.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There are inherent limitations to the effectiveness
of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding
of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance
of achieving their control objectives.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Based upon that evaluation, our chief executive officer
and chief financial officer has concluded that our disclosure controls and procedures are effective as of the evaluation date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(b) Management&rsquo;s Annual Report on Internal
Control over Financial Reporting</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act. The Company&rsquo;s
internal control over financial reporting is a process designed under the supervision of the Company&rsquo;s chief executive officer
and chief financial officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of the Company&rsquo;s consolidated financial statements for external reporting purposes in accordance with IFRS as issued by the
IASB.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Management has conducted an assessment of the effectiveness
of the Company&rsquo;s internal control over financial reporting based on the framework established in Internal Control &ndash;
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission of 2013. Based on this assessment,
management has determined that the Company&rsquo;s internal control over financial reporting as of December 31, 2019 is effective.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(c)&nbsp;&nbsp;Attestation Report of the Registered
Public Accounting Firm</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">This annual report does not include an attestation
report of the Company&rsquo;s registered public accounting firm regarding internal control over financial reporting. Management&rsquo;s
report was not subject to attestation by the Company&rsquo;s registered public accounting firm pursuant to the rules of the SEC
that permit the Company to provide only management&rsquo;s report in this annual report on Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(d) Changes in Internal Control over Financial
Reporting</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">None.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Inherent Limitations on Effectiveness of Controls</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our management, including our chief executive officer
and our chief financial officer, do not expect that our disclosure controls or our internal control over financial reporting will
prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable,
not absolute, assurance that the control system&rsquo;s objectives will be met. Further, because of the inherent limitations in
all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not
occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations
include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or
mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management
override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls
may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item16a></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 16A.&nbsp;&nbsp;Audit Committee Financial Expert</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our board of directors has determined that Ioannis
Kazantzidis is our audit committee financial expert and he is considered to be &ldquo;independent&rdquo; according to the SEC and
Nasdaq rules.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item16b></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 16B.&nbsp;&nbsp;Code of Ethics</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We have adopted a code of ethics that applies to our
directors, officers and employees. Our code of ethics is posted on our website and is available upon written request by our shareholders
at no cost to Globus Shipmanagement Corp., 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece. We intend to satisfy
any disclosure requirements regarding any amendment to, or waiver from, a provision of this Code of Ethics by posting such information
on our website.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item16c></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 16C.&nbsp;&nbsp;Principal Accountant Fees and
Services</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Ernst &amp; Young (Hellas) Certified Auditors Accountants
S.A., an independent registered public accounting firm, has audited our annual financial statements acting as our independent auditor
for the fiscal years ended December 31, 2019 and 2018. This table below sets forth the total (actual) amounts billed and accrued
for Ernst &amp; Young services and breaks down the amounts by category of services:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Audit Fees</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">109,700</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">103,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Audit-Related Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Tax Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">All Other Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">114,700</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">108,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Audit fees for the years ended December 31, 2019 and
2018 were paid in Euros, and we assume an exchange rate of 0.90&euro;/$ and 0.85&euro;/$ for 2019 and 2018, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Audit fees represent compensation for professional
services rendered for the audit of the consolidated financial statements and for the review of the quarterly financial information
as well as services in connection with the registration statements and related consents and comfort letters and any other audit
services required for SEC or other regulatory filings.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Audit Committee is responsible for the appointment,
replacement, compensation, evaluation and oversight of the work of the independent auditors. As part of this responsibility, the
Audit Committee pre-approves the audit and non-audit services performed by the independent auditors in order to assure that they
do not impair the auditor&rsquo;s independence from the Company. The Audit Committee has adopted a policy which sets forth the
procedures and the conditions pursuant to which services proposed to be performed by the independent auditors may be pre-approved.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Furthermore, we have engaged Ernst &amp; Young LLP
to provide us with professional services pertaining to the US tax compliance preparation for the respective years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item16d></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 16D.&nbsp;&nbsp;Exemptions from the Listing
Standards for Audit Committees</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our audit committee is comprised of two independent
members of our board of directors. Otherwise, our Audit Committee conforms to each other requirement applicable to audit committees
as required by the applicable corporate governance standards of Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item16e></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 16E.&nbsp;&nbsp;Purchases of Equity Securities
by the Issuer and Affiliated Purchasers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item16f></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 16F.&nbsp;&nbsp;Change in Registrant&rsquo;s
Certifying Accountant</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">None.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item16g></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 16G.&nbsp;&nbsp;Corporate Governance</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In lieu of obtaining an independent review of related
party transactions for conflicts of interests, consistent with Marshall Islands law requirements, a related party transaction will
be permitted if: (i) the material facts as to such director&rsquo;s interest in such contract or transaction and as to any such
common directorship, officership or financial interest are disclosed in good faith or known to the board or committee, and the
board or committee approves such contract or transaction by a vote sufficient for such purpose without counting the vote of such
interested director, or, if the votes of the disinterested directors are insufficient to constitute an act of the board, by unanimous
vote of the disinterested directors; or (ii) if the material facts as to such director&rsquo;s interest in such contract or transaction
and as to any such common directorship, officership or financial interest are disclosed in good faith or known to the shareholders
entitled to vote thereon, and such contract or transaction is approved by vote of such shareholders. Article VI of our articles
of incorporation further limit our ability to enter into business transactions with interested shareholders.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As a foreign private issuer, we are not required to
solicit proxies or provide proxy statements to Nasdaq pursuant to Nasdaq corporate governance rules or Marshall Islands law. Consistent
with Marshall Islands law, we will notify our shareholders of meetings between 15 and 60 days before the meeting. This notification
will contain, among other things, information regarding business to be transacted at the meeting. In addition, our bylaws provide
that certain shareholders must give us advance notice to properly introduce any business at a meeting of the shareholders. Our
bylaws also provide that shareholders may designate in writing a proxy to act on their behalf.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">While a number of the Nasdaq&rsquo;s corporate governance
standards do not apply to us as a foreign private issuer, we intend to comply with a number of those rules. The practices that
we will follow in lieu of Nasdaq&rsquo;s corporate governance rules are as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">in lieu of a nomination committee and remuneration committee comprised entirely of independent directors, our nomination and remuneration committees are and will be comprised of a majority of independent directors. Each of these committees will be comprised of a minimum of two individuals;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">in lieu of holding regularly scheduled meetings of the board of directors at which only independent directors are present, we will not be holding such regularly scheduled meetings;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">in lieu of a board of directors that is comprised by a majority of independent directors, our board of directors is not comprised of a majority of independent directors; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: justify">in lieu of an audit committee comprised of
        three independent directors, our audit committee has two members;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">in lieu of having a remuneration committee with the authorities and responsibilities set forth in the Nasdaq rules, our remuneration committee is not required to have such authorities and responsibilities; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">in lieu of obtaining shareholder approval prior to the issuance of securities (including adoption of any equity incentive plan), we will comply with provisions of the BCA, which allows the board of directors to approve all share issuances.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.8pt 0 0; text-align: justify">&nbsp;</P>
<A name=item16h></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 16H.&nbsp;&nbsp;Mining Safety Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>PART III</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item17></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 17.&nbsp;&nbsp;Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">See Item 18.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item18></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 18.&nbsp;&nbsp;Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following consolidated financial statements beginning
on page F-1 are filed as a part of this annual report on Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<A name=item19></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Item 19.&nbsp;&nbsp;Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR>
    <TD STYLE="width: 11%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420410063372/v202967_ex3-1.htm" STYLE="-sec-extract: exhibit">1.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 89%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420410063372/v202967_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Incorporation of Globus Maritime Limited (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Globus Maritime Limited&rsquo;s Registration Statement on Form F-1 (Reg. No. 333-170755) filed on November 24, 2010)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419037451/tv526472_ex99-1.htm" STYLE="-sec-extract: exhibit">1.2</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419037451/tv526472_ex99-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws of Globus Maritime Limited (incorporated by reference to Exhibit 99.1 to Globus Maritime Limited&rsquo;s Current Report on Form 6-K (Reg. No. 001-34985) filed on August 2, 2019)</A></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 11%"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420412024331/v310668_ex1-3.htm" STYLE="-sec-extract: exhibit">1.3</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420412024331/v310668_ex1-3.htm" STYLE="-sec-extract: exhibit">Certificate
    of Designation for Series A Preferred Stock of Globus Maritime Limited (incorporated by reference to Exhibit 1.3 to Globus
    Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 27, 2012)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex1-4.htm" STYLE="-sec-extract: exhibit">1.4</A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex1-4.htm" STYLE="-sec-extract: exhibit">Articles
    of Amendment of the Articles of Incorporation of Globus Maritime Limited, dated October 17, 2016 (incorporated by reference
    to Exhibit 1.4 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 11, 2017)&nbsp;</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419016636/tv517220_ex1-5.htm" STYLE="-sec-extract: exhibit">1.5</A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419016636/tv517220_ex1-5.htm" STYLE="-sec-extract: exhibit">Articles
    of Amendment of the Articles of Incorporation of Globus Maritime Limited, dated October 11, 2018 incorporated by reference
    to Exhibit 1.5 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on March 28, 2019)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2014261d1_ex2-1.htm" STYLE="-sec-extract: exhibit">2.1*</A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2014261d1_ex2-1.htm" STYLE="-sec-extract: exhibit">Description
    of Rights of Each Class of Securities Registered under Section 12 of the Exchange Act</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420410062761/v202966_ex10-4.htm" STYLE="-sec-extract: exhibit">4.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420410062761/v202966_ex10-4.htm" STYLE="-sec-extract: exhibit">Business
    Opportunities Agreement between Globus Maritime Limited and Georgios Feidakis (incorporated by reference to Exhibit 10.4 to
    Globus Maritime Limited&rsquo;s Registration Statement on Form F-1 (Reg. No. 333-170755) filed on November 22, 2010)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416136578/v453943_ex99-1.htm" STYLE="-sec-extract: exhibit">4.2</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416136578/v453943_ex99-1.htm" STYLE="-sec-extract: exhibit">Registration
    Rights Agreement between Globus Maritime Limited and Firment Trading Limited (incorporated by reference to Exhibit 99.1 to
    Globus Maritime Limited&rsquo;s Current Report on Form 6-K (Reg. No. 001-34985) filed on November 27, 2016)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-7.htm" STYLE="-sec-extract: exhibit">4.3</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-7.htm" STYLE="-sec-extract: exhibit">Globus
    Maritime Limited 2012 Equity Incentive Plan amended August 12, 2016 and April 9, 2017 (incorporated by reference to Exhibit
    4.7 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 11, 2017)</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR>
    <TD STYLE="width: 11%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420411037028/v226558_ex10-10.htm" STYLE="-sec-extract: exhibit">4.4</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 89%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420411037028/v226558_ex10-10.htm" STYLE="-sec-extract: exhibit">Loan
    Agreement among DVB Bank SE, Artful Shipping S.A. and Longevity Maritime Limited (previously filed as Exhibit 10.10 to Amendment
    No. 3 to the Registration Statement on Form F-1 (Reg. No. 333-174290) filed on June 22, 2011)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420413024896/v342601_ex4-10.htm" STYLE="-sec-extract: exhibit">4.5</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420413024896/v342601_ex4-10.htm" STYLE="-sec-extract: exhibit">Supplemental
    Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A. and Longevity Maritime Limited, dated March 1, 2012 (incorporated
    by reference to Exhibit 4.10 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April
    30, 2013)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420413024896/v342601_ex4-11.htm" STYLE="-sec-extract: exhibit">4.6</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420413024896/v342601_ex4-11.htm" STYLE="-sec-extract: exhibit">Second
    Supplemental Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A. and Longevity Maritime Limited, dated April
    10, 2013 (incorporated by reference to Exhibit 4.11 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No.
    001-34985) filed on April 30, 2013)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420414025704/v375937_ex4-11.htm" STYLE="-sec-extract: exhibit">4.7</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420414025704/v375937_ex4-11.htm" STYLE="-sec-extract: exhibit">Revolving
    Credit Facility between Globus Maritime Limited and Firment Trading Limited, dated December 16, 2013 (incorporated by reference
    to Exhibit 4.11 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 29, 2014)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-12.htm" STYLE="-sec-extract: exhibit">4.8</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-12.htm" STYLE="-sec-extract: exhibit">Third
    Supplemental Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A., Longevity Maritime Limited, Globus Maritime
    Limited and Globus Shipmanagement Corp. dated February 20, 2015 (incorporated by reference to Exhibit 4.12 to Globus Maritime
    Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 30, 2015)</A></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 11%"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-14.htm" STYLE="-sec-extract: exhibit">4.9</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-14.htm" STYLE="-sec-extract: exhibit">Ninth
    Supplemental Agreement to Facility Agreement, dated February 25, 2015 (incorporated by reference to Exhibit 4.14 to Globus
    Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 30, 2015)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-15.htm" STYLE="-sec-extract: exhibit">4.10</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-15.htm" STYLE="-sec-extract: exhibit">Facility
    Agreement among Devocean Maritime Ltd., Domina Maritime Ltd., Dulac Maritime S.A., HSH Nordbank AG and Globus Maritime Limited,
    dated February 27, 2015 (incorporated by reference to Exhibit 4.15 to Globus Maritime Limited&rsquo;s Annual Report on Form
    20-F (Reg. No. 001-34985) filed on April 30, 2015)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-16.htm" STYLE="-sec-extract: exhibit">4.11</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-16.htm" STYLE="-sec-extract: exhibit">First
    Supplemental Agreement to Revolving Credit Facility between Globus Maritime Limited and Firment Trading Limited, dated April
    28, 2015 (incorporated by reference to Exhibit 4.16 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No.
    001-34985) filed on April 30, 2015</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-17.htm" STYLE="-sec-extract: exhibit">4.12</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-17.htm" STYLE="-sec-extract: exhibit">Second
    Supplemental Agreement to the Revolving Credit Facility Agreement between Globus Maritime Limited and Firment Trading Limited
    dated December 29, 2015 (incorporated by reference to Exhibit 4.17 to Globus Maritime Limited&rsquo;s Annual Report on Form
    20-F (Reg. No. 001-34985) filed on April 29, 2016)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-18.htm" STYLE="-sec-extract: exhibit">4.13</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-18.htm" STYLE="-sec-extract: exhibit">Third
    Supplemental Agreement &ndash; Assignment to the Revolving Credit Facility Agreement between Globus Maritime Limited, Firment
    Trading Limited, a Cypriot company, and Firment Trading Limited, a Marshall Islands corporation, dated December 31, 2015 (incorporated
    by reference to Exhibit 4.18 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April
    29, 2016)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-19.htm" STYLE="-sec-extract: exhibit">4.14</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-19.htm" STYLE="-sec-extract: exhibit">Agreement
    for a Revolving Credit Facility dated January 12, 2016 between Globus Maritime Limited and Silaner Investments Limited&nbsp;&nbsp;(incorporated
    by reference to Exhibit 4.19 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April
    29, 2016)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-21.htm" STYLE="-sec-extract: exhibit">4.15</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-21.htm" STYLE="-sec-extract: exhibit">Fourth
    Supplemental Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A., Longevity Maritime Limited, Globus Maritime
    Limited and Globus Shipmanagement Corp. dated April 18, 2016&nbsp;&nbsp;(incorporated by reference to Exhibit 4.21 to Globus
    Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 29, 2016)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-23.htm" STYLE="-sec-extract: exhibit">4.16</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-23.htm" STYLE="-sec-extract: exhibit">Private
    Sublease Agreement dated January 2, 2016 between Globus Maritime Limited and Cyberonica S.A. (incorporated by reference to
    Exhibit 4.23 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 11, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-1.htm" STYLE="-sec-extract: exhibit">4.17</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-1.htm" STYLE="-sec-extract: exhibit">Share
    and Warrant Purchase Agreement dated February 8, 2017 between Globus Maritime Limited and the Purchasers listed on Schedule
    A thereto (incorporated by reference to Exhibit 10.1 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished
    on February 9, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-2.htm" STYLE="-sec-extract: exhibit">4.18</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-2.htm" STYLE="-sec-extract: exhibit">Registration
    Rights Agreement between Globus Maritime Limited and the Purchasers dated February 9, 2017 (incorporated by reference to Exhibit
    10.2 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished on February 9, 2017)</A></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 11%"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-3.htm" STYLE="-sec-extract: exhibit">4.19</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-3.htm" STYLE="-sec-extract: exhibit">Amendment
    to Loan Agreement dated February 8, 2017 between Globus Maritime Limited and Firment Trading Limited (incorporated by reference
    to Exhibit 10.3 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished on February
    9, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-4.htm" STYLE="-sec-extract: exhibit">4.20</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-4.htm" STYLE="-sec-extract: exhibit">Amendment
    to Loan Agreement dated February 8, 2017 between Globus Maritime Limited and Silaner Investments Limited (incorporated by
    reference to Exhibit 10.4 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished
    on February 9, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-5.htm" STYLE="-sec-extract: exhibit">4.21</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-5.htm" STYLE="-sec-extract: exhibit">Form
    of Warrant issued to each Purchaser (incorporated by reference to Exhibit 10.5 to Globus Maritime Limited&rsquo;s Report on
    Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished on February 9, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-6.htm" STYLE="-sec-extract: exhibit">4.22</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-6.htm" STYLE="-sec-extract: exhibit">Warrant
    dated February 8, 2017 issued to nominee of Firment Trading Limited (incorporated by reference to Exhibit 10.6 to Globus Maritime
    Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished on February 9, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-7.htm" STYLE="-sec-extract: exhibit">4.23</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-7.htm" STYLE="-sec-extract: exhibit">Warrant
    dated February 8, 2017 issued to nominee of Silaner Investments Limited (incorporated by reference to Exhibit 10.7 to Globus
    Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished on February 9, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-8.htm" STYLE="-sec-extract: exhibit">4.24</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-8.htm" STYLE="-sec-extract: exhibit">Schedule
    to Exhibit 4.27 (Regarding Material Differences in Issued Warrants) (incorporated by reference to Exhibit 10.8 to Globus Maritime
    Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished on February 9, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-32.htm" STYLE="-sec-extract: exhibit">4.25</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-32.htm" STYLE="-sec-extract: exhibit">Supplemental
    Agreement relating to a loan of up to US$30,000,000 to Devocean Maritime Ltd., Domina Maritime Ltd., and Dulac Maritime S.A.,
    arranged by HSH Nordbank AG, with HSH Nordbank AG as Agent, HSH Nordbank AG as Security Agent, guaranteed by Globus Maritime
    Limited, dated December 5, 2016 (incorporated by reference to Exhibit 4.32 to Globus Maritime Limited&rsquo;s Annual Report
    on Form 20-F (Reg. No. 001-34985) filed on April 11, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-1.htm" STYLE="-sec-extract: exhibit">4.26</A></FONT></TD>
    <TD STYLE="padding: 0; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-1.htm" STYLE="-sec-extract: exhibit">Share
    and Warrant Purchase Agreement dated October 19, 2017 between Globus Maritime Limited and &nbsp;the Purchaser listed on Schedule
    A thereto (incorporated by reference to Exhibit 10.1 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished
    on October&nbsp;&nbsp;19, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-2.htm" STYLE="-sec-extract: exhibit">4.27</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-2.htm" STYLE="-sec-extract: exhibit">Registration
    Rights Agreement between Globus Maritime Limited and the Purchaser dated October 19, 2017 (incorporated by reference to Exhibit
    10.2 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on October 19, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-3.htm" STYLE="-sec-extract: exhibit">4.28</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-3.htm" STYLE="-sec-extract: exhibit">Warrant
    issued to United Capital Investments Corp. (incorporated by reference to Exhibit 10.3 to Globus Maritime Limited&rsquo;s Report
    on Form 6-K (Reg. No. 001-34985)&nbsp;&nbsp;furnished on October&nbsp;&nbsp;19, 2017)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417063970/tv481128_ex10-1.htm" STYLE="-sec-extract: exhibit">4.29</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417063970/tv481128_ex10-1.htm" STYLE="-sec-extract: exhibit">Fifth
    Supplemental Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A., Longevity Maritime Limited, Globus Maritime
    Limited and Globus Shipmanagement Corp., dated June 23, 2017 (incorporated by reference to Exhibit 10.1 to Globus Maritime
    Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on December 15, 2017)</A></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 11%"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417063970/tv481128_ex10-2.htm" STYLE="-sec-extract: exhibit">4.30</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417063970/tv481128_ex10-2.htm" STYLE="-sec-extract: exhibit">Second
    Supplemental Agreement relating to a loan of up to US$30,000,000 to Devocean Maritime Ltd., Domina Maritime Ltd., and Dulac
    Maritime S.A., arranged by HSH Nordbank AG, with HSH Nordbank AG as Agent, HSH Nordbank AG as Security Agent, guaranteed by
    Globus Maritime Limited, dated July 10, 2017 (incorporated by reference to Exhibit 10.2 to Globus Maritime Limited&rsquo;s
    Report on Form 6-K (Reg. No. 001-34985) furnished on December 15, 2017)&nbsp;</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420418061509/tv507821_ex99-2.htm" STYLE="-sec-extract: exhibit">4.31</A></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420418061509/tv507821_ex99-2.htm" STYLE="-sec-extract: exhibit">Agreement
    with Firment Shipping Inc. for a Revolving Credit Facility of up to US Dollars $15,000,000 dated November 21, 2018 (incorporated
    by reference to Exhibit 99.2 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on November
    26, 2018)</A></FONT>
      </TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419006632/tv513233_ex99-1.htm" STYLE="-sec-extract: exhibit">4.32</A></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419006632/tv513233_ex99-1.htm" STYLE="-sec-extract: exhibit">Term
    Loan Facility of Artful Shipholding S.A. and Longevity Maritime Limited with Macquarie Bank International Limited of up to
    US Dollars $13,500,000, guaranteed by Globus Maritime Limited, dated December 10, 2018 (incorporated by reference to Exhibit
    99.1 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 12, 2019)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-1.htm" STYLE="-sec-extract: exhibit">4.33</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-1.htm" STYLE="-sec-extract: exhibit">Securities
    Purchase Agreement dated March 13, 2019 between Globus Maritime Limited and&nbsp;the investors listed on the Schedule of Buyers
    thereto (incorporated by reference to Exhibit 10.1 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985)
    furnished on March 13, 2019</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-2.htm" STYLE="-sec-extract: exhibit">4.34</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-2.htm" STYLE="-sec-extract: exhibit">Registration
    Rights Agreement between Globus Maritime Limited and the Undersigned Buyers dated March 13, 2019 (incorporated by reference
    to Exhibit 10.2 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on March 13, 2019)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-3.htm" STYLE="-sec-extract: exhibit">4.35</A></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-3.htm" STYLE="-sec-extract: exhibit">Senior
    Convertible Note issued on March 13, 2019 (incorporated by reference to Exhibit 10.3 to Globus Maritime Limited&rsquo;s Report
    on Form 6-K (Reg. No. 001-34985) furnished on March 13, 2019)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419016636/tv517220_ex4-42.htm" STYLE="-sec-extract: exhibit">4.36</A></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419016636/tv517220_ex4-42.htm" STYLE="-sec-extract: exhibit">Amendment
    No. 1 dated March 21, 2019 to Securities Purchase Agreement between Globus Maritime Limited and&nbsp;the Buyer (incorporated
    by reference to Exhibit 4.42 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on March
    28, 2019)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419030568/tv523392_ex99-1.htm" STYLE="-sec-extract: exhibit">4.37</A></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419030568/tv523392_ex99-1.htm" STYLE="-sec-extract: exhibit">Third
    Supplemental Agreement relating to a loan of up to US$30,000,000 to Devocean Maritime Ltd., Domina Maritime Ltd., and Dulac
    Maritime S.A., arranged by HSH Nordbank AG, with HSH Nordbank AG as Agent, HSH Nordbank AG as Security Agent, guaranteed by
    Globus Maritime Limited (incorporated by reference to Exhibit 99.1 to Globus Maritime Limited&rsquo;s Current Report on Form
    6-K (Reg. No. 001-34985) filed on June 11, 2019)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419033390/tv524626_ex99-2.htm" STYLE="-sec-extract: exhibit">4.38</A></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420419033390/tv524626_ex99-2.htm" STYLE="-sec-extract: exhibit">Term
    Loan Facility relating to a loan of $37,000,000 dated June 24, 2019 among Devocean Maritime Ltd., Domina Maritime Ltd., Dulac
    Maritime S.A., Artful Shipholding S.A. and Longevity Maritime Limited, as joint and several borrowers and Globus Maritime
    Limited as parent guarantor and Lucid Agency Services Limited as facility agent and as security agent (incorporated by reference
    to Exhibit 99.2 to Globus Maritime Limited&rsquo;s Current Report on Form 6-K (Reg. No. 001-34985) filed on July 1, 2019)</A></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 11%"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920032769/tm2012632d1_ex99-2.htm" STYLE="-sec-extract: exhibit">4.39</A></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920032769/tm2012632d1_ex99-2.htm">Waiver
    to Senior Convertible Note dated March 12, 2020</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex8-1.htm" STYLE="-sec-extract: exhibit">8.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex8-1.htm" STYLE="-sec-extract: exhibit">Subsidiaries
    of Globus Maritime Limited (incorporated by reference to Exhibit 8.1 to Globus Maritime Limited&rsquo;s Annual Report on Form
    20-F (Reg. No. 001-34985) filed on April 29, 2016)</A>&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420411017498/v216015_ex11-1.htm" STYLE="-sec-extract: exhibit">11.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420411017498/v216015_ex11-1.htm" STYLE="-sec-extract: exhibit">Code
    of Ethics &amp; Conduct of Globus Maritime Limited (incorporated by reference to Exhibit 11.1 to Globus Maritime Limited&rsquo;s
    Annual Report on Form 20-F (Reg. No. 001-34985) filed on March 28, 2011)</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2014261d1_ex12.htm" STYLE="-sec-extract: exhibit">12.1/12.2*</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2014261d1_ex12.htm" STYLE="-sec-extract: exhibit">Certification
    pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the President, Chief Executive Officer and Chief Financial Officer</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2014261d1_ex13.htm" STYLE="-sec-extract: exhibit">13.1/13.2*</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2014261d1_ex13.htm" STYLE="-sec-extract: exhibit">Certification
    pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of the President,
    Chief Executive Officer and Chief Financial Officer</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2014261d1_ex15-1.htm" STYLE="-sec-extract: exhibit">15.1*</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2014261d1_ex15-1.htm" STYLE="-sec-extract: exhibit">Consent
    of Independent Registered Public Accounting Firm Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</A></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101*</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following materials from the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2019, formatted in
    eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of December 31, 2018 and 2019; (ii) Consolidated
    Statements of Operations for the years ended December 31, 2017, 2018 and 2019; (iii) Consolidated Statements of Comprehensive
    Income/(Loss) for the years ended December 31, 2017, 2018 and 2019; (iv) Consolidated Statements of Stockholders' Equity for
    the years ended December 31, 2017, 2018 and 2019; (v) Consolidated Statements of Cash Flows for the years ended December 31,
    2017, 2018 and 2019; and (vi) the Notes to Consolidated Financial Statements.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>* Filed herewith.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 27pt">The registrant hereby certifies that it meets all of
the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report
on its behalf.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>GLOBUS MARITIME LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 1.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 41%; padding-right: 1.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 1.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 1.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp; /s/ Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 1.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 1.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Name: Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 1.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.8pt 0 35.85pt; text-indent: -35.85pt">Title: President, Chief Executive
        Officer and</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.8pt 0 35.85pt; text-indent: -13.5pt">Chief Financial Officer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Date: March 31, 2020</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>FOR THE YEAR ENDED DECEMBER 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<A name=finindex></A>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 18.1pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 88%; font-family: Times New Roman,serif; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_001">Report of Independent Registered Public Accounting Firm</A></FONT></TD>
    <TD STYLE="padding: 0; width: 12%; font-family: Times New Roman,serif; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_002" STYLE="-sec-extract: exhibit">F-2</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_002">Consolidated Statement of Comprehensive Loss</A></FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_002">F-3</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_003">Consolidated Statement of Financial Position</A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_003">F-4</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_004">Consolidated Statement of Changes in Equity</A></FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_004">F-5</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_005">Consolidated Statement of Cash Flows</A></FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_005">F-6</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_006">Notes to the Consolidated Financial Statements&nbsp;&nbsp;</A></FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="#fin_006">F-7 to F-39</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 12.2pt; text-align: center"><B><A NAME="fin_001"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">To the Shareholders and the Board of Directors of Globus
Maritime Limited</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We have audited the accompanying consolidated
statements of financial position of Globus Maritime Limited (the Company) as of December 31, 2019 and 2018, the related
consolidated statements of comprehensive loss, changes in equity and cash flows for each of the three years in the period
ended December 31, 2019, and the related notes (collectively referred to as the &ldquo;consolidated financial
statements&quot;). In our opinion, the consolidated financial statements present fairly, in all material respects, the
financial position of the Company at December 31, 2019 and 2018, and the results of its operations and its cash flows for
each of the three years in the period ended December 31, 2019, in conformity with International Financial Reporting Standards
as issued by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>The Company's Ability to Continue as a Going Concern
</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial
statements, as at December 31, 2019 and for the year then ended, the Company has incurred a net loss from operations, has a working
capital deficiency and has stated that substantial doubt exists about the Company&rsquo;s ability to continue as a going concern.
In addition, based on its projections, the Company (i) may not be able to comply with certain covenants of loan agreements at measurement
dates falling within the 12 months following the issuance of these financial statement without obtaining waivers and, (ii) cover
its working capital needs as they become due in the twelve-month period ending following the issuance of these consolidated financial
statements. Management's evaluation of the events and conditions and management&rsquo;s plans regarding these matters are also
described in Note 2. The accompanying consolidated financial statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result
from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis
for our opinion.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants
S.A.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We have served as the Company&rsquo;s auditor since
2007.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">March 31, 2020</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B><A NAME="fin_002"></A>CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>For the year ended December 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Expressed in thousands of U.S. Dollars, except share
and per share)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Notes</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">REVENUE:</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Voyage
    revenues</FONT></TD><TD STYLE="width: 2%; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">15,623</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">17,354</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">13,852</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Management
    and consulting fee income</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">15,623</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">17,354</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">13,883</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">EXPENSES
    &amp; OTHER OPERATING INCOME:</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Voyage expenses</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,098</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,188</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,352</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Vessel operating
    expenses</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(8,882</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(9,925</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(9,135</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,721</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,601</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,854</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Depreciation
    of dry-docking costs</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,704</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,166</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(862</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Administrative
    expenses</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,583</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,356</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,224</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Administrative
    expenses payable to related parties</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(371</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(528</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(514</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Share-based
    payments</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(40</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(40</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(40</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Impairment
    loss</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(29,902</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Other
    income, net</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Operating
    loss</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(33,649</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,448</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,015</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Interest
    income</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Interest
    expense and finance costs</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,703</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,056</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,221</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Gain/(Loss)
    on derivative financial instruments</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,950</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(131</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Foreign
    exchange gains/(losses), net</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">67</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(242</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,702</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,120</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,460</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">TOTAL
    LOSS FOR THE YEAR</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(36,351</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,568</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(6,475</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Other
    Comprehensive Income</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">TOTAL
    COMPREHENSIVE LOSS FOR THE YEAR</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(36,351</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,568</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(6,475</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Loss
    per share (U.S.$):</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;-
    Basic and Diluted loss per share for the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(8.73</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1.11</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2.51</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes form an integral part of these
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B><A NAME="fin_003"></A>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>As at December 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Expressed in thousands of U.S. Dollars)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt"><U>ASSETS</U></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Notes</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">NON-CURRENT
    ASSETS</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Vessels,
    net</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">48,242</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">83,750</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Office
    furniture and equipment</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">103</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">120</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Right
    of use asset</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">562</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Restricted
    cash</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,250</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Other
    non-current assets</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total
    non-current assets</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">50,167</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">83,880</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">CURRENT
    ASSETS</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Trade
    accounts receivable</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">240</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">577</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,545</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">650</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Prepayments
    and other assets</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">153</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">171</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Restricted
    cash</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,185</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,350</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Cash and
    cash equivalents</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,366</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total
    current assets</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5,489</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,794</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">TOTAL
    ASSETS</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">55,656</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">86,674</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-decoration: underline; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">EQUITY
    AND LIABILITIES</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">EQUITY</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Issued
    share capital</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Share
    premium</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">145,506</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">140,334</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Accumulated
    deficit</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(135,648</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(99,297</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Total
    equity</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">9,879</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">41,050</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">NON-CURRENT
    LIABILITIES</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Long-term
    borrowings, net of current portion</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>4,
                                         11</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">36,551</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,500</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Fair value
    of derivative financial instruments, net of current portion</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">21</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">831</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Provision
    for staff retirement indemnities</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">87</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Lease
    liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,
                                         18</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">469</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total
    non-current liabilities</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,046</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,418</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">CURRENT
    LIABILITIES</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Current
    portion of long-term borrowings</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,195</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">35,368</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Trade
    accounts payable</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>4,
                                         7</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,735</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">6,433</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Accrued
    liabilities and other payables</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,971</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,319</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Current
    portion of lease liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,
                                         18</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">208</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Current
    portion of fair value of derivative financial instruments</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">622</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Deferred
    revenue</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total
    current liabilities</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">8,731</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">43,206</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">TOTAL
    LIABILITIES</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">45,777</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">45,624</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">TOTAL
    EQUITY AND LIABILITIES</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">55,656</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">86,674</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes form an integral part of these
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B><A NAME="fin_004"></A>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>For the year ended December 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Expressed in thousands of U.S. Dollars)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Issued Share</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Share</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(Accumulated</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Capital</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Premium</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Deficit)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Equity</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">As
    at January 1, 2017</FONT></TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">110,013</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(89,254</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">20,760</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loss for the year</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(6,475</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(6,475</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other comprehensive
    income</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total comprehensive
    loss</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6,475</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6,475</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share-based payments (note 12)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issuance of common shares (note 9)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27,271</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27,282</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issuance of common
    stock due to exercise of warrants (note 9)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,370</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,371</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">As
    at December 31, 2017</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">139,684</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(95,729</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">43,968</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loss for the year</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(3,568</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(3,568</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other comprehensive
    income</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total comprehensive
    loss</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,568</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,568</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share-based payments (note 12)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issuance of common
    stock due to exercise of warrants (note 9)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">600</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">600</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">As
    at December 31, 2018</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">140,334</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(99,297</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">41,050</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loss for the year</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(36,351</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(36,351</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other comprehensive
    income</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total comprehensive
    loss</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(36,351</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(36,351</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share-based payments (note 12)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issuance of common
    stock due to conversion (note 11)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,132</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,140</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">As
    at December 31, 2019</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">145,506</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(135,648</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">9,879</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes form an integral part of these
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><A NAME="fin_005"></A><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>For the year ended December 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Expressed in thousands of U.S. Dollars)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Notes</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Operating
    activities</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loss
    for the year</FONT></TD><TD STYLE="width: 2%; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(36,351</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,568</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(6,475</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Adjustments
    for:</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,721</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,601</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,854</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation
    of deferred dry-docking costs</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,704</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,166</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">862</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Payment
    of deferred dry-docking costs</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(861</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,204</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(412</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Provision
    for staff retirement indemnities</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(61</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Impairment
    loss</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">29,902</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(Gain)/Loss
    on derivative financial instruments</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,950</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">131</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest
    expense and finance costs</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,703</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,056</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,221</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest
    income</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(47</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Foreign
    exchange gains, net</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(11</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(81</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">181</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share
    based payment</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(Increase)/decrease
    in:</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Trade
    accounts receivable</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">337</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(400</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">66</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(895</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(145</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Prepayments
    and other assets</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">255</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">591</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Increase/(decrease)
    in:</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Trade
    accounts payable</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,013</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,303</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(499</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Accrued
    liabilities and other payables</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(258</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(726</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Deferred
    revenue</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(86</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(216</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">82</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net
    cash generated from operating activities</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">213</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3,851</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">631</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash
    flows from investing activities:</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Purchase
    of vessel equipment</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(54</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(26</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(245</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Purchases
    of office furniture and equipment</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(13</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(100</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(21</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest
    received</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net
    cash used in investing activities</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(20</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(126</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(263</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash
    flows from financing activities:</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Proceeds
    from loans</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>4,
                                         11</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">43,700</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">15,700</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">280</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Repayment
    of long-term debt</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,830</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(19,497</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,399</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Prepayment
    of long-term debt</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(33,833</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Proceeds
    from issuance of share capital</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">600</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">9,653</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Increase
    in restricted cash</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,085</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,140</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Payment
    of financing costs</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(880</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(203</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Payment
    of lease liability - principal</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(30</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest
    paid</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,915</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,895</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,309</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net
    cash generated from/(used in) financing activities</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,127</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(6,435</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,225</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net
    increase/(decrease) in cash and cash equivalents</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,320</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,710</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,593</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash
    and cash equivalents at the beginning of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,756</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">163</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash
    and cash equivalents at the end of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,366</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,756</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes form an integral part of these
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B><A NAME="fin_006"></A>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
<a name=n1></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Basis of presentation and general information</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The accompanying consolidated
financial statements include the financial statements of <B><I>Globus Maritime Limited</I></B> (&ldquo;Globus&rdquo;) and its wholly
owned subsidiaries (collectively the &ldquo;Company&rdquo;). 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 (&ldquo;AIM&rdquo;). 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&rsquo; shares were effectively delisted from AIM.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The address of the registered
office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The principal business
of the Company is the ownership and operation of a fleet of dry bulk motor vessels (&ldquo;m/v&rdquo;), providing maritime services
for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its vessel owning
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The operations of the
vessels are managed by Globus Shipmanagement Corp. (the &ldquo;Manager&rdquo;), 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, 2019:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 20%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Company</B></FONT></TD><TD STYLE="width: 2%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Country
                                         of </B></FONT><B><FONT STYLE="font-size: 10pt"><BR> <FONT STYLE="font-family: Times New Roman,serif">Incorporation</FONT></FONT></B></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 2%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Vessel
                                         Delivery</B></FONT><B><FONT STYLE="font-size: 10pt"><BR> <FONT STYLE="font-family: Times New Roman,serif">Date</FONT></FONT></B></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 2%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Vessel
                                         Owned</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Marshall
                                         Islands</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Management
                                         Co.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Devocean Maritime Ltd.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Marshall
                                         Islands</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">December
                                         18, 2007</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">m/v
                                         River Globe</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Domina Maritime Ltd.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Marshall
                                         Islands</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">May
                                         19, 2010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">m/v
                                         Sky Globe</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dulac Maritime S.A.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Marshall
                                         Islands</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">May
                                         25, 2010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">m/v
                                         Star Globe</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Artful Shipholding S.A.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Marshall
                                         Islands </FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">June
                                         22, 2011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">m/v
                                         Moon Globe</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Baskerville Win95BT,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Longevity Maritime Limited</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Malta</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">September
                                         15, 2011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">m/v
                                         Sun Globe</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0in">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 the reverse stock split.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">                                                                                                                                                                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Basis
of presentation and general information (continued)</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">The consolidated financial statements as
of December 31, 2019 and 2018 and for the three years in the period ended December 31, 2019, were approved for issuance by the
Board of Directors on March 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; color: blue"><B>&nbsp;</B></P>
<a name=n2></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">                                                                                                                                                                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD><B></B></TD><TD><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant Accounting Policies</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation: </B>The consolidated financial statements have been prepared on a historical
cost basis, except for financial instruments which are measured at fair value. The consolidated financial statements are presented
in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B>Going concern basis of accounting: </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">As of December 31, 2019, the Company was
in compliance with the loan covenants of the agreement with EnTrust with loan balance of $37,000 as of December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">As of December 31, 2019, the Company reported
a working capital deficit of $3,242 and accumulated deficit of $135,648.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The current low charter rates for drybulk
vessels as a result of the coronavirus outbreak and its effects on world trade and financial markets have been adversely affecting
the Company. The Company&rsquo;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 and the Company might not be able to meet the minimum
liquidity requirements included in the loan agreement with EnTrust at certain measurement dates falling due within the 12 month
period from the issuance of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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 $11,100 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 indebtedness. With respect to the Convertible Note that matures during
March 2021 (Note 11), the Company anticipates that it will be converted to equity and no cash will be required for its repayment.
As of December 31, 2019, the balance of the Convertible Note was approximately $3,579, principal and accrued interest. As of the
date of issue of these consolidated financial statements, within the first quarter of 2020, an amount of approximately $1,168,
principal and accrued interest, has already been converted to equity (see also Note 22).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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 including the available line
of credit under the facility with Firment Shipping Inc. The Company is dependent upon the continuous support of its shareholder
Firment Shipping Inc to continue as a going concern. If for any reason the Company is unable to continue as a going concern, this
could have an impact on the Company&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B>Statement of Compliance:
</B>These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting
Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B>Basis of Consolidation:</B>
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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant
                                         Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Standards amendments and interpretations:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">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, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>IFRS 16: Leases</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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 (&ldquo;lessee&rdquo;)
and the supplier (&ldquo;lessor&rdquo;). 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The Company has initially adopted IFRS
16 on January 1, 2019 using the modified retrospective approach under which the comparative information presented for 2018 has
not been restated and is presented as it was previously reported under IAS 17 and related interpretations. On transition, the
Company has elected to apply the practical expedients available for leases with a remaining lease term of less than one year and
leases of low value assets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">At transition, 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, amounting to 8%. In addition, the nature and recognition of expenses related to those leases changed as IFRS
16 replaced the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense
on lease liabilities. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately
$112 and the interest expense on lease liabilities for the same period was approximately $51. As of December 31, 2019, the net
carrying amount of the right of use asset was $562.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 35.45pt; text-align: justify">For time charters that qualify as leases,
the Company is 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. For purposes of determining the standalone selling price of the
vessel lease and technical management service components of the Company&rsquo;s time charters, the Company concluded that the
residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping
market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction
price attributable to the technical management service component, including crewing services, is more readily determinable than
the price of the lease component and, accordingly, the price of the service component is estimated using data provided by its
technical department, which consist of the crew expenses, maintenance and consumable costs and was approximately $9,169 for the
year ended December 31, 2019. The lease component that is disclosed then is calculated as the difference between total revenue
and the non-lease component revenue and was approximately $6,454 for the year ended December 31, 2019.</P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>IFRS 9: Prepayment features with negative compensation (Amendment)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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 &lsquo;negative compensation&rsquo;),
to be measured at amortized cost or at fair value through other comprehensive income. Management has assessed that this amendment
has no impact on the Company&rsquo;s financial position or performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>IAS 28: Long-term Interests in Associates and Joint Ventures (Amendments)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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 &lsquo;net investment&rsquo; 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 has assessed that these amendments have no impact on
the Company&rsquo;s financial position or performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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. Management has assessed that this interpretation has no impact
on the Company&rsquo;s financial position or performance.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant
                                         Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>IAS 19: Plan Amendment, Curtailment or Settlement (Amendments)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">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 has assessed that these amendments have no
impact on the Company&rsquo;s financial position or performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>The IASB has issued the Annual Improvements to IFRSs 2015 &ndash; 2017 Cycle</B>, which is a
collection of amendments to IFRSs. Management has assessed that these amendments have no impact on its financial position or performance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.45pt"><B>Standards issued but
not yet effective and not early adopted:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>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.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">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. The application of this amendment will have no impact on the financial position or the performance of the
Company since the Company is not an investment entity.</P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><B>Conceptual Framework in IFRS standards</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The IASB issued the revised Conceptual
Framework for Financial Reporting on March 29, 2018. The Conceptual Framework sets out a comprehensive set of concepts for financial
reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their
efforts to understand and interpret the standards. IASB also issued a separate accompanying document, Amendments to References
to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references
to the revised Conceptual Framework. Its objective is to support transition to the revised Conceptual Framework for companies that
develop accounting policies using the Conceptual Framework when no IFRS Standard applies to a particular transaction. For preparers
who develop accounting policies based on the Conceptual Framework, it is effective for annual periods beginning on or after January
1, 2020.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>IFRS 3: Business Combinations (Amendments)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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 January 1, 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&rsquo;s financial position or performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors: Definition of &lsquo;material&rsquo; (Amendments)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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, &rsquo;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&rsquo;. 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&rsquo;s
financial position or performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant
                                         Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><B>Interest Rate Benchmark Reform - IFRS 9, IAS 39 and IFRS 7 (Amendments)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">The amendments are effective for annual
periods beginning on or after January 1, 2020 and must be applied retrospectively. Earlier application is permitted. In September
2019, th</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">e IASB issued amendments to IFRS 9, IAS 39 and IFRS 7, which concludes phase one of its work to respond to the effects
of Interbank Offered Rates (IBOR) reform on financial reporting. Phase two will focus on issues that could affect financial reporting
when an existing interest rate benchmark is replaced with a risk-free interest rate (an RFR). The amendments published, deal with
issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative
interest rate and address the implications for specific hedge accounting requirements in IFRS 9 Financial Instruments and IAS 39
Financial Instruments: Recognition and Measurement, which require forward-looking analysis. The amendments provided temporary reliefs,
applicable to all hedging relationships that are directly affected by the interest rate benchmark reform, which enable hedge accounting
to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative
nearly risk-free interest rate. There are also amendments to IFRS 7 Financial Instruments: Disclosures regarding additional disclosures
around uncertainty arising from the interest rate benchmark reform. Management has assessed that these amendments will have no
impact on the Company&rsquo;s financial position or performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B>2.3</B></TD><TD STYLE="text-align: justify"><B>Significant accounting policies,
                                         judgments, estimates and assumptions:</B> 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. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -21.25pt"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify"><B>Judgments: </B>In the process of applying
the Company&rsquo;s accounting policies, management has made the following judgments that had a significant effect on the amounts
recognised in the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><I>Allowance for doubtful trade accounts receivable: </I>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 (&ldquo;ECL&rdquo;) 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. Provisions for doubtful trade accounts receivable as of December 31, 2019 and 2018, were $23 and $68, respectively.
No extra allowance for impairment over these receivables was recognized in opening accumulated deficit at January 1, 2018, on transition
to IFRS 9.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify"><B>Estimates and assumptions: </B>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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><I>Carrying amount of vessels, net</I>: 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><I>Impairment of Non-Financial Assets</I>: The Company&rsquo;s impairment test for non-financial
assets is based on the assets&rsquo; 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, 2019. 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. See notes 2.13
and 5.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify"><I>Share based payments</I><B>: </B>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 12.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -30pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -30pt"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B>2.4</B></TD><TD STYLE="text-align: justify"><B>Accounting for revenue and related expenses:</B> 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 IFRS 16 and the Company is required to disclose lease and non-lease
components of lease revenue as explained in note 2.2 above. 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B>Interest income</B>: interest income is
recognised as interest on an accrual basis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B>Voyage expenses</B>: 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.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B>Vessel operating expenses</B>: Vessel
operating costs include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs. Under
bareboat charter arrangements, these expenses are paid by the charterer and by the Company under time charter and voyage charter
arrangements. Vessel operating expenses are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes
responsibility for all vessel operating expenses and risk of operation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B>2.5</B></TD><TD STYLE="text-align: justify"><B>Foreign currency translation:</B> 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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2.6</B></TD><TD STYLE="text-align: justify"><B>Cash and cash equivalents:</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2.7</B></TD><TD STYLE="text-align: justify"><B>Trade accounts receivable, net<I>: </I></B>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, 2019 was $23 (2018: $68).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -30pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2.8</B></TD><TD STYLE="text-align: justify"><B>Inventories:</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2.9</B></TD><TD STYLE="text-align: justify"><B>Vessels, net:</B> 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). 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -30pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30.05pt"><B>2.10</B></TD><TD STYLE="text-align: justify"><B>Deferred dry-docking costs</B>:
                                         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.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30.05pt; text-align: justify; text-indent: -30.05pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30.05pt"><B>2</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30.05pt"><B>2.11</B></TD><TD STYLE="text-align: justify"><B>Depreciation:</B> The cost of each of the Company&rsquo;s vessels is depreciated on a straight-line
basis over each vessel&rsquo;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
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. During 2019 the Company maintained the same scrap rate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30.05pt; text-align: justify; text-indent: -30.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2.12</B></TD><TD STYLE="text-align: justify"><B>Amortization of lease component:</B> 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<FONT STYLE="background-color: white">. The amortization is included
in the line &ldquo;amortization</FONT> of fair value of time charter attached to vessels&rdquo; in the income statement component
of the consolidated statement of comprehensive loss.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30.05pt"><B>2.13</B></TD><TD STYLE="text-align: justify"><B>Impairment of non-financial assets:</B> The Company assesses at each reporting date whether
there is an indication that a vessel may be impaired. The vessel&rsquo;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&rsquo;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&rsquo;s revised carrying amount,
less any residual value, on a systematic basis over its remaining useful life (refer to note 5).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30.05pt"><B>2.14</B></TD><TD STYLE="text-align: justify"><B>Long-term debt:</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30.05pt"><B>2.15</B></TD><TD STYLE="text-align: justify"><B>Financing costs:</B> 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, 2019, the Company deferred financing costs of $880, which relate to the costs incurred for the new loan agreement
with EnTrust Global&rsquo;s Blue Ocean Fund (see Note 11 for more details). 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 11 for more details). For the year ended December 31, 2017, the Company did not incur any financing costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30.05pt; text-align: left"><B>2.16</B></TD><TD STYLE="text-align: justify"><B>Borrowing costs:</B> 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 &ldquo;interest expense and finance
costs&rdquo; 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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.17</B></TD><TD STYLE="text-align: justify"><B>Operating segment:</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -30pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2.18</B></TD><TD STYLE="text-align: justify"><B>Provisions and contingencies: </B>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2.19</B></TD><TD STYLE="text-align: justify"><B>Pension and retirement benefit obligations: </B>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, the Company is not liable
for any pension or post-retirement benefits payable to the crew.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 31.5pt; text-align: justify"><B>Provision for employees&rsquo; severance
compensation: </B>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&rsquo; retirement compensation liability which amounted to $26 as at December 31, 2019 (2018: $87),
calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement
of financial position.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2.20</B></TD><TD STYLE="text-align: justify"><B>Offsetting of financial assets and liabilities: </B>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2.21</B></TD><TD><B>Financial assets and liabilities:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify"><B>i. Classification and measurement
of financial assets and financial liabilities</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">On January 1, 2018, the Company adopted
IFRS 9. 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">A financial asset is measured at amortized
cost if it meets both of the following conditions and is not designated as at FVTPL:&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">it is held within a business model whose objective is to hold assets to collect contractual cash
flows; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">its contractual terms give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">A debt investment is measured at FVOCI
if it meets both of the following conditions and is not designated as at FVTPL:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">it is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">its contractual terms give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">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.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -30pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30pt"><B>2</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify"><B>ii. Impairment of financial assets</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">The financial assets at amortized cost
consist of trade accounts receivable and cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">Under IFRS 9, loss allowances are measured
on either of the following bases:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">12-month ECLs: these are ECLs that result from possible default events within the 12 months after
the reporting date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">lifetime ECLs: these are ECLs that result from all possible default events over the expected life
of a financial instrument.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">The Company assumes that the credit risk
on a financial asset has increased significantly if it is more than 180 days past due.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">The Company considers a financial asset
to be in default when:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">the financial asset is more than 1 year past due.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">The maximum period considered when estimating
ECLs is the maximum contractual period over which the Company is exposed to credit risk.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify"><B>iii. Derecognition of financial assets
</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">A financial asset (or, where applicable
a part of a financial asset or part of a group of similar financial assets) is derecognised where:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">the rights to receive cash flows from the asset have expired;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">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 &ldquo;pass-through&rdquo; arrangement; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">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&rsquo;s continuing involvement in the
asset.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.5in; text-align: justify"><B>iv. Derecognition of Financial liabilities:
</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">A financial liability is derecognised
when the obligation under the liability is discharged or cancelled or expires.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.22</B></TD><TD STYLE="text-align: justify"><B>Leases &ndash; where the Company is the lessee: </B>The Company applies a single recognition
and measurement approach for all leases, except for short term leases and leases of low value assets. The Company recognizes lease
liabilities to make payments and right of use assets representing the right of use of the underlying asset. The Company recognises
right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred,
and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated
on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased
asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation
is calculated using the estimated useful life of the asset.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.55pt">At the commencement
date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the
lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives receivable,
variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments
of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories)
in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments,
the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease
is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there
is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from
a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the
underlying asset.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.23</B></TD><TD STYLE="text-align: justify"><B>Leases &ndash; where an entity is the lessor: </B>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.24</B></TD><TD STYLE="text-align: justify"><B>Insurance: </B>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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.25</B></TD><TD STYLE="text-align: justify"><B>Share based compensation: </B>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.26</B></TD><TD STYLE="text-align: justify"><B>Share capital: </B>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.27</B></TD><TD STYLE="text-align: justify"><B>Dividends: </B>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.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.28</B></TD><TD STYLE="text-align: justify"><B>Fair value measurement:</B> 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 21. 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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The Company uses the following
hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">Level 1: quoted (unadjusted)
prices in active markets for identical assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt">Level 2: other techniques
for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt">Level 3: techniques
which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company engaged independent
valuation specialists to determine the fair value of non-financial assets</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.29</B></TD><TD STYLE="text-align: justify"><B>Current versus non-current classification:</B> The Company presents assets and liabilities in
the consolidated statement of financial position based on current/non-current classification.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">An asset as current when it is:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 35.45pt; text-align: justify; text-indent: -35.45pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.65pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify">Expected to be realised or intended to be sold or consumed in a normal operating cycle</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.65pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify">Held primarily for the purpose of trading</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.65pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify">Expected to be realised within twelve months after the reporting period</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.65pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify">Cash or cash equivalent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">All other assets are classified
as non-current.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">A liability is current:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 17.45pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify">It is expected to be settled in a normal operating cycle</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 17.45pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify">It is held primarily for the purpose of trading</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 17.45pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify">It is due to be settled within twelve months after the reporting period</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 17.45pt"><B>&#8729;</B></TD><TD STYLE="text-align: justify">There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">All other liabilities are classified
as non-current.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation and Significant Accounting Policies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.30</B></TD><TD STYLE="text-align: justify"><B>Embedded Derivatives:</B> 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):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">(a) the economic characteristics and risks
of the embedded derivative are not closely related to the economic characteristics and risks of the host;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">(b) a separate instrument with the same
terms as the embedded derivative would meet the definition of a derivative; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">(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).</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company&rsquo;s embedded derivatives
are 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, 2019 (see Note 11). The fair value of the embedded derivative instruments at December&nbsp;31,
2019, is estimated using: i) the Black-Scholes option-pricing model for the embedded derivative included in the Firment Shipping
Inc. Credit Facility with the following assumptions: (a) no dividend yield as the Company does not expect to pay a dividend in
the foreseeable future, (b) weighted average expected volatility of 85%, (c) risk free rate of 1.59% determined by management using
the applicable Treasury Bill as of the measurement date, (d) market value of common stock of $0.99 and (e) expected life of 0.89
years as at December 31, 2019 and ii) the least squares approach on the Monte Carlo simulation for the embedded derivative included
into the Convertible Note with the following assumptions: (a) the closing stock price on December 31, 2019, of $0.99, (b) the average
logarithmic price change during the 6 month historical period of -0.68%, (c) the daily volatility for the 6 month period preceding
the valuation date of 5.31%, (d) 10,000 iterations, (e) 50 remaining trading days as at December 31, 2019, (f) 1.535% risk free
rate determined by management using the applicable 3 month Treasury Bill as at December 31, 2019 and, (g) conversion and floor
price of $1.00 per share.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For the year ended December 31, 2018, the
fair value of the embedded derivative included into the Firment Shipping Credit Facility, was estimated using the Black-Scholes
option-pricing model with the following assumptions: (a) no dividend yield as the Company did not expect to pay a dividend in 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 of $2.88 and (e) expected life of 1.89
years as at December 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.31</B></TD><TD STYLE="text-align: justify"><B>Restricted Cash:</B> Restricted cash represents pledged cash deposits or minimum liquidity required
to be maintained under the Company's borrowing arrangements. In the event that the obligation to maintain such deposits is expected
to be terminated within the next twelve months, these deposits are classified as current assets. Otherwise they are classified
as non-current assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<a name=n3></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3</B></TD><TD STYLE="text-align: justify"><B>Cash and cash equivalents and Restricted cash</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For the purpose of the consolidated statement
of financial position, cash and cash equivalents comprise the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash on hand</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash at banks</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,356</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,366</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Cash held in banks
earns interest at floating rates based on daily bank deposit rates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The fair value of
cash and cash equivalents as at December 31, 2019 and 2018, was $2,366 and $46, respectively. In addition, as of December 31, 2019,
the Company had available $11,100 (2018: $12,800) of undrawn borrowing facilities (note 11).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As at December 31,
2019, the Company had pledged an amount of $2,435, $1,250 in non-current assets and $1,185 in current assets ($1,350 as at December
2018 in current assets) in order to fulfil collateral requirements. The fair value of the restricted cash as at December 31, 2019,
was $2,435, $1,250 in non-current assets and $1,185 in current assets and at December 31, 2018, was $1,350 in current assets. The
cash and cash equivalents are held with reputable bank and financial institution counterparties.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -0.55pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>
<a name=n4></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4</B></TD><TD STYLE="text-align: justify"><B>Transactions with Related Parties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The ultimate controlling party of the Company
is Mr. George Feidakis who beneficially owns 1,252,258 common shares as of December 31, 2019, through Firment Shipping Inc., a
Marshall Islands corporation controlled by Mr. George Feidakis. As at December 31, 2019 and 2018, Mr. George Feidakis beneficially
owned 24% and 44.3%, respectively, of Globus&rsquo; shares. Mr. George Feidakis is also the chairman of the Board of Directors
of Globus.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following are the major transactions
which the Company has entered into with related parties during the years ended December 31, 2019, 2018 and 2017:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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&rsquo;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, 2019, 2018 and 2017, the rent charged amounted to $139, $147 and $140, respectively. The rental expense for the years
ended December 31, 2018 and 2017 was recognised in the respective income statement component of the consolidated statement of comprehensive
loss under administrative expenses payable to related parties. As of December 31, 2018, $427 of rent expense was due and unpaid
and was classified as trade accounts payable in the consolidated statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As of January 1, 2019, following the adoption
of IFRS 16, 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 (please refer to note 2.2). The depreciation charge for right-of-use asset for the year
ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately
$51 and recognised in the income statement component of the consolidated statement of comprehensive loss under depreciation and
interest expense and finance costs, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As of December 28, 2015, Athanasios Feidakis
assumed the position of Chief Executive Officer (&ldquo;CEO&rdquo;) 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&rsquo;s international shipping and capital raising activities,
including but not limited to assisting and advising the Company&rsquo;s CEO at an annual fee of Euro 200,000 (absolute amount)
(approx. $224). The related expense for the years ended December 31, 2019, 2018 and 2017, amounted to $224, $235 and $229, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In December 2013, Globus entered into a
credit facility for up to $4,000 with Firment Trading Limited, an affiliate of the Company&rsquo;s chairman, for the purpose of
financing its general working capital needs (&ldquo;Firment Credit Facility&rdquo;). 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On February 8, 2017, the Company entered
into a Share and Warrant Purchase Agreement (&ldquo;February 2017 private placement&rdquo;) 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 &ldquo;February 2017 Warrants&rdquo;)
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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In connection with the closing of the February
2017 private placement, the Company also entered into two loan amendment agreements with existing lenders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -35.45pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4</B></TD><TD STYLE="text-align: justify"><B>Transactions with Related Parties (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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&rsquo;s chairman,
for the purpose of financing its general working capital needs (the &ldquo;Silaner Credit Facility&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For the year ended December 31, 2017, Globus
recognised interest expense of $3. The expense was classified in the income statement component of the consolidated statement of
comprehensive loss under interest expense and finance costs and the interest payable was classified in the statement of financial
position under accrued liabilities and other payables.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In June 2016, Globus entered into a consultancy
agreement with Eolos Shipmanagement S.A., an affiliate of the Company&rsquo;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 2017, the total income from these fees amounted to $31 and is classified in the income
statement component of the consolidated statement of comprehensive loss under management and consulting fee income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In November 2018, Globus entered into a
credit facility for up to $15,000 with Firment Shipping Inc., an affiliate of the Company&rsquo;s chairman, for the purpose of
financing its general working capital needs (&ldquo;Firment Shipping Credit Facility&rdquo;). The Firment Shipping Credit Facility
is unsecured and remains available until its final maturity date at April 1, 2021, as amended (Note 22). The Company has the right
to draw-down 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 Draw-down
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. (&ldquo;VWAP&rdquo;) over
the pricing period multiplied by 80%, where the &ldquo;Pricing Period&rdquo; 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).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On April 23, 2019, the Company converted
to share capital, as per the conversion clause included in the Firment Shipping Credit Facility the outstanding principal amount
of $3,100 plus the accrued interest of $70 at a conversion price of $2.80 per share and issued 1,132,191 new common shares to Firment
Shipping Inc. This conversion resulted to a gain of approximately $117, which was classified under &ldquo;gain on derivative financial
instruments&rdquo; in the income statement component of the consolidated statement of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As of December 31, 2019 and 2018, the amount
drawn and outstanding with respect to the Firment Shipping Credit Facility was $800 and $2,200, respectively 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 11). For the year ended December 31, 2019 and 2018, Globus recognised interest expense
of $96 and $12, respectively 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, 2019 and 2018, there was an amount of $11,100 and $12,800, respectively,
available to be drawn under the Firment Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Firment Shipping Credit Facility requires
that Athanasios Feidakis remain the Company&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As of December 31, 2019 and 2018, the Company
was in compliance with the loan covenants of the Firment Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -35.45pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4</B></TD><TD STYLE="text-align: justify"><B>Transactions with Related Parties (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 0 28.35pt">Compensation of Key Management Personnel of the Company:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt">Compensation to Globus non-executive
directors is analysed as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the year ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director&rsquo;s
    remuneration</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
    payments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">187</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">185</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">185</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">As of December 31, 2019 and 2018, $318
and $201 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
to the Company&rsquo;s executive director is analysed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the year ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
    employee benefits</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">224</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">235</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">229</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">224</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">235</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">229</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">As of December 31, 2019 and 2018, $556
and $391 of the compensation to the executive director was remaining due and unpaid, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5</B></TD><TD STYLE="text-align: justify"><B>Vessels, net </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">The amounts in the consolidated statement
of financial position are analysed as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Vessels
    cost</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Vessels<BR>

    accumulated<BR>
 depreciation</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dry
    docking costs</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Accumulated<BR>

    depreciation of<BR>
 dry-docking costs</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Net
    Book Value</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Balance at January 1, 2017</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">179,156</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">(87,871</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">3,854</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">(3,347</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">91,792</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Additions/ (Dry Docking Component)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">245</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">976</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,221</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Depreciation expense</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(4,831</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(862</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(5,693</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Balance at December 31, 2017</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">179,401</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">(92,702</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">4,830</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">(4,209</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">87,320</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Additions/ (Dry Docking Component)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,148</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,174</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Depreciation expense</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(4,578</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(1,166</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(5,744</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; padding-left: 5.4pt">Balance at December 31, 2018</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">179,427</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">(97,280</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">6,978</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">(5,375</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">83,750</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Additions/ (Dry Docking Component)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">54</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">622</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">676</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Impairment loss</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(29,902</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(29,902</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Depreciation expense</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(4,578</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(1,704</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(6,282</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt; padding-left: 5.4pt">Balance at December 31, 2019</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">149,579</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">(101,858</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">7,600</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">(7,079</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">48,242</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">For the purpose of the
consolidated statement of comprehensive loss, depreciation, as stated in the income statement component, comprises the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the year ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels
    depreciation</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,578</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,578</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,831</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    on office furniture and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    of right of use asset</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,721</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,601</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,854</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt">The Company&rsquo;s vessels have
been pledged as collateral to secure the bank loans discussed in note 11.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -35.45pt"><B>&nbsp;</B></P>
<a name=n5></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5</B></TD><TD STYLE="text-align: justify"><B>Vessels, net (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><B>Impairment of non-financial
assets:</B> As of December 31, 2019, 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&rsquo;s carrying value. For the discount factor, the Company applied the Weighted Average Cost of Capital rate that
was calculated to be 9.42% as at December 31, 2019. 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 2020 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 2009. 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 derived from
actual results for the Company&rsquo;s vessels since their delivery under Company&rsquo;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&rsquo;s operating fleet (Supramax and Panamax
vessels with a deadweight (&ldquo;dwt&rdquo;) of over 50,000 and 70,000, respectively) and they covered at least one full business
cycle. Effective fleet utilization was assumed at 87% and 90% (including ballast days) for the Supramaxes and the Panamaxes, respectively
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&rsquo;s expectations for future fleet utilization under the current fleet deployment strategy.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">As of December 31, 2019,
the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized an impairment
loss of $29,902. As of December 31, 2018 and 2017, no impairment loss was recognized as the vessels&rsquo; recoverable amounts
exceeded their carrying amounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">The impairment loss for
the year ended December 31, 2019, analysed by vessel is as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 8pt"><U>Vessel</U></FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%; text-align: justify; padding-left: 5.4pt">m/v River Globe</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">(6,920</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">m/v Sky Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,074</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">m/v Star Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,197</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">m/v Sun Globe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,797</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">m/v Moon Globe</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,914</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Impairment loss</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(29,902</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">As of December 31, 2019
the recoverable amount for each vessel was as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 8pt">Vessels</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Recoverable
    amount</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">m/v River Globe</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font: 10pt Times New Roman,serif; text-align: right">7,752</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">At fair value less costs of disposal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">m/v Sky Globe</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">8,971</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">At fair value less costs of disposal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">m/v Star Globe</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9,458</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">At fair value less costs of disposal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">m/v Sun Globe</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">11,165</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">At fair value less costs of disposal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">m/v Moon Globe</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">10,896</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">At value in use</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total:</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">48,242</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: right; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -35.45pt"><B>&nbsp;</B></P>
<a name=n6></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6</B></TD><TD STYLE="text-align: justify"><B>Inventories</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">Inventories in the consolidated statement
of financial position are analysed as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lubricants</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">295</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">313</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gas
    cylinders</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunkers</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,171</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">259</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,545</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">650</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<a name=n7></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Trade
                                         accounts payable</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">Trade accounts payable
in the consolidated statement of financial position as at December 31, 2019 and 2018, amounted to $4,735 and $6,433, respectively.
Trade accounts payable are non-interest bearing.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -35.45pt"><B>&nbsp;</B></P>
<a name=n8></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8</B></TD><TD STYLE="text-align: justify"><B>Accrued liabilities and other payables </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 48pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">Accrued liabilities and
other payables in the consolidated statement of financial position are analysed as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Accrued
    interest</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">307</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">114</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Accrued
    audit fees</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">57</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other
    accruals</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,435</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">999</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insurance
    deductibles</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">132</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">102</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other
    payables</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,971</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,319</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD>Interest is normally settled quarterly throughout the year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD>Other payables are non-interest bearing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<a name=n9></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9</B></TD><TD STYLE="text-align: justify"><B>Share Capital and Share Premium</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">The authorised share
capital of Globus consisted of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Authorised
    share capital:</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">500,000,000
    Common shares of par value $0.004 each</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">100,000,000
    Class B Common shares of par value $0.001 each</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">100,000,000
    Preferred shares of par value $0.001 each</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total
    authorised share capital</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,200</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,200</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,20</FONT>0</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9</B></TD><TD STYLE="text-align: justify"><B>Share Capital and Share Premium (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Holders of the Company&rsquo;s
common shares and Class B shares have equivalent economic rights, but holders of Company&rsquo;s common shares are entitled to
one vote per share and holders of the Company&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Common Shares issued and fully paid</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">USD</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-weight: bold; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">As at January
    1, 2017</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">262,755</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issued during the year for share based
    compensation (note 12)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,094</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issuance of common stock</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,750,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issuance of common
    stock due to exercise of warrants</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">148,181</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">As at December 31, 2017</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,163,030</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issued during the year for share based
    compensation (note 12)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,797</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issuance of common
    stock due to exercise of warrants</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">37,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">As at December 31, 2018</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,209,327</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issued during the year for share based
    compensation (note 12)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17,998</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issuance of common
    stock due to conversion of loan</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,999,834</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">As
    at December 31, 2019</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">5,227,159</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">On February 8, 2017, the Company entered
into a Share and Warrant Purchase Agreement (&ldquo;February 2017 private placement&rdquo;) 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 &ldquo;February 2017 Warrants&rdquo;)
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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">In connection with the closing of the February
2017 private placement, the Company also entered into two loan amendment agreements with existing lenders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">As of December 31, 2019,
in connection with the February 2017 private placement, the February 2017 Warrants outstanding had not been exercised and had expired,
while as of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 3,052,321 common shares.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9</B></TD><TD STYLE="text-align: justify"><B>Share Capital and Share Premium (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">On October 19, 2017,
the Company entered into a Share and Warrant Purchase Agreement (the &ldquo;October 2017 SPA&rdquo;) 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 &ldquo;October 2017 Warrant&rdquo;)
to purchase 1.25 million of its common shares at a price of $16 per share to an investor in a private placement (the &ldquo;October
2017 Private Placement&rdquo;). 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">Under the terms of the
October 2017 Warrant, the purchaser could 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 could
be increased upon no less than 61 days&rsquo; notice, but not to exceed 9.99%) of Globus&rsquo;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 were not exercised. This provision did not limit the purchaser from acquiring up to 4.99% of the Company&rsquo;s
common shares, selling all of its common shares, and re-acquiring up to 4.99% of the Company&rsquo;s common shares. The October
2017 Warrant were exercisable for 24 months after its issuance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">As of December 31, 2019,
in connection with the October 2017 SPA, the October 2017 Warrant outstanding had not been exercised and had expired, while as
of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 1,250,000 common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">The Company during 2017
had recorded $218 expense in connection with these warrants which was deducted from share premium in equity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">During the years ended
December 31, 2019, 2018 and 2017, Globus issued 17,998, 8,797 and 2,094 common shares, respectively as share-based payments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt">As of December 31, 2019, 2018
and 2017, the Company had no series A preferred shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt">As of December 31, 2019, 2018
and 2017, no Class B shares were outstanding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">On April 23, 2019, the
outstanding principal amount of $3,100 plus the accrued interest of $70 outstanding under the Firment Shipping Inc. Credit Facility
was converted to share capital at a conversion price of $2.80 per share and, accordingly, the Company issued 1,132,191 new common
shares to Firment Shipping Inc.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">During the year ended
December 31, 2019, an amount corresponding to $ 1,691,250 plus the accrued interest of $97,311 under the Convertible Note with
Arnaki (Note 11) was converted to share capital and the Company issued 867,643 new common shares to Arnaki.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">Share premium includes
the contribution of Globus&rsquo; shareholders to the acquisition of the Company&rsquo;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&rsquo;s common shares and the effects of the share based payments described in note 12. Accordingly,
at December 31, 2019, 2018 and 2017, Globus share premium amounted to $145,506, $140,334 and $139,684, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<a name=n10></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10</B></TD><TD STYLE="text-align: justify"><B>Loss per Share</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">Basic loss per share (&lsquo;&lsquo;LPS&rsquo;&rsquo;)
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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">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 incremental shares (the difference between the number of shares assumed issued and the number of
shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation unless such inclusion
would be anti-dilutive. As the Company reported losses for the years ended December 31, 2019, 2018 and 2017, the effect of any
incremental shares would be antidilutive and thus excluded from the computation of the LPS.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10</B></TD><TD STYLE="text-align: justify"><B>Loss per Share (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">The following reflects the loss and share
data used in the basic and diluted loss per share computations:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the year ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    attributable to common equity holders</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36,351</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,568</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,475</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average number of shares for basic and diluted LPS</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,165,919</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,200,927</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,574,995</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
<a name=n11></a>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11</B></TD><TD STYLE="text-align: justify"><B>Long-Term Debt, net</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0.25in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0.25in; text-indent: 0in; text-align: justify">Long-term
debt in the consolidated statement of financial position is analysed as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 10pt"><B>Borrower</B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">Loan
    <BR>
    Balance</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">Unamortized
    <BR>
    Debt<BR> Discount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">Total
    <BR>
    Borrowings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 6%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Devocean Maritime LTD., Domina
    Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A. &amp; Longevity Maritime Limited</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">37,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(741</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">36,259</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Globus Maritime Ltd. &ndash; Firment Shipping
    Inc.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">307</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">307</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>(c) </B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Globus Maritime Ltd. &ndash; Convertible
    Note</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,180</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,180</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total at December 31,
    2019</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">38,487</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(741</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">37,746</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Less:
    Current Portion</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(1,487</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">292</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(1,195</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Long-Term
    Portion</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">37,000</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(449</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">36,551</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total at December 31,
    2018</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">37,163</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(295</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">36,868</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Less:
    Current Portion</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(35,663</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">295</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(35,368</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Long-Term
    Portion</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,500</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,500</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(a)</B></TD><TD STYLE="text-align: justify">In June 2019, Globus through its wholly owned subsidiaries, Devocean Maritime Ltd.(the &ldquo;Borrower
A&rdquo;), Domina Maritime Ltd.(the &ldquo;Borrower B&rdquo;), Dulac Maritime S.A. (the &ldquo;Borrower C&rdquo;), Artful Shipholding
S.A. (the &ldquo;Borrower D&rdquo;) and Longevity Maritime Limited (the &ldquo;Borrower E&rdquo;), vessel owning companies of m/v
River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe, respectively, entered a new term loan facility for
up to $37,000 with EnTrust Global&rsquo;s Blue Ocean Fund for the purpose of refinancing the existing indebtedness secured on the
ships and for general corporate purposes. The loan facility is in the names of Devocean Maritime Ltd., Domina Maritime Ltd, Dulac
Maritime S.A., Artful Shipholding S.A. and Longevity Maritime Limited as the borrowers and is guaranteed by Globus. The loan facility
bears interest at LIBOR plus a margin of 8.50% (or 10.5% default interest) for interest periods of three months. This loan facility
will be referred as EnTrust loan facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: blue"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.25in; text-align: justify">On June 24, 2019, the Company drew down
$37,000 under the EnTrust loan facility and fully prepaid the existing loan facilities with Hamburg Commercial Bank AG (formerly
known as HSH Nordbank AG) and Macquarie Bank International Limited. The &ldquo;EnTrust&rdquo; loan facility consists of five Tranches:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">Tranche (A) of $6,375
for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v River Globe. The balance
outstanding of tranche (A) at December 31, 2019, was $6,375 payable in 6 equal quarterly instalments of $266 starting, March 2021,
as well as a balloon payment of $4,779 due together with the 6th and final instalment due in June 2022. This repayment schedule
is subject to alterations depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which will
be applied against the balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">Tranche (B) of $7,375
for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Sky Globe. The balance
outstanding of tranche (B) at December 31, 2019, was $7,375 payable in 6 equal quarterly instalments of $230 starting, March 2021,
as well as a balloon payment of $5,995 due together with the 6th and final instalment due in June 2022. This repayment schedule
is subject to alterations depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which will
be applied against the balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">Tranche (C) of $7,750
for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Star Globe. The balance
outstanding of tranche (C) at December 31, 2019, was $7,750 payable in 6 equal quarterly instalments of $215 starting, March 2021,
as well as a balloon payment of $6,460 due together with the 6th and final instalment due in June 2022. This repayment schedule
is subject to alterations depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which will
be applied against the balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11</B></TD><TD STYLE="text-align: justify"><B>Long-Term Debt, net (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">Tranche (D) of $6,500
for the purpose of prepaying to Macquarie Bank International Limited the amount outstanding with respect to the m/v Moon Globe.
The balance outstanding of tranche (D) at December 31, 2019, was $6,500 payable in 6 equal quarterly instalments of $406 starting,
March 2021, as well as a balloon payment of $4,064 due together with the 6th and final instalment due in June 2022. This repayment
schedule is subject to alterations depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which
will be applied against the balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">Tranche (E) of $9,000
for the purpose of prepaying to Macquarie Bank International Limited the amount outstanding with respect to the m/v Sun Globe.
The balance outstanding of tranche (E) at December 31, 2019, was $9,000 payable in 6 equal quarterly instalments of $375 starting,
March 2021, as well as a balloon payment of $6,750 due together with the 6th and final instalment due in June 2022. This repayment
schedule is subject to alterations depending on the amount of &ldquo;Excess cash&rdquo;, as described in the loan agreement, which
will be applied against the balloon amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0.25in; text-align: justify; text-indent: 0in">The total amount
of borrowing costs that were capitalized for this loan facility amounted to $880 which will be amortized over the term of this
loan facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0.25in; text-align: justify; text-indent: 0in">The loan is secured
by, among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">First preferred mortgage over m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe and
m/v Sun Globe.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">Guarantee from Globus and joint liability of the vessel owning companies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">Shares pledges respecting each borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">Pledges of bank accounts, charter assignments, and a general assignment over each ship&rsquo;s
earnings, insurances and any requisition compensation in relation of that ship.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.25in; text-align: justify">The EnTrust loan facility contains various
covenants requiring the vessels owning companies and/or Globus to, amongst others things, ensure that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">The Borrowers shall maintain a minimum liquidity at all times of not less than $250 for each mortgaged
ship.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">The Parent Guarantor shall maintain, on a consolidated basis, at the end of each calendar quarter
liquid funds in an amount, in aggregate, of not less than 5 per cent of the consolidated &ldquo;Financial Indebtedness&rdquo;,
as described in the loan agreement, of the Group as reflected in the most recent financial statements of the Parent Guarantor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">Each Borrower shall maintain in its earnings account during a &ldquo;Cash Sweep Period&rdquo;,
which is the period commencing on the relevant Utilisation Date and ending on September 30, 2019 and each three-month period thereafter
commencing on January 1, April 1, July 1 and October 1, in each financial year of that Borrower, with the last such three-month
period commencing on June 30, 2020 and ending on September 30, 2020, the applicable &ldquo;Buffer Amount&rdquo;, which is in relation
to a Borrower for a Cash Sweep Period, the product of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">(a) an amount equal to the lower of:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">(i) $1,000; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify">(ii) the difference between the daily time
charter equivalent rate of the Ship owned by that Borrower, as evidenced in the management accounts, and the &ldquo;Break-Even
Expenses&rdquo;, as described in the loan agreement, of that ship for that Cash Sweep Period; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(b) the actual number
of days lapsed during that Cash Sweep Period for that Borrower.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">Each of Borrower B, Borrower C and Borrower D shall create a reserve fund in the Reserve Account
to meet the anticipated dry docking and special survey fees and expenses for the Ship owned by it, by maintaining in the Reserve
Account a minimum credit balance (the &quot;Accruing Dry Docking and Special Survey Reserves&quot;) which may not be withdrawn
(other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship),
in an amount equal to, at each Quarter End Date, the product of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">(i) $500; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">(ii) the number of days elapsed from
the relevant Utilisation Date until such Quarter End Date, and that Borrower shall ensure that the credit balance of the Reserve
Account shall be increased to meet the required amount of the Accruing Dry Docking and Special Survey Reserves by no later than
each Quarter End Date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">Each of Borrower A and Borrower E shall
deposit on the relevant Utilisation Date in the Reserve Account to meet the anticipated dry docking and special survey fees and
expenses for Ship which is owned by it, a minimum credit balance in an amount equal to $450 which may not be withdrawn (other than
for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship).</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11</B></TD><TD STYLE="text-align: justify"><B>Long-Term Debt, net (continued)</B></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&#8729;</B></TD><TD STYLE="text-align: justify">No Borrower shall incur or permit to be outstanding any Financial Indebtedness except &ldquo;Permitted
Financial Indebtedness&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">&quot;Permitted Financial Indebtedness&quot;
means:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">(a) any Financial Indebtedness incurred
under the Finance Documents;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">(b) any Financial Indebtedness that is
subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a Subordination Agreement or otherwise
and which is, in the case of any such Financial Indebtedness of the Borrower, the subject of Subordinated Debt Security; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">(c) any &ldquo;Permitted Trade Debt&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.75in; text-align: justify">&quot;Permitted Trade Debt&quot; means
any trade debt on arm's length commercial terms reasonably incurred in the ordinary course of owning, operating, trading, chartering,
maintaining and repairing a Ship which remains unpaid for over 15 days of its due date and which does not exceeds $400 (or the
equivalent in any other currency) per Ship at any relevant time</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0.25in; text-align: justify; text-indent: 0in">As of December 31,
2019, the Company was in compliance with the covenants of EnTrust Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(b)</B></TD><TD STYLE="text-align: justify">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&rsquo;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 on April 1, 2021,
as amended (Note 22). The Company has the right to draw-down 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 draw-down 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.</TD></TR></TABLE>

<P STYLE="font: 11pt Book Antiqua,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0in">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. (&ldquo;VWAP&rdquo;) over the pricing period multiplied by 80%, where the
 &ldquo;Pricing Period&rdquo; 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).</P>

<P STYLE="font: 11pt Book Antiqua,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 97.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0in">As per the conversion
clause included in the Firment Shipping Credit Facility, the Company has recognized this agreement as a hybrid financial instrument
which includes an embedded derivative. This embedded derivative component was separated from 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 income statement component of the consolidated
statement of comprehensive loss. For the year ended December 31, 2019 and 2018, the amount drawn and outstanding with respect to
Firment Shipping Credit Facility was $800 and $2,200, respectively. The non-derivative host at December 31, 2019 and 2018 amounted
to $307 and $1,500, respectively and was classified under &ldquo;current portion of long-term borrowings&rdquo; and &ldquo;non-current
portion of long-term borrowings&rdquo;, respectively in the consolidated statements of financial position. The derivative component
at December 31, 2019 and 2018 amounted to $524 and $831, respectively and was classified under &ldquo;fair value of derivative
financial instruments, current&rdquo; and &ldquo;fair value of derivative financial instruments, non-current&rdquo;, respectively
in the consolidated statements of financial position.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0in">On April 23, 2019, the
Company converted to share capital, as per the conversion clause included in the Firment Shipping Credit Facility the outstanding
principal amount of $3,100 plus the accrued interest of $70 with a conversion price of $2.80 per share and issued 1,132,191 new
common shares on behalf of Firment Shipping Inc. This conversion resulted to a gain of approximately $117, which was classified
under &ldquo;gain/(loss) on derivative financial instruments&rdquo; in the income statement component of the consolidated statement
of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0in">For the year ended December
31, 2019 and 2018, the Company recognized a gain on this derivative financial instrument amounting to $135 and a loss of $131,
respectively, which was classified under &ldquo;gain/(loss) on derivative financial instruments&rdquo; in the income statement
component of the consolidated statement of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify">As of December 31, 2019 and 2018, there
was an amount of $11,100 and $12,800, respectively, available to be drawn under the Firment Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify">The Firment Shipping Credit Facility requires
that Mr. Athanasios Feidakis remain the Company&rsquo;s Chief Executive Officer and that Firment Shipping Inc. maintains at least
a 40% shareholding in Globus, other than due to actions taken by Firment Shipping, Inc. such as sales of shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 21.3pt; text-align: justify; text-indent: -25.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0in">As of December 31, 2019
and 2018, the Company in compliance with the loan covenants of the Firment Shipping Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11</B></TD><TD STYLE="text-align: justify"><B>Long-Term Debt, net (continued)</B></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>(c)</B></TD><TD STYLE="text-align: justify">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 &ldquo;Convertible Note&rdquo;) that
is convertible into shares of the Company&rsquo;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 matured upon the anniversary of its issue. On March 13, 2020,
Company and the holder of the Convertible Note entered into a waiver regarding the Convertible Note (the &ldquo;Waiver&rdquo;).
The Waiver waives the Company&rsquo;s obligation to repay the Convertible Note on the existing maturity date of March 13, 2020
and does not require the Company to repay the Convertible Note until March 13, 2021. The Convertible Note was issued in a transaction
exempt from registration under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.25pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.25pt; text-align: justify">The Convertible Note provides for interest
to accrue at 10% annually, which interest shall be paid on the first anniversary of the Convertible Note&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.25pt; text-align: justify">As per the conversion clause included in
the Convertible Note, the Company has recognized this agreement as a hybrid financial instrument which includes an embedded derivative.
This embedded derivative component was separated from 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 income statement component of the consolidated statement of comprehensive
loss. The initial amount drawn with respect to the Convertible Note was $5,000. The non-derivative host and the derivative component
that was initially recognized amounted to $1,783 and $3,217, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt">The non-derivative host
at December 31, 2019, amounted to $1,180 and was classified under &ldquo;current portion of long-term borrowings&rdquo; in the
consolidated statement of financial position. The derivative component at December 31, 2019, amounted to $98 and was classified
under &ldquo;fair value of derivative financial instruments - current&rdquo; in the consolidated statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.25pt; text-align: justify">As of December 31, 2019, the amount outstanding
with respect to the Convertible Note was $3,309.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.25pt; text-align: justify">For the year ended December 31, 2019, the
Company recognized a gain on this derivative financial instrument amounting to $1,815, which was classified under &ldquo;gain/(loss)
on derivative financial instruments&rdquo; in the income statement component of the consolidated statement of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>(d)</B></TD><TD STYLE="text-align: justify">In February 2015, Devocean Maritime Ltd., Domina Maritime Ltd and Dulac Maritime S.A. (&ldquo;Devocean
et al.&rdquo;), 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 &ldquo;Bank&rdquo;) for the
purpose of partially prepaying the then outstanding secured reducing revolving credit facility with Credit Suisse AG. On March
3, 2015, Devocean et al. drew down $29,405 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. As at June 27, 2019, the balances of all tranches of $20,776 were fully repaid
using the proceedings from the new loan agreement with EnTrust loan facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>(e)</B></TD><TD STYLE="text-align: justify">In December 2018, Globus through its wholly owned subsidiaries, Artful Shipholding S.A. (&ldquo;Artful&rdquo;)
and Longevity Maritime Limited (&ldquo;Longevity&rdquo;), entered into the Macquarie Loan Agreement for an amount up to $13,500
with Macquarie Bank International Limited. 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.
As at June 28, 2019, the balance of all tranches of $13,057 were fully repaid using the proceedings from the new loan agreement
with EnTrust loan facility.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11</B></TD><TD STYLE="text-align: justify"><B>Long-Term Debt, net (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0in">The contractual annual
loan principal payments per lender to be made subsequent to December 31, 2019, assuming that the lenders will not demand the repayment
of the loans before their maturity, were as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">EnTrust</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Firment</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Convertible
    Note</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 17%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">2020</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 17%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 16%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">800</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 16%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3,309</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 16%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,109</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">2021</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5,970</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5,970</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">2022
                                         and thereafter&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">31,030</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">31,030</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,000</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">800</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3,309</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">41,109</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">* This table represents
the maturities before the waivers/extensions acquired within the first quarter of 2020 (see note 22).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">The contractual annual
loan principal payments per bank loan to be made subsequent to December 31, 2018, assuming that the lenders will not demand the
repayment of the loans before their maturity, were as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Hamburg<BR>
    Commercial<BR> Bank AG</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Firment <BR>
    Shipping Inc.</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Macquarie Bank<BR>
    International Limited</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Advance
    (A)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Advance
    (B)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 13%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 13%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">22,163</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 13%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 13%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">889</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 13%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">882</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 13%; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">23,934</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">2020</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,200</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">889</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">882</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3,971</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">2021</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">889</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">882</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,771</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">2022</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">889</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">882</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,771</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">2023
                                         and thereafter&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,444</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3,972</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">6,416</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">22,163</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,200</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">6,000</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">7,500</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,86</FONT>3</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">The weighted average interest rate for
the years ended December 31, 2019 and 2018 was 8.66% and 4.97%, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>
<a name=n12></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12</B></TD><TD STYLE="text-align: justify"><B>Share Based Payment</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">Share-based payments are quarterly restrictive
share issued to the Company&rsquo;s Non-executive directors for their services and in accordance with appointment letters.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt">Share based payment comprise
the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Year 2019</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of <BR> common shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of <BR> preferred shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Share<BR>
    premium</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Retained<BR>
    earnings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Non-executive
    directors&rsquo; payment (1)</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">17,998</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance at December
    31, 2019</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">17,998</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">(1) These amounts relate to the
shares issued in 2019, not to the shares approved for issuance for the year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Year 2018</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of <BR> common shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of<BR> preferred shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Share
    <BR> premium</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Retained<BR>
    earnings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Non-executive
    directors&rsquo; payment (1)</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,797</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance at December
    31, 2018</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8,797</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">(1) These amounts relate to the
shares issued in 2018, not to the shares approved for issuance for the year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12</B></TD><TD STYLE="text-align: justify"><B>Share Based Payment (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Year 2017</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of<BR> common shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of <BR> preferred shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Share
    <BR> premium</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Retained<BR>
    earnings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Non-executive
    directors payment <B>(1)</B></FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,094</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance at December
    31, 2017</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,094</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">(1) These amounts relate to the
shares issued in 2017, not to the shares approved for issuance for the year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify"></P>
<a name=n13></a><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>13</B></TD><TD STYLE="text-align: justify"><B>Voyage Expenses and Vessel Operating Expenses</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Voyage expenses and vessel operating expenses
in the consolidated statements of comprehensive loss consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Voyage expenses
consisted of:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">For the year
    ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Commissions</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">224</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">281</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">241</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Bunkers
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,634</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">716</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">968</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other
    voyage expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">240</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">191</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">143</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,098</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,188</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,352</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Vessel operating expenses consisted of:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>For the year ended December
    31,</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">Crew wages and related costs</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">4,670</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">4,766</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">4,645</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">Insurance</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">664</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">607</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">742</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">Spares, repairs and maintenance</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,884</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,721</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,222</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">Lubricants</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">517</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">501</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">496</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">Stores</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">820</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,000</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">783</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Other</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">327</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">330</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">247</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">8,882</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">9,925</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">9,135</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
<a name=n14></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14</B></TD><TD STYLE="text-align: justify"><B>Administrative Expenses</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The amount shown in the consolidated statements
of comprehensive loss is analysed as follows:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" STYLE="font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>For the year
    ended December 31,</B></FONT></TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Personnel expenses</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">1,006</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">778</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">628</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Audit fees</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">98</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">103</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">101</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Travelling expenses</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Consulting fees</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">191</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">76</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">54</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 5.4pt">Communication</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">11</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 5.4pt">Stationery</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Greek tax authorities (note 19)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">116</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">118</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">116</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt; padding-left: 5.4pt">Other</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">160</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">265</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">309</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt; padding-left: 5.4pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1,583</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1,356</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1,224</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
<a name=n15></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15</B></TD><TD STYLE="text-align: justify"><B>Interest Expense and Finance Costs</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The amounts in the consolidated
statements of comprehensive loss are analysed as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">For the year
    ended December 31,</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest
    payable on long-term borrowings</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3,603</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,004</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,778</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Bank charges</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Amortization
    of debt discount</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">383</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">84</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Operating
    lease liability interest</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other finance
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">638</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">325</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">4,703</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">2,056</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">2,221</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
<a name=n16></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>16</B></TD><TD STYLE="text-align: justify"><B>Dividends</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt 28.35pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">No dividends were declared or paid
on common shares during the years ended December 31, 2019, 2018 and 2017.</P>
<a name=n17></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17</B></TD><TD STYLE="text-align: justify"><B>Contingencies</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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&rsquo;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which are material
for disclosure.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<a name=n18></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>18</B></TD><TD STYLE="text-align: justify"><B>Commitments</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company enters into time charter and
bareboat charter arrangements on its vessels. There were no non-cancellable arrangements as of December 31, 2019. As of December
31, 2018, the non-cancellable arrangements had remaining terms between five days to seven months, assuming redelivery at the earliest
possible date. Future net minimum lease revenues receivable under non-cancellable operating leases as of December 31, 2019 and
2018, were as follows (vessel off-hires and dry-docking days that could occur but are not currently known are not taken into consideration
and early delivery of the vessels by the charterers is not accounted for):</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; text-align: justify; padding-bottom: 1pt; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Within
    one year</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,991</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,991</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">At December 31, 2019,
2018 and 2017, the Company was a party to a lease agreement as lessee (note 4). The lease relates to the rental of office premises
at a monthly rate of Euro 10,360 (absolute amount) and for a lease period ending January 2, 2025.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Within
    one year</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">142</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">149</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">After
    one year but not more than five years</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">567</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">596</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">More
    than five years</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">142</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">299</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">851</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,044</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Total rent expense under
operating leases for the years ended December 31, 2018 and 2017, amounted to $147 and $140 respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>18</B></TD><TD STYLE="text-align: justify"><B>Commitments (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As further discussed
in note 4, on January 1, 2019, following the adoption of IFRS 16, the Company recognised a right of use asset and a corresponding
liability of approximately $674 with respect to the rental agreement. The depreciation charge for right-of-use assets for the year
ended December 31, 2019, was approximately $112 and the interest expense on lease liability for the same period was approximately
$51 and recognised in the income statement component of the consolidated statement of comprehensive loss under depreciation and
interest expense and finance costs, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">At December 31, 2019,
the current and non-current lease liability amounted to $208 and $469, respectively and are included in the accompanying consolidated
statement of financial position.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0.25in"></P>
<a name=n19></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>19</B></TD><TD STYLE="text-align: justify"><B>Income Tax</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Under the laws of the countries of the
vessel owning companies&rsquo; incorporation and / or vessels&rsquo; 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.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Greek Authorities Tax</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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, 2019, 2018 and 2017, the tax expense under the law amounted to
$116, $118 and $116, respectively and is included in administrative expenses in the consolidated statements of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>U.S. Federal Income Tax</I></B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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 (&ldquo;U.S&rdquo;) source shipping income for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Globus believes that to the best of its
knowledge, under &sect; 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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 &ldquo;Code&rdquo;) and final U.S. Treasury Regulations (the &ldquo;Regs&rdquo;) as currently in effect, all
of which are subject to change, possibly with retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Application of &sect; 883 of the Code
for the year ended December 31, 2019</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In general, under &sect; 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 (&ldquo;gross transportation income&rdquo;). Absent &sect; 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Shipping income attributable to transportation
exclusively between non-U.S. ports is generally not subject to any U.S. Federal income tax. &ldquo;Shipping income&rdquo; generally
means income that is derived from:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-align: justify">(a) the use of vessels;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-align: justify">(b) the hiring or leasing of vessels for use
on a time, operating or bareboat charter basis;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-align: justify">(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</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-align: justify">(d) the performance of services directly related
to those uses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>19</B></TD><TD STYLE="text-align: justify"><B>Income Tax (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Regs provide that a foreign corporation
will qualify for the benefits of &sect; 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Qualified Shareholder Test</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Publicly Traded Test</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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 &ldquo;primarily
and regularly traded&rdquo; on an established securities market either in the United States or in a foreign country that grants
an equivalent exemption. Among others, &sect; 883 provides, in relevant part, that the shares of a non-United States corporation
will be considered to be &ldquo;primarily traded&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Notwithstanding the foregoing, &sect; 883
provides, in relevant part, that a class of shares will not be considered to be &ldquo;regularly traded&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In the event that the 5 Percent Override
Rule is triggered, &sect; 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 &sect; 883 to preclude non-qualified shareholders in such group
from owning 50% or more of the total value of the Company&rsquo;s common shares for more than half the number of days during the
taxable year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For the year ended December 31, 2019, 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&rsquo;s common shares, representing more than 50%
of the voting power and value in Globus, were primarily and regularly traded on the Nasdaq Capital Market, which is an established
securities market. Although Globus&rsquo;s ship-owning and operating subsidiaries were not publicly traded, they should qualify
for the qualified shareholder test by virtue of their ownership by Globus. Accordingly, all of Globus&rsquo; and its ship-owning
or operating subsidiaries that rely on &sect; 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, 2019. Globus anticipates it and its relevant subsidiaries
income will continue to be exempt in the future from U.S. federal income tax.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Under the laws of the Republic of Malta,
the country of incorporation of one of the Company&rsquo;s vessel-owning company&rsquo;s, this vessel-owning company is not liable
for any income tax on its income derived from shipping operations. The Republic of Malta is a country that has an income tax treaty
with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the Republic of Malta
may qualify for a treaty-based exemption. Specifically, under Article 8 (Shipping and Air Transport) of the treaty sets out the
relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic
shall be taxable only in that State.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
<a name=n20></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>20</B></TD><TD STYLE="text-align: justify"><B>Financial risk management objectives and policies</B></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company&rsquo;s financial
liabilities are long term borrowings, trade and other payables and the financial derivative instrument. The main purpose of these
financial liabilities is to assist in the financing of Company&rsquo;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&rsquo;s financial instruments are cash flow interest rate risk, credit risk, liquidity
risk and foreign currency risk.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 9pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>20</B></TD><TD STYLE="text-align: justify"><B>Financial risk management objectives and policies
(continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Interest rate risk</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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&rsquo;s exposure to the risk of changes in market interest rates relates primarily to the Company&rsquo;s long-term
debt obligations with floating interest rates. As of December 31, 2018, 6% of the Company&rsquo;s long term borrowings were at
a fixed rate of interest and as of December 31, 2019, 10% of the Company&rsquo;s long term borrowings were at a fixed rate of interest.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Interest rate risk
table</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following table demonstrates
the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Company&rsquo;s
loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Increase/(Decrease)
    in <BR> basis points</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Effect
    on loss</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 30%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>$
                                         Libor</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-size: 10pt">+15</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-size: 10pt">(55</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">73</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>$
                                         Libor</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">+15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(60</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">80</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Foreign currency risk</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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&rsquo;s loss
due to changes in the fair value of monetary assets and liabilities. The Company&rsquo;s exposure to foreign currency changes for
all other currencies as of December 31, 2019 and 2018, was not material.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Change in rate</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Effect on loss</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; font-weight: bold; text-align: left">2019</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-size: 10pt">+10%</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: right">(255</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-10%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">2018</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">+10%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(284</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-10%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">284</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -7.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Credit risk</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Concentration of
credit risk table:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following table provides
information with respect to charterers who individually, accounted for approximately more than 10% of the Company&rsquo;s revenue
for the years ended December 31, 2019, 2018 and 2017:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; text-align: left"><FONT STYLE="font-size: 10pt">A</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">3,476</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">22%</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">3,679</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">21%</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">1,404</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">10%</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">B</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">2,873</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">17%</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">C</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">1,849</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">13%</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">D</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">1,459</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">11%</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Other </FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12,147</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">78%</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">10,802</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">62%</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9,140</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">66%</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">15,623</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">17,354</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">13,852</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 9pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>20</B></TD><TD STYLE="text-align: justify"><B>Financial risk management objectives and policies
(continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Liquidity risk</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The table below summarises
the maturity profile of the Company&rsquo;s financial liabilities (including interest) at December 31, 2019 and 2018, assuming
that the lenders will not demand the repayment of the loans before their maturity, based on contractual undiscounted cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-bottom: 0; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Year ended
    December 31, 2019*</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">Less
    than 3 <BR> months</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3
    to 12 <BR> months</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1
    to 5 <BR> years</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">More
    than 5 <BR> years</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 30%; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Long-term debt</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">4,674</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">3,776</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">42,247</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">50,697</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Lease liabilities</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">106</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">567</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Accrued liabilities and other payables</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,971</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,971</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Trade payables</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,735</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,735</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-weight: bold; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">11,506</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,882</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">42,814</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">58,203</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">This table includes both the derivative component
and the non-derivative host of the hybrid agreements of both the Firment Shipping Credit Facility and the Convertible Note (see
note 11).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Year ended
    December 31, 2018*</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">Less
    than 3 <BR> months</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3
    to 12<BR> months</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1
    to 5 <BR> years</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">More
    than 5<BR> years</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 30%; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Long-term debt</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,720</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">24,502</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">16,465</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">42,687</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Accrued liabilities and other payables</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,319</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,319</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Trade payables</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,433</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,433</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-weight: bold; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">9,472</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">24,502</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">16,465</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">50,439</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">This table includes both the derivative component
and the non-derivative host of the hybrid agreement with Firment Shipping Credit Facility (see note 11)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Capital management</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 96.4pt; text-align: justify; text-indent: -60.4pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The primary objective
of the Company&rsquo;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 11). No changes were made in the objectives, policies or processes
during the years ended December 31, 2019 and 2018. The Company monitors capital using the ratio of net debt to book capitalisation
adjusted for the market value of the Company&rsquo;s vessels plus net debt.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company includes
within net debt, interest bearing loans gross of unamortized debt discount, less cash.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>20</B></TD><TD STYLE="text-align: justify"><B>Financial risk management objectives and policies
(continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Adjusted
book capitalization refers to total equity adjusted for the market value of the Company&rsquo;s vessels. The Company&rsquo;s policy
is to keep the ratio described above between a range of 60% - 80%.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">December 31,</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; text-align: justify; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Interest
    bearing loans</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">38,487</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">37,163</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Cash
    (including restricted cash)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(4,801</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,396</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Net
    debt</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">33,686</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: justify; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Equity</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,879</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">41,050</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Adjustment for the market
    value of vessels (charter-free)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,902</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(27,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Adjusted
    book capitalization</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,977</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13,550</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: justify; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Adjusted
    book capitalization plus net debt</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">40,663</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">49,317</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Ratio</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">83%</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">73%</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company&rsquo;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 (&ldquo;IFRS&rdquo;) definition of debt.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following reconciliation
is provided:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">December 31,</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; text-align: justify; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Debt
    in accordance with IFRS (long and short-term borrowings)</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">37,746</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">36,868</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Add:
    Unamortized debt discount</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">741</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">295</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: justify; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">38,487</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">37,163</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Less:
    Cash and bank balances and bank deposits (including restricted cash)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,801</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,396</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9.45pt; padding-left: 9.45pt"><FONT STYLE="font-size: 10pt">Net
    debt</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">33,686</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">35,767</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>
<a name=n21></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><B>21</B></P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0"><B></B></P></TD><TD STYLE="text-align: justify"><B>Fair values</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Carrying amounts and
fair values</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Carrying amount</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Fair value</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(in thousands
    of USD)</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Financial
    assets</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level
    1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level
    2</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level
    3</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December&nbsp;31,
    2019</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">Financial assets measured at fair value</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Vessels
    (see also note 5)</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 16%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,346</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,346</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,346</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,346</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other
                                         financial <BR> liabilities</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Financial
    liabilities measured at fair value</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Derivative
    financial instruments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">622</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">622</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">622</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">622</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Financial
    liabilities not measured at fair value</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Long-term
    borrowings</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">38,487</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">39,853</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">39,853</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">38,487</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>21</B></TD><TD STYLE="text-align: justify"><B>Fair values (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Carrying amount</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font: bold 8pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Fair value</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in
    thousands of USD)</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other
    financial<BR> liabilities</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level
    1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level
    2</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level
    3</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December&nbsp;31,
    2018</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Financial
    liabilities measured at fair value</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Derivative
    financial instruments</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 16%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">831</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">831</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">831</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">831</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Financial
    liabilities not measured at fair value</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Long-term
    borrowings</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,163</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,030</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,030</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,163</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B>Measurement of fair values</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 27pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B>Valuation techniques
and significant unobservable inputs</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-decoration: underline; text-align: left; padding-left: 5.4pt">Financial instruments measured at fair value</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; font: italic bold 10pt Times New Roman,serif; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Type</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 32%; font: italic bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Valuation Techniques</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 32%; font: italic bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Significant unobservable inputs</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 5.4pt">Vessels</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">Quoted (unadjusted) prices in active markets for identical assets less costs of disposal</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center; padding-left: 5.4pt">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">Derivative financial instruments:</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 5.4pt">Firment</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 5.4pt">Black-Scholes model</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;Refer to note &nbsp;2.30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Convertible Note</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Monte Carlo model</TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;&nbsp;Refer to note &nbsp;2.30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>Financial instruments not measured at fair value</U></B></P></TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman,serif; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Type</TD><TD STYLE="font: italic bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Valuation Techniques</TD><TD STYLE="font: italic bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Significant unobservable inputs</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Long-term borrowings</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Discounted cash flow</TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Discount rate</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 28.35pt"><B>Transfers between Level 1, 2 and 3</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt">There were no transfers between
these levels in 2018 and 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>
<a name=n22></a>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>22</B></TD><TD STYLE="text-align: justify"><B>Events after the reporting date</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Further to the conversion
clause included into the Convertible Note up to March 2020 a total amount of approximately $1,168, principal and accrued interest,
was converted to share capital with the conversion price of $1 per share and a total number of 1,167,767 new shares issued in name
of the holder of the Convertible Note. On March 13, 2020, Company and the holder of the Convertible Note entered into a waiver
regarding the Convertible Note (the &ldquo;Waiver&rdquo;). The Waiver waives the Company&rsquo;s obligation to repay the Convertible
Note on the existing maturity date of March 13, 2020 and does not require the Company to repay the Convertible Note until March
13, 2021.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On March 23, 2020,
the Company and Firment Shipping Inc. agreed to extend the final maturity of the Firment Shipping Credit Facility to April 1, 2021
keeping all the other terms of the Credit Facility unchanged.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>GLOBUS MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>(Amounts presented in thousands of U.S. Dollars - except
for share, per share and warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>22</B></TD><TD STYLE="text-align: justify"><B>Events after the reporting date (continued)</B></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On March 6, 2020,
the Company announced that it had received written notification from The Nasdaq Stock Market (&ldquo;Nasdaq&rdquo;) dated March
2, 2020, indicating that because the closing bid price of the Company&rsquo;s common stock for the last 30 consecutive business
days was below $1.00 per share, the Company no longer meet the minimum bid price continued listing requirement for the Nasdaq Capital
Market, as set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq Listing Rules, the applicable grace period to regain
compliance is 180 days, or until August 31, 2020. The Company intends to cure the deficiency within the prescribed grace period.
During this time, the Company&rsquo;s common stock will continue to be listed and trade on the Nasdaq Capital Market.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The World Health
Organization has declared the outbreak of a novel coronavirus (COVID-19) a global pandemic. The measures taken by governments worldwide
in response to the outbreak, which included numerous factory closures and restrictions on travel, as well as potential labor shortages
resulting from the outbreak, are expected to slow down production of goods worldwide and decrease the amount of goods exported
and imported worldwide. Some experts fear that the economic consequences of the coronavirus could cause a recession that outlives
the pandemic.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Besides reducing
demand for cargo, coronavirus may functionally limit the amount of cargo that we and our competitors are able to move because countries
worldwide have imposed quarantine checks on arriving vessels, which have caused delays in loading and delivery of cargoes. It is
possible that charterers may try to invoke force majeure clauses as a result.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Although it is too
early to assess the full impact of the coronavirus outbreak on global markets, and particularly on the shipping industry, the pandemic
has already added, and could continue to add, pressure to shipping freight rates. Further depressed rates could have a material
adverse impact on the Company&rsquo;s business, financial condition, results of operations, and cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7.05pt 0 28.35pt; text-align: justify; text-indent: 0in"></P>

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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>tm2014261d1_ex2-1.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"><B>Exhibit 2.1</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Description of Rights of Each Class of Securities Registered under Section
12 of the Exchange Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 24.5pt">As of December&nbsp;31, 2019 Globus Maritime
Limited (the &ldquo;Company,&rdquo; &ldquo;Globus,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) had the following
securities registered pursuant to Section&nbsp;12 of the Act:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 12pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title&nbsp;of&nbsp;each&nbsp;class</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt Times New Roman,serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading&nbsp;symbols</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Name&nbsp;of&nbsp;each&nbsp;exchange&nbsp;on&nbsp;which</B></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 1pt; text-align: center"><B>registered</B></P></TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Shares of common stock, par value $0.004 per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">GLBS</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Nasdaq Capital Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 24.5pt">Capitalized terms used but not defined herein
have the meanings given to them in our annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2019 (the &ldquo;<B>Annual
report</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>The following is a description that includes, among other things, the
material terms of our articles of incorporation and bylaws. The description does not purport to be complete and is subject to,
and qualified in its entirety by reference to, all the provisions of the articles of incorporation and bylaws. Because the following
is only a summary, it does not contain all information that you may find important.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>AUTHORIZED CAPITAL</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The authorized number of shares of us consist of (1) 500,000,000 shares
of common stock, par value $0.004 per share, (2) 100,000,000 shares of Class B common stock, par value $0.001 per share, which
we refer to as the Class B shares, and (3) 100,000,000 preferred shares, par value $0.001 per share, which we refer to as the preferred
shares. No Class B shares have been issued. One class of preferred shares has been designated, but no such shares remain outstanding.
There is no limitation on the right to own securities or the rights of non-resident shareholders to hold or exercise voting rights
on our securities under Marshall Islands law or our articles of incorporation or bylaws. All of our shares are in registered form.
Our articles of incorporation do not permit the issuance of bearer shares. We currently have outstanding 6,416,666 common shares,
and no other shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">We have financed our operations through funds raised in public and private
placements of common shares and through debt. We also issued shares to our officers and employees.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>PURPOSE</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our objects and purposes, as provided in Section 1.3 of our articles of
incorporation, are to engage in any lawful act or activity for which corporations may now or hereafter be organized under the Marshall
Islands Business Corporations Act or BCA.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>COMMON SHARES AND CLASS B SHARES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Generally, Marshall Islands law provides that the holders of a class of
stock of a Marshall Islands corporation are entitled to a separate class vote on any proposed amendment to the relevant articles
of incorporation that would change the aggregate number of authorized shares or the par value of that class of shares or alter
or change the powers, preferences or special rights of that class so as to affect the class adversely. Except as described below,
holders of our common shares and Class B shares will have equivalent economic rights, but holders of our common shares are entitled
to one vote per share and holders of our Class B shares are entitled to 20 votes per share. Each holder of Class B shares (not
including the Company and the Company&rsquo;s subsidiaries) may convert, at its option, any or all of the Class B shares held by
such holder into an equal number of common shares. Our common shares and Class B shares are nonassessable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Except as otherwise provided by the BCA, holders of our common shares and
Class B shares will vote together as a single class on all matters submitted to a vote of shareholders, including the election
of directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The rights, preferences and privileges of holders of our shares are subject
to the rights of the holders of any preferred shares which we may issue in the future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Holders of our common shares do not have conversion, redemption or pre-emptive
rights to subscribe to any of our securities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Common shares that have been entered into the DTC book-entry system will
be registered in the name of Cede &amp; Co., as nominee for DTC and transfers of beneficial ownership of shares held through DTC
will be effected by electronic transfer made by DTC participants.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Transfers of shares held outside of DTC or another direct registration system
maintained by Computershare, our transfer agent, and not represented by certificates are effected by a stock transfer instrument.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Transfer of registered certificates is effected by presenting and surrendering
the certificates to us or our transfer agent. A valid transfer requires the registered certificates to be properly endorsed for
transfer as provided for in the certificates and accompanied by proper instruments of transfer.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our articles of incorporation, bylaws and the BCA do not contain transfer
restrictions on our common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our articles of incorporation authorize our board of directors to establish
and issue up to 100 million preferred shares and to determine, with respect to any series of preferred shares, the rights and preferences
of that series, including:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">the designation of the series;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">the number of preferred shares in the series;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">the preferences and relative participating option or other special rights, if any, and any qualifications, limitations or restrictions of such series; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">the voting rights, if any, of the holders of the series (subject to terms set forth below with regard to the policy of our board of directors regarding preferred shares).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our board of directors may issue preferred shares on terms calculated to
discourage, delay or prevent a change of control of us or the removal of management.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>LIQUIDATION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">In the event of our dissolution, liquidation or winding up, whether voluntary
or involuntary, after payment in full of the amounts, if any, required to be paid to our creditors and the holders of preferred
shares, our remaining assets and funds shall be distributed pro rata (based on number of shares held) to the holders of our common
shares and Class B shares, and the holders of common shares and the holders of Class B shares shall be entitled to receive the
same amount per share in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>DIVIDENDS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Declaration and payment of any dividend is subject to the discretion of
our board of directors. The timing and amount of dividend payments to holders of our shares will depend on a series of factors
and risks described under &ldquo;Risk Factors,&rdquo; and includes risks relating to earnings, financial condition, cash requirements
and availability, restrictions in our current and future loan arrangements, the provisions of the Marshall Islands law affecting
the payment of dividends and other factors. The BCA generally prohibits the payment of dividends other than from surplus or while
we are insolvent or if we would be rendered insolvent upon paying the dividend.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Subject to preferences that may apply to any shares of preferred stock outstanding
at the time, the holders of our common shares and Class B shares will be entitled to share equally (pro rata based on the number
of shares held) in any dividends that our board of directors may declare from time to time out of funds legally available for dividends.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>CONVERSION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our common shares are not convertible into any other shares of our capital
stock. Each holder of Class B shares (not including the Company and the Company&rsquo;s subsidiaries) may convert, at its option,
any or all of the Class B shares held by such holder into an equal number of common shares. All conversions will be effected on
a one-for-one basis. We will not reissue or resell any Class B shares that shall have been converted into common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our directors are elected by the vote of the plurality of the votes cast
by holders with voting power of our voting shares. Our articles of incorporation provide that our board of directors must consist
of at least three members. Shareholders may change the number of directors only by the affirmative vote of holders of a majority
of the total voting power of our outstanding capital stock (subject to the rights of any holders of preferred shares). The board
of directors may change the number of directors by a majority vote of the entire board of directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">No contract or transaction between us and one or more of our directors or
officers will be void or voidable solely for the following reason, or solely because the director or officer is present at or participates
in the meeting of our board of directors or committee thereof which authorizes the contract or transaction, or solely because his
or her or their votes are counted for such purpose, if (1) the material facts as to such director&rsquo;s interest in such contract
or transaction and as to any such common directorship, officership or financial interest are disclosed in good faith or known to
the board of directors or committee, and the board of directors or committee approves such contract or transaction by a vote sufficient
for such purpose without counting the vote of such interested director, or, if the votes of the disinterested directors are insufficient
to constitute an act of the board, by unanimous vote of the disinterested directors; or (2) the material facts as to such director&rsquo;s
interest in such contract or transaction and as to any such common directorship, officership or financial interest are disclosed
in good faith or known to the shareholders entitled to vote thereon, and such contract or transaction is approved by vote of such
shareholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>CLASSIFIED BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our articles of incorporation provide for a board of directors serving staggered,
three-year terms. Approximately one-third of our board of directors are elected each year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>REMOVAL OF DIRECTORS; VACANCIES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our articles of incorporation provide that directors may be removed with
or without cause upon the affirmative vote of holders of a majority of the total voting power of our outstanding capital stock.
Our bylaws require parties to provide advance written notice of nominations for the election of directors other than the board
of directors and shareholders holding 30% or more of the voting power of the aggregate number of our shares issued and outstanding
and entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NO CUMULATIVE VOTING</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The BCA provides that shareholders are not entitled to the right to cumulative
voting in the election of directors unless our articles of incorporation provide otherwise. Our articles of incorporation prohibit
cumulative voting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SHAREHOLDER MEETINGS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Under our bylaws, annual shareholder meetings will be held at a time and
place selected by our board of directors. The meetings may be held in or outside of the Marshall Islands. Special meetings may
be called by the chairman of our board of directors, by resolution of our board of directors or by holders of 30% or more of the
voting power of the aggregate number of our shares issued and outstanding and entitled to vote at such meeting. Our board of directors
may set a record date between 15 and 60 days before the date of any meeting to determine the shareholders that will be eligible
to receive notice and vote at the meeting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>DISSENTERS&rsquo; RIGHTS OF APPRAISAL AND PAYMENT</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the BCA, our shareholders have the right to dissent
from various corporate actions, including certain amendments to our articles of incorporation and certain mergers or consolidations
or the sale or exchange of all or substantially all of our assets not made in the usual course of our business, and receive payment
of the fair value of their shares, subject to exceptions. For example, the right of a dissenting shareholder to receive payment
of the fair value of his shares is not available if for the shares of any class or series of stock, which shares at the record
date fixed to determine the shareholders entitled to receive notice of and vote at the meeting of shareholders to act upon the
agreement of merger or consolidation or any sale or exchange of all or substantially all of the property and assets of the corporation
not made in the usual course of its business, were either (1) listed on a securities exchange or admitted for trading on an interdealer
quotation system or (2) held of record by more than 2,000 holders. In the event of any further amendment of our articles of incorporation,
a shareholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in
respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment. In the
event that we and any dissenting shareholder fail to agree on a price for the shares, the BCA procedures involve, among other things,
the institution of proceedings in the high court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction
in which our shares are primarily traded on a local or national securities exchange to fix the value of the shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SHAREHOLDERS&rsquo; DERIVATIVE ACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the BCA, any of our shareholders may bring an
action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing
the action is a holder of common shares or a beneficial interest therein both at the time the derivative action is commenced and
at the time of the transaction to which the action relates or that the shares devolved upon the shareholder by operation of law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>AMENDMENT OF OUR ARTICLES OF INCORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Except as otherwise provided by law, any provision in our articles of incorporation
requiring a vote of shareholders may only be amended by such a vote. Further, certain sections may only be amended by affirmative
vote of the holders of at least a majority of the voting power of the voting shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>ANTI-TAKEOVER EFFECTS OF CERTAIN PROVISIONS OF OUR ARTICLES OF INCORPORATION
AND BYLAWS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Certain provisions of our articles of incorporation and bylaws, which are
summarized in the following paragraphs, may have an anti-takeover effect and may delay, defer or prevent a takeover attempt or
hostile change of control that a shareholder may consider in its best interest, including those attempts that may result in a premium
over the market price for our common shares held by shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><B><I>Two Classes of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">As discussed above, our Class B shares have 20 votes per share, while our
common shares have one vote per share. Our board of directors also has authority under our articles of incorporation to issue blank
check preferred shares. Because of this share structure, any issuance of Class B shares or preferred shares may cause such holders
to be able to significantly influence matters submitted to our shareholders for approval even if such holders and their affiliates
come to own significantly less than 50% of the aggregate number of outstanding common shares, Class B shares and preferred shares.
This control over shareholder voting could discourage others from initiating any potential merger, takeover or other change of
control transaction that other shareholders may view as beneficial and which would require shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><B><I>Blank Check Preferred Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Under the terms of our articles of incorporation, our board of directors
has authority, without any further vote or action by our shareholders, to issue up to 100 million shares of blank check preferred
shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><B><I>Classified Board of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our articles of incorporation provide for a board of directors serving staggered,
three-year terms. Approximately one-third of our board of directors will be elected each year. This classified board of directors
provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of us. It could
also delay shareholders who do not agree with the policies of the board of directors from removing a majority of the board of directors
for two years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><B><I>No Cumulative Voting</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The BCA provides that shareholders are not entitled to the right to cumulate
votes in the election of directors unless our articles of incorporation provide otherwise. Our articles of incorporation prohibit
cumulative voting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><B><I>Calling of Special Meetings of Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our bylaws provide that special meetings of our shareholders may be called
only by the chairman of our board of directors, by resolution of our board of directors or by holders of 30% or more of the voting
power of the aggregate number of our shares issued and outstanding and entitled to vote at such meeting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><B><I>Advance Notice Requirements for Shareholder Proposals
and Director Nominations</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Our bylaws provide that, with a few exceptions, shareholders seeking to
nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely
notice of their proposal in writing to the corporate secretary.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Generally, to be timely, a shareholder&rsquo;s notice must be received at
our principal executive offices not less than 150 days nor more than 180 days prior to the first anniversary date of the immediately
preceding annual meeting of shareholders. Our bylaws also specify requirements as to the form and content of a shareholder&rsquo;s
notice. These provisions may impede shareholders&rsquo; ability to bring matters before an annual meeting of shareholders or make
nominations for directors at an annual meeting of shareholders.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>BUSINESS COMBINATIONS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Although the BCA does not contain specific provisions regarding &ldquo;business
combinations&rdquo; between corporations incorporated under or redomiciled pursuant to the laws of the Marshall Islands and &ldquo;interested
shareholders,&rdquo; these provisions are contained in our articles of incorporation. Specifically, our articles of incorporation
contain provisions that prohibit us from engaging in a business combination with an interested shareholder for a period of three
years following the date of the transaction in which the person became an interested shareholder, unless, in addition to any other
approval that may be required by applicable law:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">prior to the date of the transaction that resulted in the shareholder becoming an interested shareholder, our board of directors approved either the business combination or the transaction that resulted in the shareholder becoming an interested shareholder;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85.0% of our voting shares outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned by (1) persons who are directors and officers and (2) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">at or after the date of the transaction that resulted in the shareholder becoming an interested shareholder, the business combination is approved by our board of directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of at least 66-2/3% of the voting power of the voting shares that are not owned by the interested shareholder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Among other transactions, a &ldquo;business combination&rdquo; includes
any merger or consolidation of us or any directly or indirectly majority-owned subsidiary of ours with (1) the interested shareholder
or any of its affiliates or (2) with any corporation, partnership, unincorporated association or other entity if the merger or
consolidation is caused by the interested shareholder. Generally, an &ldquo;interested shareholder&rdquo; is any person or entity
(other than us and any direct or indirect majority-owned subsidiary of ours) that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">owns 15.0% or more of our outstanding voting shares;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">is an affiliate or associate of ours and was the owner of 15.0% or more of our outstanding voting shares at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such person is an interested shareholder; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&raquo;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">is an affiliate or associate of any person listed in the first two bullets, except that any person who owns 15.0% or more of our outstanding voting shares, as a result of action taken solely by us will not be an interested shareholder unless such person acquires additional voting shares, except as a result of further action by us and not caused, directly or indirectly, by such person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Additionally, the restrictions regarding business combinations do not apply
to persons that became interested shareholders prior to the effectiveness of our articles of incorporation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>LIMITATIONS ON LIABILITY AND INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The BCA authorizes corporations to limit or eliminate
the personal liability of directors to corporations and their shareholders for monetary damages for breaches of certain directors&rsquo;
fiduciary duties. Our articles of incorporation include a provision that eliminates the personal liability of directors for monetary
damages for breach of fiduciary duty as a director to the fullest extent permitted by law (i.e., other than breach of duty of loyalty,
acts not taken in good faith or which involve intentional misconduct or a knowing violation of law or transactions for which the
director derived an improper personal benefit) and provides that we must indemnify our directors and officers to the fullest extent
authorized by law. We are also expressly authorized to advance certain expenses to our directors and officers and expect to carry
directors&rsquo; and officers&rsquo; insurance providing indemnification for our directors and officers for some liabilities. We
believe that these indemnification provisions and the directors&rsquo; and officers&rsquo; insurance are useful to attract and
retain qualified directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The limitation of liability and indemnification provisions in our articles
of incorporation may discourage shareholders from bringing a lawsuit against our directors for breach of their fiduciary duty.
These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even
though such an action, if successful, may otherwise benefit us and our shareholders. In addition, an investor in our common shares
may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant
to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>TRANSFER AGENT AND REGISTRAR</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Computershare, Inc. is the transfer agent and registrar for our common shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>MARSHALL ISLANDS COMPANY CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-indent: 0.25in">Our corporate affairs are governed by our articles
of incorporation and bylaws and by the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of
states in the United States. While the BCA also provides that, for non-resident entities like us, it is to be interpreted according
to the laws of the State of Delaware and other states with substantially similar legislative provisions, there have been few, court
cases interpreting the BCA in the Republic of the Marshall Islands and we cannot predict whether Marshall Islands courts would
reach the same conclusions as courts in the United States. Thus, you may have more difficulty in protecting your interests in the
face of actions by the management, directors or controlling shareholders than would shareholders of a corporation incorporated
in a United States jurisdiction which has developed a substantial body of case law. The following table provides a comparison between
the statutory provisions of the BCA and the Delaware General Corporation Law relating to shareholders&rsquo; rights.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 10pt Times New Roman,serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Marshall
        Islands</P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 10pt Times New Roman,serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Delaware</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>Shareholder
        Meetings</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Held at a time and place as designated in the bylaws.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the articles of incorporation or by the bylaws.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">May be held within or without the Marshall Islands.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">May be held within or without Delaware.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.1in; text-align: justify">Notice:</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.1in; text-align: justify">Whenever shareholders are required to
        take any action at a meeting, written notice of the meeting shall be given which shall state the place, date and hour of the meeting
        and, unless it is an annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.1in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.1in; text-align: justify">A copy of the notice of any meeting shall
        be given personally or sent by mail or electronically not less than 15 nor more than 60 days before the meeting.</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.1in; text-align: justify">Notice:</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.1in; text-align: justify">Whenever shareholders are required to
        take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour
        of the meeting, and the means of remote communication, if any.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.1in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.1in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.1in; text-align: justify">Written notice shall be given not less
        than 10 nor more than 60 days before the meeting.</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>Shareholders&rsquo;
        Voting Rights</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Unless otherwise provided in the articles of incorporation, any action required by the BCA to be taken at a meeting of shareholders may be taken without a meeting if a consent or consents in writing, setting forth the action so taken, shall be signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any action required to be taken at a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any shareholder authorized to vote may authorize another person to act for him by proxy.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any person authorized to vote may authorize another person or persons to act for him by proxy.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Unless otherwise provided in the articles of incorporation or the bylaws, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third of the shares entitled to vote at a meeting.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum.</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">The articles of incorporation may provide for cumulative voting in the election of directors.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">The certificate of incorporation may provide for cumulative voting in the election of directors.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>Merger
        or Consolidation</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any two or more domestic corporations may merge into a single corporation if approved by the boards of the participating corporations and if authorized by a majority vote of the holders of outstanding shares at a shareholder meeting of each constituent corporation.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation&rsquo;s usual or regular course of business, once approved by the board, shall be authorized by the affirmative vote of two-thirds of the shares of those entitled to vote at a shareholder meeting.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of the corporation entitled to vote.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other corporation into itself without the authorization of the shareholders of any corporation.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly called shareholder meeting.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any mortgage, pledge of or creation of a security interest in all or any part of the corporate property may be authorized without the vote or consent of the shareholders, unless otherwise provided for in the articles of incorporation.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any mortgage or pledge of a corporation&rsquo;s property and assets may be authorized without the vote or consent of shareholders, except to the extent that the certificate of incorporation otherwise provides.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>Directors</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">The board of directors must consist of at least one member.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">The board of directors must consist of at least one member.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">The number of board members may be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">The number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by an amendment to the certificate of incorporation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">If the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no decrease in the number shall shorten the term of any incumbent director.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">If the number of directors is fixed by the certificate of incorporation, a change in the number shall be made only by an amendment of the certificate.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Removal:</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Removal:</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any or all of the directors may be removed for cause by vote of the shareholders.&nbsp;&nbsp;The articles of incorporation or the specific provisions of a bylaw may provide for such removal by action of the board, except in the case of any director elected by cumulative voting, or by the holders of the shares of any class or series when so entitled by the provisions of the articles of incorporation.</TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation otherwise provides.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">In the case of a classified board, shareholders may effect removal of any or all directors only for cause.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>Dissenters&rsquo;
        Rights of Appraisal</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Shareholders have a right to dissent from any plan of merger, consolidation or sale or exchange of all or substantially all assets not made in the usual and regular course of business, and receive payment of the fair value of their shares. However, the right of a dissenting shareholder under the BCA to receive payment of the fair value of his shares is not available for the shares of any class or series of stock, which shares or depository receipts in respect thereof, at the record date fixed to determine the shareholders entitled to receive notice of and vote at the meeting of shareholders to act upon the agreement of merger or consolidation or any sale or exchange of all or substantially all of the property and assets of the corporation not made in the usual course of its business, were either (i) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders. The right of a dissenting shareholder to receive payment of the fair value of his or her shares shall not be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the shareholders of the surviving corporation.</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed stock is offered for consideration is (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment:</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 33pt; text-align: justify; text-indent: -0.25in">&bull;&#9;Alters or abolishes any preferential right of any outstanding shares having preferences; or</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 33pt; text-align: justify; text-indent: -0.25in">&bull;&#9;Creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 33pt; text-align: justify; text-indent: -0.25in">&bull;&#9;Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 33pt; text-align: justify; text-indent: -0.25in">&bull;&#9;Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>Shareholder&rsquo;s
        Derivative Actions</B></P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time of bringing the action and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him by operation of law.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder&rsquo;s stock thereafter devolved upon such shareholder by operation of law.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">A complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or the reasons for not making such effort.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Other requirements regarding derivative suits have been created by judicial decision, including that a shareholder may not bring a derivative suit unless he or she first demands that the corporation sue on its own behalf and that demand is refused (unless it is shown that such demand would have been futile).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Such action shall not be discontinued, compromised or settled, without the approval of the High Court of the Republic of The Marshall Islands.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">Reasonable expenses including attorney&rsquo;s fees may be awarded if the action is successful.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">A corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of stock and the shares have a value of $50,000 or less.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 0.1in; text-align: justify">&nbsp;</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>tm2014261d1_ex12.htm
<DESCRIPTION>EXHIBIT 12
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 12.1/12/2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.25in">I, Athanasios Feidakis, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this annual report on Form 20-F of Globus Maritime Limited;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in
this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
company and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; font-size: 10pt">(a)</TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt; font-size: 10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">(b)</TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">(c)</TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">Evaluated the effectiveness of the company&rsquo;s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">(d)</TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">Disclosed in this report any change in the company&rsquo;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&rsquo;s internal control over financial reporting; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have disclosed, based on my most recent evaluation of internal control over financial reporting, to the company&rsquo;s auditors
and the audit committee of the company&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">(a)</TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&rsquo;s ability to record, process, summarize and report financial information; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">(b)</TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&rsquo;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Date: March 31, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Athanasios Feidakis</FONT></TD>
    <TD STYLE="width: 60%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Athanasios
    Feidakis</FONT></TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President,
    Chief Executive Officer and Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-right: 0.8pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                     <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>4
<FILENAME>tm2014261d1_ex13.htm
<DESCRIPTION>EXHIBIT 13
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"><B>Exhibit 13.1/13.2</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">In connection with this annual report of Globus Maritime Limited (the &ldquo;Company&rdquo;)
on Form 20-F for the year ended December 31, 2019 as filed with the Securities and Exchange Commission on or about the date hereof
(the &ldquo;Report&rdquo;), I, Athanasios Feidakis, President, Chief Executive Officer and Chief Financial Officer of the Company,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">(1) the Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">(2) the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Date: March 31, 2020</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">/s/ Athanasios Feidakis</FONT></TD>
    <TD STYLE="width: 60%; padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Name: Athanasios Feidakis</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Title: President, Chief Executive Officer and Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>5
<FILENAME>tm2014261d1_ex15-1.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"><B>Exhibit 15.1</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">We consent to the incorporation by reference in the following Registration
Statements</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">(1) Registration Statement (Form F-3 No.&nbsp;333-222580) of Globus Maritime
Limited, and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">(2) Registration Statement (Form F-3 No. 333-230841) of Globus Maritime
Limited</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">of our report dated March&nbsp;31, 2020, with respect to the consolidated
financial statements of Globus Maritime Limited included in this Annual Report (Form 20-F) for the year ended December&nbsp;31,
2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">/s/ Ernst&nbsp;&amp; Young (Hellas) Certified Auditors Accountants S.A.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">March&nbsp;31, 2020&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>


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<SEQUENCE>6
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        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:DryDockingMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2019-12-31</instant>
    </period>
  </context>
  <context id="FYp0Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">glbs:CarryingAmountIMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2019-12-31</instant>
    </period>
  </context>
  <context id="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ShipsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ShipsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:DryDockingMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:DryDockingMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">glbs:CarryingAmountIMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYp0Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ShipsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2019-12-31</instant>
    </period>
  </context>
  <context id="FYp0Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:DryDockingMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2019-12-31</instant>
    </period>
  </context>
  <context id="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ShipsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2016-12-31</instant>
    </period>
  </context>
  <context id="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ShipsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2016-12-31</instant>
    </period>
  </context>
  <context id="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:DryDockingMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2016-12-31</instant>
    </period>
  </context>
  <context id="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:DryDockingMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2016-12-31</instant>
    </period>
  </context>
  <context id="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">glbs:CarryingAmountIMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2016-12-31</instant>
    </period>
  </context>
  <context id="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:DryDockingMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">glbs:CarryingAmountIMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ShipsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:DryDockingMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ShipsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVRiverGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVRiverGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSkyGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVSkyGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVStarGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVStarGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSunGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVSunGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVMoonGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVMoonGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2019-01-01</startDate>
      <endDate>2019-12-31</endDate>
    </period>
  </context>
  <context id="FYm1YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVRiverGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVRiverGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2018-01-01</startDate>
      <endDate>2018-12-31</endDate>
    </period>
  </context>
  <context id="FYm2YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVRiverGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVRiverGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYm1YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSkyGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVSkyGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2018-01-01</startDate>
      <endDate>2018-12-31</endDate>
    </period>
  </context>
  <context id="FYm2YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSkyGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVSkyGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYm1YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVStarGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVStarGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2018-01-01</startDate>
      <endDate>2018-12-31</endDate>
    </period>
  </context>
  <context id="FYm2YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVStarGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVStarGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYm1YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSunGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVSunGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2018-01-01</startDate>
      <endDate>2018-12-31</endDate>
    </period>
  </context>
  <context id="FYm2YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSunGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVSunGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYm1YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVMoonGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVMoonGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2018-01-01</startDate>
      <endDate>2018-12-31</endDate>
    </period>
  </context>
  <context id="FYm2YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVMoonGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVMoonGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2017-01-01</startDate>
      <endDate>2017-12-31</endDate>
    </period>
  </context>
  <context id="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVRiverGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVRiverGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2019-12-31</instant>
    </period>
  </context>
  <context id="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVSkyGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVSkyGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2019-12-31</instant>
    </period>
  </context>
  <context id="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVStarGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVStarGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2019-12-31</instant>
    </period>
  </context>
  <context id="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVSunGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVSunGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2019-12-31</instant>
    </period>
  </context>
  <context id="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVMoonGlobeMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
      <segment>
        <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVMoonGlobeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2019-12-31</instant>
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      <instant>2018-12-31</instant>
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  <context id="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember_CategoriesOfRelatedPartiesAxis_GlobusMaritimeLtdMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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        <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">glbs:GlobusMaritimeLtdMember</xbrldi:explicitMember>
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    <period>
      <instant>2019-12-31</instant>
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    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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        <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">glbs:HamburgCommercialBankAGLoanAgreementMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember</xbrldi:explicitMember>
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      <instant>2018-12-31</instant>
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      <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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      <instant>2018-12-31</instant>
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        <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneYearMember</xbrldi:explicitMember>
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      <instant>2019-12-31</instant>
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  <context id="FYp0Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember">
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  <glbs:DebtInstrumentPrepaymentAmount contextRef="FYp0YTE" unitRef="USD" decimals="-3">33833000</glbs:DebtInstrumentPrepaymentAmount>
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  <glbs:DebtInstrumentPrepaymentAmount contextRef="FYm2YTE" unitRef="USD" decimals="-3">0</glbs:DebtInstrumentPrepaymentAmount>
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  <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_DominaMaritimeLtdMember">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
  <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_DulacMaritimeSAMember">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
  <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_ArtfulShipholdingSAMember">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
  <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_LongevityMaritimeLimitedMember">Malta</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
  <glbs:VesselDeliveryDate contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_DevoceanMaritimeLtdMember">December 18, 2007</glbs:VesselDeliveryDate>
  <glbs:VesselDeliveryDate contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_DominaMaritimeLtdMember">May 19, 2010</glbs:VesselDeliveryDate>
  <glbs:VesselDeliveryDate contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_DulacMaritimeSAMember">May 25, 2010</glbs:VesselDeliveryDate>
  <glbs:VesselDeliveryDate contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_ArtfulShipholdingSAMember">June 22, 2011</glbs:VesselDeliveryDate>
  <glbs:VesselDeliveryDate contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_LongevityMaritimeLimitedMember">September 15, 2011</glbs:VesselDeliveryDate>
  <ifrs-full:NameOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_GlobusShipmanagementCorpMember">Management Co. </ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_DevoceanMaritimeLtdMember">m/v River Globe</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_DominaMaritimeLtdMember">m/v Sky Globe</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_DulacMaritimeSAMember">m/v Star Globe</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_ArtfulShipholdingSAMember">m/v Moon Globe</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary contextRef="FYp0YTE_SignificantInvestmentsInSubsidiariesAxis_LongevityMaritimeLimitedMember">m/v Sun Globe</ifrs-full:NameOfSubsidiary>
  <ifrs-full:CurrentAssetsLiabilities contextRef="FYp0Q4e" unitRef="USD" decimals="-3">-3242000</ifrs-full:CurrentAssetsLiabilities>
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  <glbs:VesselsScrapRatePerTon contextRef="d30-09-2017_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">250000</glbs:VesselsScrapRatePerTon>
  <glbs:VesselsScrapRatePerTon contextRef="FYm3YTE_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">200000</glbs:VesselsScrapRatePerTon>
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  <ifrs-full:BorrowingCostsCapitalised contextRef="FYp0YTE" unitRef="USD" decimals="-3">880000</ifrs-full:BorrowingCostsCapitalised>
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  <ifrs-full:DescriptionOfNatureOfBenefitsProvidedByPlan contextRef="FYp0YTE">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.</ifrs-full:DescriptionOfNatureOfBenefitsProvidedByPlan>
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  <glbs:IntervalBetweenVesselDrydockingSpecialSurvey contextRef="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_DeferredDryDockingCostsMember">P2Y6M</glbs:IntervalBetweenVesselDrydockingSpecialSurvey>
  <glbs:ExpectedDividendYieldSignificantUnobservableInputsLiabilities contextRef="FYp0YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_BlackScholesOptionPricingModelMember" unitRef="pure" decimals="5">0</glbs:ExpectedDividendYieldSignificantUnobservableInputsLiabilities>
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  <ifrs-full:WeightedAverageSharePrice2019 contextRef="FYp0YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_BlackScholesOptionPricingModelMember" unitRef="EPS" decimals="4">0.99</ifrs-full:WeightedAverageSharePrice2019>
  <ifrs-full:WeightedAverageSharePrice2019 contextRef="FYm1YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_BlackScholesOptionPricingModelMember" unitRef="EPS" decimals="4">2.88</ifrs-full:WeightedAverageSharePrice2019>
  <glbs:ExpectedDividendYieldSignificantUnobservableInputsLiabilities contextRef="FYm1YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_BlackScholesOptionPricingModelMember" unitRef="pure" decimals="5">0</glbs:ExpectedDividendYieldSignificantUnobservableInputsLiabilities>
  <glbs:DerivativeLifeSignificantUnobservableInputsLiabilities contextRef="FYm1YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_BlackScholesOptionPricingModelMember">1,89 years</glbs:DerivativeLifeSignificantUnobservableInputsLiabilities>
  <glbs:HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1 contextRef="FYp0YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_BlackScholesOptionPricingModelMember" unitRef="pure" decimals="5">0.85</glbs:HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1>
  <glbs:HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1 contextRef="FYm1YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_BlackScholesOptionPricingModelMember" unitRef="pure" decimals="5">0.80</glbs:HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1>
  <glbs:InterestRateSignificantUnobservableInputsLiabilities1 contextRef="FYp0YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_BlackScholesOptionPricingModelMember" unitRef="pure" decimals="5">0.0159</glbs:InterestRateSignificantUnobservableInputsLiabilities1>
  <glbs:InterestRateSignificantUnobservableInputsLiabilities1 contextRef="FYm1YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_BlackScholesOptionPricingModelMember" unitRef="pure" decimals="5">0.0248</glbs:InterestRateSignificantUnobservableInputsLiabilities1>
  <ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 contextRef="FYp0Q4e_CounterpartiesAxis_CyberonicaSAMember" unitRef="pure" decimals="5">0.08</ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16>
  <ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments contextRef="d31-03-2020_CategoriesOfRelatedPartiesAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">1168000</ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_CategoriesOfRelatedPartiesAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">3579000</glbs:BorrowingsGross>
  <ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment contextRef="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember">25 years</ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment>
  <glbs:InterestRateSignificantUnobservableInputsLiabilities1 contextRef="FYp0YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_MonteCarloSimulationMember" unitRef="pure" decimals="5">0.01535</glbs:InterestRateSignificantUnobservableInputsLiabilities1>
  <glbs:AverageLogarithmicPriceChangeAssumed contextRef="FYp0Q4e_ValuationTechniquesUsedInFairValueMeasurementAxis_MonteCarloSimulationMember" unitRef="pure" decimals="5">-0.0068</glbs:AverageLogarithmicPriceChangeAssumed>
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  <glbs:DebtInstrumentConvertibleRemainingTradingDays contextRef="FYp0YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_MonteCarloSimulationMember" unitRef="pure" decimals="5">50</glbs:DebtInstrumentConvertibleRemainingTradingDays>
  <glbs:ClosingStockPrice contextRef="FYp0Q4e_ValuationTechniquesUsedInFairValueMeasurementAxis_MonteCarloSimulationMember" unitRef="EPS" decimals="4">0.99</glbs:ClosingStockPrice>
  <glbs:NumberOfIterations contextRef="FYp0YTE_ValuationTechniquesUsedInFairValueMeasurementAxis_MonteCarloSimulationMember">10,000</glbs:NumberOfIterations>
  <glbs:PriceFloor contextRef="FYp0Q4e_ValuationTechniquesUsedInFairValueMeasurementAxis_MonteCarloSimulationMember" unitRef="EPS" decimals="4">1</glbs:PriceFloor>
  <ifrs-full:RightofuseAssets contextRef="FYp0Q4e_CounterpartiesAxis_CyberonicaSAMember" unitRef="USD" decimals="-3">562000</ifrs-full:RightofuseAssets>
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  <glbs:CashAndCashEquivalentsFairValueDisclosure contextRef="FYp0Q4e" unitRef="USD" decimals="-3">2366000</glbs:CashAndCashEquivalentsFairValueDisclosure>
  <glbs:CashAndCashEquivalentsFairValueDisclosure contextRef="FYm1Q4e" unitRef="USD" decimals="-3">46000</glbs:CashAndCashEquivalentsFairValueDisclosure>
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  <glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure contextRef="FYp0Q4e" unitRef="USD" decimals="-3">2435000</glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure>
  <glbs:NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure contextRef="FYp0Q4e" unitRef="USD" decimals="-3">1250000</glbs:NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure>
  <glbs:NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure contextRef="FYm1Q4e" unitRef="USD" decimals="-3">0</glbs:NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure>
  <glbs:CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure contextRef="FYp0Q4e" unitRef="USD" decimals="-3">1185000</glbs:CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure>
  <glbs:CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure contextRef="FYm1Q4e" unitRef="USD" decimals="-3">1350000</glbs:CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure>
  <ifrs-full:RestrictedCashAndCashEquivalents contextRef="FYm1Q4e" unitRef="USD" decimals="-3">1350000</ifrs-full:RestrictedCashAndCashEquivalents>
  <glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure contextRef="FYm1Q4e" unitRef="USD" decimals="-3">1350000</glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure>
  <ifrs-full:DirectorsRemunerationExpense contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">147000</ifrs-full:DirectorsRemunerationExpense>
  <ifrs-full:DirectorsRemunerationExpense contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">145000</ifrs-full:DirectorsRemunerationExpense>
  <ifrs-full:KeyManagementPersonnelCompensation contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">187000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:KeyManagementPersonnelCompensation contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">185000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_ExecutiveDirectorsMember" unitRef="USD" decimals="-3">224000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
  <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_ExecutiveDirectorsMember" unitRef="USD" decimals="-3">235000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
  <ifrs-full:KeyManagementPersonnelCompensation contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_ExecutiveDirectorsMember" unitRef="USD" decimals="-3">224000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:KeyManagementPersonnelCompensation contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_ExecutiveDirectorsMember" unitRef="USD" decimals="-3">235000</ifrs-full:KeyManagementPersonnelCompensation>
  <glbs:DirectorsCompensationSharebasedPayment contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">40000</glbs:DirectorsCompensationSharebasedPayment>
  <glbs:DirectorsCompensationSharebasedPayment contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">40000</glbs:DirectorsCompensationSharebasedPayment>
  <ifrs-full:DirectorsRemunerationExpense contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">145000</ifrs-full:DirectorsRemunerationExpense>
  <glbs:DirectorsCompensationSharebasedPayment contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">40000</glbs:DirectorsCompensationSharebasedPayment>
  <ifrs-full:KeyManagementPersonnelCompensation contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">185000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_ExecutiveDirectorsMember" unitRef="USD" decimals="-3">229000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
  <ifrs-full:KeyManagementPersonnelCompensation contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_ExecutiveDirectorsMember" unitRef="USD" decimals="-3">229000</ifrs-full:KeyManagementPersonnelCompensation>
  <glbs:NumberOfSharesHeldByControllingParty contextRef="FYp0Q4e" unitRef="shares" decimals="0">1252258</glbs:NumberOfSharesHeldByControllingParty>
  <glbs:MonthlyRentalExpense contextRef="FYm3YTE_CategoriesOfRelatedPartiesAxis_CyberonicaSAMember" unitRef="EUR" decimals="3">10360</glbs:MonthlyRentalExpense>
  <glbs:MonthlyRentalExpense contextRef="FYm3YTE_CategoriesOfRelatedPartiesAxis_CyberonicaSAMember" unitRef="USD" decimals="-3">11900000</glbs:MonthlyRentalExpense>
  <ifrs-full:LeasesAsLesseeRelatedPartyTransactions contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_CyberonicaSAMember" unitRef="USD" decimals="-3">139000</ifrs-full:LeasesAsLesseeRelatedPartyTransactions>
  <ifrs-full:LeasesAsLesseeRelatedPartyTransactions contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_CyberonicaSAMember" unitRef="USD" decimals="-3">147000</ifrs-full:LeasesAsLesseeRelatedPartyTransactions>
  <ifrs-full:LeasesAsLesseeRelatedPartyTransactions contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_CyberonicaSAMember" unitRef="USD" decimals="-3">140000</ifrs-full:LeasesAsLesseeRelatedPartyTransactions>
  <ifrs-full:AmountsPayableRelatedPartyTransactions contextRef="FYm1Q4e_CategoriesOfRelatedPartiesAxis_CyberonicaSAMember" unitRef="USD" decimals="-3">427000</ifrs-full:AmountsPayableRelatedPartyTransactions>
  <glbs:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="FYm4Q4e_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="USD" decimals="-3">20000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
  <glbs:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="i30.04.2015_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="USD" decimals="-3">8000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
  <glbs:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="i31-12-2013_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="USD" decimals="-3">4000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
  <glbs:LineOfCreditFacilityDrawndownAmountsMultiples contextRef="d31-12-2015_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="USD" decimals="-3">100000</glbs:LineOfCreditFacilityDrawndownAmountsMultiples>
  <glbs:LineOfCreditFacilityDecreaseForgiveness contextRef="d08-02-2017_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="USD" decimals="-3">16885000</glbs:LineOfCreditFacilityDecreaseForgiveness>
  <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding contextRef="d08-02-2017_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="shares" decimals="0">1688500</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
  <glbs:NumberOfSharesCalledByWarrants contextRef="i08-02-2017_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="shares" decimals="0">623058</glbs:NumberOfSharesCalledByWarrants>
  <glbs:ExercisePriceOfOutstandingWarrants contextRef="i08-02-2017_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="EPS" decimals="4">16</glbs:ExercisePriceOfOutstandingWarrants>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="d10-02-2017_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="USD" decimals="-3">1639000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:BorrowingsMaturity contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember">April 12, 2017</ifrs-full:BorrowingsMaturity>
  <glbs:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="i31-01-2016_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="USD" decimals="-3">3000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
  <glbs:LineOfCreditFacilityDrawndownAmountsMultiples contextRef="d31-01-2016_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="USD" decimals="-3">100000</glbs:LineOfCreditFacilityDrawndownAmountsMultiples>
  <ifrs-full:BorrowingsInterestRate contextRef="i31-01-2016_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="pure" decimals="5">0.05</ifrs-full:BorrowingsInterestRate>
  <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding contextRef="d08-02-2017_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="shares" decimals="0">311500</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
  <glbs:NumberOfSharesCalledByWarrants contextRef="i08-02-2017_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="shares" decimals="0">114944</glbs:NumberOfSharesCalledByWarrants>
  <glbs:ExercisePriceOfOutstandingWarrants contextRef="i08-02-2017_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="EPS" decimals="4">16</glbs:ExercisePriceOfOutstandingWarrants>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="FYm3YTE_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="USD" decimals="-3">74000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:BorrowingsMaturity contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember">January 12, 2018</ifrs-full:BorrowingsMaturity>
  <glbs:LineOfCreditFacilityDecreaseForgiveness contextRef="d08-02-2017_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="USD" decimals="-3">3115000</glbs:LineOfCreditFacilityDecreaseForgiveness>
  <glbs:DailyConsultingFeeIncome contextRef="FYm3YTE_CategoriesOfRelatedPartiesAxis_EolosShipmanagementSAMember" unitRef="USD" decimals="-3">1000</glbs:DailyConsultingFeeIncome>
  <ifrs-full:FeeAndCommissionIncome contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_EolosShipmanagementSAMember" unitRef="USD" decimals="-3">31000</ifrs-full:FeeAndCommissionIncome>
  <glbs:AccruedDirectorsCompensation contextRef="FYp0Q4e_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">318000</glbs:AccruedDirectorsCompensation>
  <glbs:AccruedDirectorsCompensation contextRef="FYm1Q4e_CategoriesOfRelatedPartiesAxis_NonExecutiveDirectorsMember" unitRef="USD" decimals="-3">201000</glbs:AccruedDirectorsCompensation>
  <ifrs-full:NumberOfSharesOutstanding contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_SeriesaPreferredSharesMember" unitRef="shares" decimals="0">0</ifrs-full:NumberOfSharesOutstanding>
  <glbs:ProportionOfOwnershipInterestsHeldByControllingParty contextRef="FYp0YTE" unitRef="pure" decimals="5">0.240</glbs:ProportionOfOwnershipInterestsHeldByControllingParty>
  <glbs:ProportionOfOwnershipInterestsHeldByControllingParty contextRef="FYm1YTE" unitRef="pure" decimals="5">0.443</glbs:ProportionOfOwnershipInterestsHeldByControllingParty>
  <ifrs-full:NumberOfSharesOutstanding contextRef="FYm1Q4e_ClassesOfShareCapitalAxis_SeriesaPreferredSharesMember" unitRef="shares" decimals="0">0</ifrs-full:NumberOfSharesOutstanding>
  <glbs:ConsultingFeesExpense contextRef="d18-08-2016_CategoriesOfRelatedPartiesAxis_AffiliatedCompanyOfCompanysCEOMember" unitRef="EUR" decimals="3">200000</glbs:ConsultingFeesExpense>
  <glbs:ConsultingFeesExpense contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_AffiliatedCompanyOfCompanysCEOMember" unitRef="USD" decimals="-3">224000</glbs:ConsultingFeesExpense>
  <glbs:ConsultingFeesExpense contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_AffiliatedCompanyOfCompanysCEOMember" unitRef="USD" decimals="-3">235000</glbs:ConsultingFeesExpense>
  <ifrs-full:Borrowings contextRef="i08-02-2017_CategoriesOfRelatedPartiesAxis_FirmentTradingLimitedMember" unitRef="USD" decimals="-3">18524000</ifrs-full:Borrowings>
  <glbs:ConsultingFeesExpense contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_AffiliatedCompanyOfCompanysCEOMember" unitRef="USD" decimals="-3">229000</glbs:ConsultingFeesExpense>
  <ifrs-full:InterestExpense contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="USD" decimals="-3">3000</ifrs-full:InterestExpense>
  <ifrs-full:ProceedsFromIssuingShares contextRef="d08-02-2017_ClassesOfShareCapitalAxis_February2017PrivatePlacementMember" unitRef="USD" decimals="-3">5000000</ifrs-full:ProceedsFromIssuingShares>
  <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding contextRef="d08-02-2017_ClassesOfShareCapitalAxis_February2017PrivatePlacementMember" unitRef="shares" decimals="0">500000</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
  <glbs:ExercisePriceOfOutstandingWarrants contextRef="i08-02-2017_ClassesOfShareCapitalAxis_February2017PrivatePlacementMember" unitRef="EPS" decimals="4">16</glbs:ExercisePriceOfOutstandingWarrants>
  <ifrs-full:ParValuePerShare contextRef="i08-02-2017_ClassesOfShareCapitalAxis_February2017PrivatePlacementMember" unitRef="EPS" decimals="4">0.004</ifrs-full:ParValuePerShare>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="USD" decimals="-3">280000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYm2YTE_CategoriesOfRelatedPartiesAxis_SilanerInvestmentsLimitedMember" unitRef="USD" decimals="-3">280000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <glbs:AccruedDirectorsCompensation contextRef="FYp0Q4e_CategoriesOfRelatedPartiesAxis_ExecutiveDirectorsMember" unitRef="USD" decimals="-3">556000</glbs:AccruedDirectorsCompensation>
  <glbs:AccruedDirectorsCompensation contextRef="FYm1Q4e_CategoriesOfRelatedPartiesAxis_ExecutiveDirectorsMember" unitRef="USD" decimals="-3">391000</glbs:AccruedDirectorsCompensation>
  <ifrs-full:BorrowingsMaturity contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember">April 1, 2021</ifrs-full:BorrowingsMaturity>
  <ifrs-full:FeeAndCommissionIncome contextRef="d30-11-2018_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">0</ifrs-full:FeeAndCommissionIncome>
  <glbs:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="i30-11-2018_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">15000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
  <glbs:LineOfCreditFacilityDrawndownAmountsMultiples contextRef="d30-11-2018_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">100000</glbs:LineOfCreditFacilityDrawndownAmountsMultiples>
  <ifrs-full:BorrowingsInterestRate contextRef="i30-11-2018_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="pure" decimals="5">0.07</ifrs-full:BorrowingsInterestRate>
  <glbs:BorrowingsDefaultInterestRate contextRef="i30-11-2018_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="pure" decimals="5">0.02</glbs:BorrowingsDefaultInterestRate>
  <ifrs-full:NumberOfSharesOutstanding contextRef="FYm2Q4e_ClassesOfShareCapitalAxis_SeriesaPreferredSharesMember" unitRef="shares" decimals="0">0</ifrs-full:NumberOfSharesOutstanding>
  <glbs:DebtInstrumentConvertibleConversionPrice contextRef="i30-11-2018_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="EPS" decimals="4">2.8</glbs:DebtInstrumentConvertibleConversionPrice>
  <glbs:DebtInstrumentConvertibleThresholdTradingDays contextRef="d30-11-2018_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="pure" decimals="5">10</glbs:DebtInstrumentConvertibleThresholdTradingDays>
  <glbs:DebtInstrumentConvertibleConversionMultiplier contextRef="d30-11-2018_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="pure" decimals="5">0.8</glbs:DebtInstrumentConvertibleConversionMultiplier>
  <ifrs-full:InterestExpense contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">96000</ifrs-full:InterestExpense>
  <glbs:ProportionOfOwnershipInterestsHeldByControllingParty contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember_RangeAxis_BottomOfRangeMember" unitRef="pure" decimals="5">0.4</glbs:ProportionOfOwnershipInterestsHeldByControllingParty>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">800000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:UndrawnBorrowingFacilities contextRef="FYm1Q4e_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">12800000</ifrs-full:UndrawnBorrowingFacilities>
  <ifrs-full:InterestExpense contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">12000</ifrs-full:InterestExpense>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">2200000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:UndrawnBorrowingFacilities contextRef="FYp0Q4e_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">11100000</ifrs-full:UndrawnBorrowingFacilities>
  <ifrs-full:Borrowings contextRef="i23.04.2019_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">3100000</ifrs-full:Borrowings>
  <glbs:DebtInstrumentConvertibleConversionPrice contextRef="i23.04.2019_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="EPS" decimals="4">2.8</glbs:DebtInstrumentConvertibleConversionPrice>
  <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding contextRef="d23-4-2019_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="shares" decimals="0">1132191</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
  <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives contextRef="d23-4-2019_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">117000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
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  <ifrs-full:RightofuseAssets contextRef="FYm1Q4e_CategoriesOfRelatedPartiesAxis_CyberonicaSAMember" unitRef="USD" decimals="-3">674000</ifrs-full:RightofuseAssets>
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  <glbs:AccumulatedDepreciationPropertyPlantAndEquipment contextRef="FYm1Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">97280000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
  <ifrs-full:Ships contextRef="FYm1Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">6978000</ifrs-full:Ships>
  <ifrs-full:Ships contextRef="FYm1Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">83750000</ifrs-full:Ships>
  <glbs:AccumulatedDepreciationPropertyPlantAndEquipment contextRef="FYm1Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">5375000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYm1YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">26000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYm1YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">2174000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="FYm1YTE" unitRef="USD" decimals="-3">4578000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="FYm2YTE" unitRef="USD" decimals="-3">4831000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <glbs:DepreciationOfficeFurnitureAndEquipment contextRef="FYp0YTE" unitRef="USD" decimals="-3">31000</glbs:DepreciationOfficeFurnitureAndEquipment>
  <glbs:DepreciationOfficeFurnitureAndEquipment contextRef="FYm1YTE" unitRef="USD" decimals="-3">23000</glbs:DepreciationOfficeFurnitureAndEquipment>
  <glbs:DepreciationOfficeFurnitureAndEquipment contextRef="FYm2YTE" unitRef="USD" decimals="-3">23000</glbs:DepreciationOfficeFurnitureAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="FYp0YTE" unitRef="USD" decimals="-3">4578000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYm1YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">5744000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYm1YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">2148000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYm1YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">4578000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYm1YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">1166000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYm1YTE" unitRef="USD" decimals="-3">2174000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYm1YTE" unitRef="USD" decimals="-3">5744000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:Ships contextRef="FYm2Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">179401000</ifrs-full:Ships>
  <glbs:AccumulatedDepreciationPropertyPlantAndEquipment contextRef="FYm2Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">92702000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
  <ifrs-full:Ships contextRef="FYm2Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">4830000</ifrs-full:Ships>
  <glbs:AccumulatedDepreciationPropertyPlantAndEquipment contextRef="FYm2Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">4209000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
  <ifrs-full:Ships contextRef="FYm2Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">87320000</ifrs-full:Ships>
  <ifrs-full:Ships contextRef="FYp0Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">149579000</ifrs-full:Ships>
  <ifrs-full:Ships contextRef="FYp0Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">7600000</ifrs-full:Ships>
  <ifrs-full:Ships contextRef="FYp0Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">48242000</ifrs-full:Ships>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">54000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">4578000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">622000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">1704000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">676000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYp0YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">6282000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYp0YTE" unitRef="USD" decimals="-3">676000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYp0YTE" unitRef="USD" decimals="-3">6282000</ifrs-full:DepreciationAndAmortisationExpense>
  <glbs:AccumulatedDepreciationPropertyPlantAndEquipment contextRef="FYp0Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">101858000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
  <glbs:AccumulatedDepreciationPropertyPlantAndEquipment contextRef="FYp0Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">7079000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
  <ifrs-full:Ships contextRef="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">179156000</ifrs-full:Ships>
  <glbs:AccumulatedDepreciationPropertyPlantAndEquipment contextRef="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">87871000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
  <ifrs-full:Ships contextRef="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">3854000</ifrs-full:Ships>
  <glbs:AccumulatedDepreciationPropertyPlantAndEquipment contextRef="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">3347000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
  <ifrs-full:Ships contextRef="FYm3Q4e_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">91792000</ifrs-full:Ships>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">976000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">1221000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">4831000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember_ClassesOfPropertyPlantAndEquipmentAxis_DryDockingMember" unitRef="USD" decimals="-3">862000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:DepreciationAndAmortisationExpense contextRef="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_CarryingAmountIMember" unitRef="USD" decimals="-3">5693000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYm2YTE_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember" unitRef="USD" decimals="-3">245000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="FYm2YTE" unitRef="USD" decimals="-3">1221000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
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  <ifrs-full:DepreciationRightofuseAssets contextRef="FYp0YTE" unitRef="USD" decimals="-3">112000</ifrs-full:DepreciationRightofuseAssets>
  <ifrs-full:DepreciationRightofuseAssets contextRef="FYm1YTE" unitRef="USD" decimals="-3">0</ifrs-full:DepreciationRightofuseAssets>
  <ifrs-full:DepreciationRightofuseAssets contextRef="FYm2YTE" unitRef="USD" decimals="-3">0</ifrs-full:DepreciationRightofuseAssets>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVRiverGlobeMember" unitRef="USD" decimals="-3">6920000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSkyGlobeMember" unitRef="USD" decimals="-3">8074000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVStarGlobeMember" unitRef="USD" decimals="-3">7197000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSunGlobeMember" unitRef="USD" decimals="-3">4797000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYp0YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVMoonGlobeMember" unitRef="USD" decimals="-3">2914000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYm1YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVRiverGlobeMember" unitRef="USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
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  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYm2YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSkyGlobeMember" unitRef="USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
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  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYm1YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSunGlobeMember" unitRef="USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYm2YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVSunGlobeMember" unitRef="USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYm1YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVMoonGlobeMember" unitRef="USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYm2YTE_ClassesOfPropertyPlantAndEquipmentAxis_MVMoonGlobeMember" unitRef="USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
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  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="FYp0YTE" unitRef="USD" decimals="-3">29902000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
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  <ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit contextRef="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVRiverGlobeMember" unitRef="USD" decimals="-3">7752000</ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit>
  <ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit contextRef="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVSkyGlobeMember" unitRef="USD" decimals="-3">8971000</ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit>
  <ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit contextRef="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVStarGlobeMember" unitRef="USD" decimals="-3">9458000</ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit>
  <ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit contextRef="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVSunGlobeMember" unitRef="USD" decimals="-3">11165000</ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit>
  <ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit contextRef="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_MVMoonGlobeMember" unitRef="USD" decimals="-3">10896000</ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit>
  <ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit contextRef="FYp0Q4e" unitRef="USD" decimals="-3">48242000</ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit>
  <glbs:AssumptionOfExpectedRatesOfInflation contextRef="FYp0Q4e" unitRef="pure" decimals="5">0.01</glbs:AssumptionOfExpectedRatesOfInflation>
  <glbs:VesselCapacity contextRef="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_SupramaxMember" unitRef="pure" decimals="5">50000</glbs:VesselCapacity>
  <glbs:VesselCapacity contextRef="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_PanamaxMember" unitRef="pure" decimals="5">70000</glbs:VesselCapacity>
  <glbs:AssumptionOfFleetUtilisationRate contextRef="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_PanamaxMember" unitRef="pure" decimals="5">0.9</glbs:AssumptionOfFleetUtilisationRate>
  <glbs:TimePeriodConsidered contextRef="FYp0YTE">The Company used the historical ten-year blended average one-year time charter rates.</glbs:TimePeriodConsidered>
  <glbs:AssumptionOfFleetUtilisationRate contextRef="FYp0Q4e_ClassesOfPropertyPlantAndEquipmentAxis_SupramaxMember" unitRef="pure" decimals="5">0.87</glbs:AssumptionOfFleetUtilisationRate>
  <glbs:WeightedAverageCostOfCapital contextRef="FYp0Q4e" unitRef="pure" decimals="5">0.0942</glbs:WeightedAverageCostOfCapital>
  <glbs:LubricantsInventoryCurrent contextRef="FYp0Q4e" unitRef="USD" decimals="-3">295000</glbs:LubricantsInventoryCurrent>
  <glbs:LubricantsInventoryCurrent contextRef="FYm1Q4e" unitRef="USD" decimals="-3">313000</glbs:LubricantsInventoryCurrent>
  <glbs:GasCylindersInventoryCurrent contextRef="FYp0Q4e" unitRef="USD" decimals="-3">79000</glbs:GasCylindersInventoryCurrent>
  <glbs:GasCylindersInventoryCurrent contextRef="FYm1Q4e" unitRef="USD" decimals="-3">78000</glbs:GasCylindersInventoryCurrent>
  <glbs:BunkerInventoryCurrent contextRef="FYp0Q4e" unitRef="USD" decimals="-3">1171000</glbs:BunkerInventoryCurrent>
  <glbs:BunkerInventoryCurrent contextRef="FYm1Q4e" unitRef="USD" decimals="-3">259000</glbs:BunkerInventoryCurrent>
  <ifrs-full:CurrentInterestPayable contextRef="FYp0Q4e" unitRef="USD" decimals="-3">307000</ifrs-full:CurrentInterestPayable>
  <ifrs-full:CurrentInterestPayable contextRef="FYm1Q4e" unitRef="USD" decimals="-3">114000</ifrs-full:CurrentInterestPayable>
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  <glbs:ValueOfSharesAuthorised contextRef="FYm1Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">2000000</glbs:ValueOfSharesAuthorised>
  <glbs:ValueOfSharesAuthorised contextRef="FYm2Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">2000000</glbs:ValueOfSharesAuthorised>
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  <glbs:ValueOfSharesAuthorised contextRef="FYm1Q4e_ClassesOfShareCapitalAxis_ClassBCommonSharesMember" unitRef="USD" decimals="-3">100000</glbs:ValueOfSharesAuthorised>
  <glbs:ValueOfSharesAuthorised contextRef="FYm2Q4e_ClassesOfShareCapitalAxis_ClassBCommonSharesMember" unitRef="USD" decimals="-3">100000</glbs:ValueOfSharesAuthorised>
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  <glbs:ValueOfSharesAuthorised contextRef="FYm1Q4e_ClassesOfShareCapitalAxis_PreferenceSharesMember" unitRef="USD" decimals="-3">100000</glbs:ValueOfSharesAuthorised>
  <glbs:ValueOfSharesAuthorised contextRef="FYm2Q4e_ClassesOfShareCapitalAxis_PreferenceSharesMember" unitRef="USD" decimals="-3">100000</glbs:ValueOfSharesAuthorised>
  <glbs:ValueOfSharesAuthorised contextRef="FYp0Q4e" unitRef="USD" decimals="-3">2200000</glbs:ValueOfSharesAuthorised>
  <glbs:ValueOfSharesAuthorised contextRef="FYm1Q4e" unitRef="USD" decimals="-3">2200000</glbs:ValueOfSharesAuthorised>
  <glbs:ValueOfSharesAuthorised contextRef="FYm2Q4e" unitRef="USD" decimals="-3">2200000</glbs:ValueOfSharesAuthorised>
  <ifrs-full:NumberOfSharesAuthorised contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">500000000</ifrs-full:NumberOfSharesAuthorised>
  <ifrs-full:NumberOfSharesAuthorised contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_ClassBCommonSharesMember" unitRef="shares" decimals="0">100000000</ifrs-full:NumberOfSharesAuthorised>
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  <ifrs-full:ParValuePerShare contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_PreferenceSharesMember" unitRef="EPS" decimals="4">0.001</ifrs-full:ParValuePerShare>
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  <ifrs-full:IssuedCapital contextRef="FYm2Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">13000</ifrs-full:IssuedCapital>
  <ifrs-full:NumberOfSharesIssuedAndFullyPaid contextRef="FYm3Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">262755</ifrs-full:NumberOfSharesIssuedAndFullyPaid>
  <ifrs-full:NumberOfSharesIssuedAndFullyPaid contextRef="FYm2Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">3163030</ifrs-full:NumberOfSharesIssuedAndFullyPaid>
  <ifrs-full:NumberOfSharesIssuedAndFullyPaid contextRef="FYm1Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">3209327</ifrs-full:NumberOfSharesIssuedAndFullyPaid>
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  <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity contextRef="FYm1YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">37500</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity>
  <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="FYm1YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
  <ifrs-full:IssuedCapital contextRef="FYm1Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">13000</ifrs-full:IssuedCapital>
  <ifrs-full:NumberOfSharesIssuedAndFullyPaid contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">5227159</ifrs-full:NumberOfSharesIssuedAndFullyPaid>
  <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions contextRef="FYp0YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">17998</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions>
  <ifrs-full:IssuedCapital contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">21000</ifrs-full:IssuedCapital>
  <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="FYm2YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
  <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="FYm1YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
  <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="FYp0YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
  <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity contextRef="FYm2YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">2750000</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity>
  <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity contextRef="FYm2YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">148181</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity>
  <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="FYm2YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">1000</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
  <ifrs-full:IssueOfEquity contextRef="FYm2YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">11000</ifrs-full:IssueOfEquity>
  <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments contextRef="FYp0YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="shares" decimals="0">1999834</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments>
  <ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments contextRef="FYp0YTE_ClassesOfShareCapitalAxis_OrdinarySharesMember" unitRef="USD" decimals="-3">8000</ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments>
  <glbs:NumberOfSharesCalledByWarrants contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_February2017PrivatePlacementMember" unitRef="shares" decimals="0">0</glbs:NumberOfSharesCalledByWarrants>
  <glbs:NumberOfWarrantsOutstanding contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_February2017PrivatePlacementMember" unitRef="shares" decimals="0">0</glbs:NumberOfWarrantsOutstanding>
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  <ifrs-full:ParValuePerShare contextRef="i19-10-2017_ClassesOfShareCapitalAxis_October2017PrivatePlacementMember" unitRef="EPS" decimals="4">0.004</ifrs-full:ParValuePerShare>
  <glbs:ExercisePriceOfOutstandingWarrants contextRef="i19-10-2017_ClassesOfShareCapitalAxis_October2017PrivatePlacementMember" unitRef="EPS" decimals="4">16</glbs:ExercisePriceOfOutstandingWarrants>
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  <ifrs-full:ProceedsFromIssuingShares contextRef="d19-10-2017_ClassesOfShareCapitalAxis_October2017PrivatePlacementMember" unitRef="USD" decimals="-3">2500000</ifrs-full:ProceedsFromIssuingShares>
  <glbs:NumberOfSharesCalledByWarrants contextRef="i19-10-2017_ClassesOfShareCapitalAxis_October2017PrivatePlacementMember" unitRef="shares" decimals="0">1250000</glbs:NumberOfSharesCalledByWarrants>
  <glbs:MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants contextRef="d19-10-2017_ClassesOfShareCapitalAxis_October2017PrivatePlacementMember" unitRef="pure" decimals="5">0.0499</glbs:MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants>
  <glbs:MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants contextRef="d19-10-2017_ClassesOfShareCapitalAxis_October2017PrivatePlacementMember_RangeAxis_TopOfRangeMember" unitRef="pure" decimals="5">0.0999</glbs:MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants>
  <glbs:NumberOfWarrantsOutstanding contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_October2017PrivatePlacementMember" unitRef="shares" decimals="0">0</glbs:NumberOfWarrantsOutstanding>
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  <glbs:NumberOfSharesCalledByWarrants contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_October2017PrivatePlacementMember" unitRef="shares" decimals="0">0</glbs:NumberOfSharesCalledByWarrants>
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  <ifrs-full:SharePremium contextRef="FYm2Q4e" unitRef="USD" decimals="-3">139684000</ifrs-full:SharePremium>
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  <ifrs-full:NumberOfSharesOutstanding contextRef="FYp0Q4e_ClassesOfShareCapitalAxis_ClassBCommonSharesOutstandingMember" unitRef="shares" decimals="0">0</ifrs-full:NumberOfSharesOutstanding>
  <ifrs-full:NumberOfSharesOutstanding contextRef="FYm1Q4e_ClassesOfShareCapitalAxis_ClassBCommonSharesOutstandingMember" unitRef="shares" decimals="0">0</ifrs-full:NumberOfSharesOutstanding>
  <ifrs-full:NumberOfSharesOutstanding contextRef="FYm2Q4e_ClassesOfShareCapitalAxis_ClassBCommonSharesOutstandingMember" unitRef="shares" decimals="0">0</ifrs-full:NumberOfSharesOutstanding>
  <glbs:VotingRights contextRef="FYp0YTE">Holders of the Company&#8217;s common shares and Class B shares have equivalent economic rights, but holders of Company&#8217;s common shares are entitled to one vote per share and holders of the Company&#8217;s Class B shares are entitled to twenty votes per share. </glbs:VotingRights>
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  <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity contextRef="FYm2YTE_ClassesOfShareCapitalAxis_February2017PrivatePlacementMember" unitRef="shares" decimals="0">148181</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity>
  <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity contextRef="FYp0YTE" unitRef="USD" decimals="-3">-36351000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity>
  <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity contextRef="FYm1YTE" unitRef="USD" decimals="-3">-3568000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity>
  <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity contextRef="FYm2YTE" unitRef="USD" decimals="-3">-6475000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity>
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  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_CategoriesOfRelatedPartiesAxis_GlobusMaritimeLtdMember" unitRef="USD" decimals="-3">307000</glbs:BorrowingsGross>
  <glbs:DebtInstrumentUnamortisedDiscount contextRef="FYp0Q4e_CategoriesOfRelatedPartiesAxis_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedMember" unitRef="USD" decimals="-3">-741000</glbs:DebtInstrumentUnamortisedDiscount>
  <glbs:DebtInstrumentUnamortisedDiscount contextRef="FYp0Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_CategoriesOfRelatedPartiesAxis_GlobusMaritimeLtdMember" unitRef="USD" decimals="-3">0</glbs:DebtInstrumentUnamortisedDiscount>
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  <ifrs-full:Borrowings contextRef="FYp0Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_CategoriesOfRelatedPartiesAxis_GlobusMaritimeLtdMember" unitRef="USD" decimals="-3">307000</ifrs-full:Borrowings>
  <glbs:DebtInstrumentUnamortisedDiscount contextRef="FYm1Q4e" unitRef="USD" decimals="-3">-295000</glbs:DebtInstrumentUnamortisedDiscount>
  <ifrs-full:Borrowings contextRef="FYm1Q4e" unitRef="USD" decimals="-3">36868000</ifrs-full:Borrowings>
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  <glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount contextRef="FYp0Q4e" unitRef="USD" decimals="-3">292000</glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount>
  <glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount contextRef="FYm1Q4e" unitRef="USD" decimals="-3">295000</glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount>
  <glbs:LongTermBorrowingsGross contextRef="FYm1Q4e" unitRef="USD" decimals="-3">1500000</glbs:LongTermBorrowingsGross>
  <glbs:LongTermDebtInstrumentUnamortisedDiscount contextRef="FYp0Q4e" unitRef="USD" decimals="-3">-449000</glbs:LongTermDebtInstrumentUnamortisedDiscount>
  <glbs:LongTermDebtInstrumentUnamortisedDiscount contextRef="FYm1Q4e" unitRef="USD" decimals="-3">0</glbs:LongTermDebtInstrumentUnamortisedDiscount>
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  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_AdvanceAMember_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-3">889000</glbs:BorrowingsGross>
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  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_AdvanceBMember_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-3">882000</glbs:BorrowingsGross>
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  <ifrs-full:Borrowings contextRef="FYp0Q4e" unitRef="USD" decimals="-3">37746000</ifrs-full:Borrowings>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_HamburgCommercialBankAGLoanAgreementMember" unitRef="USD" decimals="-3">22163000</glbs:BorrowingsGross>
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  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_HamburgCommercialBankAGLoanAgreementMember_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_AdvanceAMember_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-3">889000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_AdvanceBMember_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-3">882000</glbs:BorrowingsGross>
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  <glbs:DebtInstrumentUnamortisedDiscount contextRef="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember_CategoriesOfRelatedPartiesAxis_GlobusMaritimeLtdMember" unitRef="USD" decimals="-3">0</glbs:DebtInstrumentUnamortisedDiscount>
  <ifrs-full:Borrowings contextRef="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember_CategoriesOfRelatedPartiesAxis_GlobusMaritimeLtdMember" unitRef="USD" decimals="-3">1180000</ifrs-full:Borrowings>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_HamburgCommercialBankAGLoanAgreementMember_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_AdvanceAMember_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-3">889000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_AdvanceBMember_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-3">882000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_HamburgCommercialBankAGLoanAgreementMember_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_AdvanceAMember_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">2444000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_AdvanceBMember_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">3972000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-3">1771000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">6416000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-3">5970000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-3">3309000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-3">10079000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_MaturityAxis_LaterThanTwoYearsMember" unitRef="USD" decimals="-3">31030000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_MaturityAxis_LaterThanTwoYearsMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember_MaturityAxis_LaterThanTwoYearsMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_MaturityAxis_LaterThanTwoYearsMember" unitRef="USD" decimals="-3">31030000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember" unitRef="USD" decimals="-3">37000000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">3309000</glbs:BorrowingsGross>
  <glbs:ConvertibleDebtIncludingEmbeddedDerivative contextRef="FYm1Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember" unitRef="USD" decimals="-3">2200000</glbs:ConvertibleDebtIncludingEmbeddedDerivative>
  <glbs:ConvertibleDebtIncludingEmbeddedDerivative contextRef="FYm1Q4e" unitRef="USD" decimals="-3">37863000</glbs:ConvertibleDebtIncludingEmbeddedDerivative>
  <glbs:LongTermBorrowingsGross contextRef="FYp0Q4e" unitRef="USD" decimals="-3">37000000</glbs:LongTermBorrowingsGross>
  <glbs:ConvertibleDebtIncludingEmbeddedDerivative contextRef="FYp0Q4e" unitRef="USD" decimals="-3">41109000</glbs:ConvertibleDebtIncludingEmbeddedDerivative>
  <glbs:ConvertibleDebtIncludingEmbeddedDerivative contextRef="FYm1Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-3">2200000</glbs:ConvertibleDebtIncludingEmbeddedDerivative>
  <glbs:ConvertibleDebtIncludingEmbeddedDerivative contextRef="FYp0Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember" unitRef="USD" decimals="-3">800000</glbs:ConvertibleDebtIncludingEmbeddedDerivative>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-3">0</glbs:BorrowingsGross>
  <glbs:ConvertibleDebtIncludingEmbeddedDerivative contextRef="FYp0Q4e_BorrowingsByNameAxis_FirmentShippingIncLoanAgreementMember_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-3">800000</glbs:ConvertibleDebtIncludingEmbeddedDerivative>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYm1YTE_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_ArtfulAdvanceMember" unitRef="USD" decimals="-3">6000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:LongtermBorrowings contextRef="FYm1Q4e_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">1500000</ifrs-full:LongtermBorrowings>
  <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives contextRef="FYm1YTE_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">131000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
  <ifrs-full:BorrowingsInterestRateBasis contextRef="d30-06-2019_BorrowingsByNameAxis_EnTrustMember">Libor</ifrs-full:BorrowingsInterestRateBasis>
  <ifrs-full:BorrowingsAdjustmentToInterestRateBasis contextRef="i30.06.2019_BorrowingsByNameAxis_EnTrustMember" unitRef="pure" decimals="5">0.085</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
  <glbs:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="i30.06.2019_BorrowingsByNameAxis_EnTrustMember" unitRef="USD" decimals="-3">37000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
  <glbs:BorrowingsDefaultInterestRate contextRef="i30.06.2019_BorrowingsByNameAxis_EnTrustMember" unitRef="pure" decimals="5">0.105</glbs:BorrowingsDefaultInterestRate>
  <ifrs-full:Borrowings contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheAMember" unitRef="USD" decimals="-3">6375000</ifrs-full:Borrowings>
  <glbs:BorrowingsNumberOfPeriodicPayments contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheAMember" unitRef="pure" decimals="5">6</glbs:BorrowingsNumberOfPeriodicPayments>
  <glbs:BorrowingsFrequencyOfPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheAMember">quarterly</glbs:BorrowingsFrequencyOfPeriodicPayment>
  <glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheAMember" unitRef="USD" decimals="-3">4779000</glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid>
  <ifrs-full:BorrowingsMaturity contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheAMember">June 2022</ifrs-full:BorrowingsMaturity>
  <ifrs-full:Borrowings contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheBMember" unitRef="USD" decimals="-3">7375000</ifrs-full:Borrowings>
  <glbs:BorrowingsNumberOfPeriodicPayments contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheBMember" unitRef="pure" decimals="5">6</glbs:BorrowingsNumberOfPeriodicPayments>
  <glbs:BorrowingsFrequencyOfPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheBMember">quarterly</glbs:BorrowingsFrequencyOfPeriodicPayment>
  <glbs:BorrowingsPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheBMember" unitRef="USD" decimals="-3">230000</glbs:BorrowingsPeriodicPayment>
  <glbs:BorrowingsPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheAMember" unitRef="USD" decimals="-3">266000</glbs:BorrowingsPeriodicPayment>
  <glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheBMember" unitRef="USD" decimals="-3">5995000</glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid>
  <ifrs-full:BorrowingsMaturity contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheBMember">June 2022</ifrs-full:BorrowingsMaturity>
  <ifrs-full:Borrowings contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheCMember" unitRef="USD" decimals="-3">7750000</ifrs-full:Borrowings>
  <glbs:BorrowingsNumberOfPeriodicPayments contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheCMember" unitRef="pure" decimals="5">6</glbs:BorrowingsNumberOfPeriodicPayments>
  <glbs:BorrowingsFrequencyOfPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheCMember">quarterly</glbs:BorrowingsFrequencyOfPeriodicPayment>
  <glbs:BorrowingsPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheCMember" unitRef="USD" decimals="-3">215000</glbs:BorrowingsPeriodicPayment>
  <glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheCMember" unitRef="USD" decimals="-3">6460000</glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid>
  <ifrs-full:BorrowingsMaturity contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheCMember">June 2022</ifrs-full:BorrowingsMaturity>
  <ifrs-full:Borrowings contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheEMember" unitRef="USD" decimals="-3">9000000</ifrs-full:Borrowings>
  <glbs:BorrowingsNumberOfPeriodicPayments contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheDMember" unitRef="pure" decimals="5">6</glbs:BorrowingsNumberOfPeriodicPayments>
  <glbs:BorrowingsNumberOfPeriodicPayments contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheEMember" unitRef="pure" decimals="5">6</glbs:BorrowingsNumberOfPeriodicPayments>
  <glbs:BorrowingsFrequencyOfPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheDMember">quarterly</glbs:BorrowingsFrequencyOfPeriodicPayment>
  <glbs:BorrowingsFrequencyOfPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheEMember">quarterly</glbs:BorrowingsFrequencyOfPeriodicPayment>
  <glbs:BorrowingsPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheDMember" unitRef="USD" decimals="-3">406000</glbs:BorrowingsPeriodicPayment>
  <glbs:BorrowingsPeriodicPayment contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheEMember" unitRef="USD" decimals="-3">375000</glbs:BorrowingsPeriodicPayment>
  <glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheDMember" unitRef="USD" decimals="-3">4064000</glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid>
  <glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheEMember" unitRef="USD" decimals="-3">6750000</glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid>
  <ifrs-full:BorrowingsMaturity contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheDMember">June 2022</ifrs-full:BorrowingsMaturity>
  <ifrs-full:BorrowingsMaturity contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheEMember">June 2022</ifrs-full:BorrowingsMaturity>
  <glbs:LiquidityToConsolidatedIndebtednessRatio contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_RangeAxis_BottomOfRangeMember" unitRef="pure" decimals="5">0.05</glbs:LiquidityToConsolidatedIndebtednessRatio>
  <glbs:CompensatingBalanceAmountPerVessel contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_RangeAxis_BottomOfRangeMember" unitRef="USD" decimals="-3">250000</glbs:CompensatingBalanceAmountPerVessel>
  <glbs:CashSegregatedUnderCovenantRequirements contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_BorrowerABorrowerEMember" unitRef="USD" decimals="-3">450000</glbs:CashSegregatedUnderCovenantRequirements>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="d24-06-2019_BorrowingsByNameAxis_EnTrustMember" unitRef="USD" decimals="-3">37000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheAMember" unitRef="USD" decimals="-3">6375000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheBMember" unitRef="USD" decimals="-3">7375000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheCMember" unitRef="USD" decimals="-3">7750000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheDMember" unitRef="USD" decimals="-3">6500000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheEMember" unitRef="USD" decimals="-3">9000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <glbs:DebtSecuritiesCovenants contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember">Each Borrower shall maintain in its earnings account during a &#8220;Cash Sweep Period&#8221;, which is the period commencing on the relevant Utilisation Date and ending on 30 September 2019 and each three-month period thereafter commencing on 1 January, 1 April, 1 July and 1 October in each financial year of that Borrower, with the last such three-month period commencing on 30 June 2020 and ending on 30 September 2020, the applicable &#8220;Buffer Amount&#8221;, which is in relation to a Borrower for a Cash Sweep Period, the product of: (a) an amount equal to the lower of: (i) $1,000; and (ii) the difference between the daily time charter equivalent rate of the Ship owned by that Borrower, as evidenced in the management accounts, and the &#8220;Break-Even Expenses&#8221;, as described in the loan agreement, of that ship for that Cash Sweep Period; and (b) the actual number of days lapsed during that Cash Sweep Period for that Borrower. No Borrower shall incur or permit to be outstanding any Financial Indebtedness except &#8220;Permitted Financial Indebtedness&#8221;. "Permitted Financial Indebtedness" means: (a) any Financial Indebtedness incurred under the Finance Documents; (b) any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a Subordination Agreement or otherwise and which is, in the case of any such Financial Indebtedness of the Borrower, the subject of Subordinated Debt Security; and (c) any &#8220;Permitted Trade Debt&#8221;. "Permitted Trade Debt" means any trade debt on arm's length commercial terms reasonably incurred in the ordinary course of owning, operating, trading, chartering, maintaining and repairing a Ship which remains unpaid for over 15 days of its due date and which does not exceeds $400 (or the equivalent in any other currency) per Ship at any relevant time


</glbs:DebtSecuritiesCovenants>
  <glbs:DebtSecuritiesCovenants contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_BorrowerBBorrowerCBorrowerDMember">Each of Borrower B, Borrower C and Borrower D shall create a reserve fund in the Reserve Account to meet the anticipated dry docking and special survey fees and expenses for the Ship owned by it, by maintaining in the Reserve Account a minimum credit balance (the "Accruing Dry Docking and Special Survey Reserves") which may not be withdrawn (other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship), in an amount equal to, at each Quarter End Date, the product of: (i) $500; and (ii) the number of days elapsed from the relevant Utilisation Date until such Quarter End Date, and that Borrower shall ensure that the credit balance of the Reserve Account shall be increased to meet the required amount of the Accruing Dry Docking and Special Survey Reserves by no later than each Quarter End Date.</glbs:DebtSecuritiesCovenants>
  <glbs:DebtSecuritiesCovenants contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_BorrowerABorrowerEMember">Each of Borrower A and Borrower E shall deposit on the relevant Utilisation Date in the Reserve Account to meet the anticipated dry docking and special survey fees and expenses for Ship which is owned by it, a minimum credit balance in an amount equal to $450 which may not be withdrawn (other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship).</glbs:DebtSecuritiesCovenants>
  <ifrs-full:Borrowings contextRef="FYp0Q4e_BorrowingsByNameAxis_EnTrustMember_CreditFacilityAxis_TrancheDMember" unitRef="USD" decimals="-3">6500000</ifrs-full:Borrowings>
  <ifrs-full:BorrowingsInterestRate contextRef="FYp0Q4e_RangeAxis_WeightedAverageMember" unitRef="pure" decimals="5">0.0866</ifrs-full:BorrowingsInterestRate>
  <ifrs-full:BorrowingsInterestRate contextRef="FYm1Q4e_RangeAxis_WeightedAverageMember" unitRef="pure" decimals="5">0.0497</ifrs-full:BorrowingsInterestRate>
  <glbs:DebtInstrumentConvertibleConversionPrice contextRef="i13.03.2019_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="EPS" decimals="4">0.004</glbs:DebtInstrumentConvertibleConversionPrice>
  <glbs:DebtInstrumentInterestRateStatedPercentage contextRef="i13.03.2019_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="pure" decimals="5">0.1</glbs:DebtInstrumentInterestRateStatedPercentage>
  <glbs:LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms contextRef="d13-03-2019_BorrowingsByNameAxis_ConvertibleNoteMember">annually</glbs:LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms>
  <ifrs-full:DebtSecurities contextRef="i13.03.2019_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">5000000</ifrs-full:DebtSecurities>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="d13-03-2019_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">5000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:LongtermBorrowings contextRef="i13.03.2019_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">1783000</ifrs-full:LongtermBorrowings>
  <ifrs-full:NoncurrentDerivativeFinancialLiabilities contextRef="i13.03.2019_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">3217000</ifrs-full:NoncurrentDerivativeFinancialLiabilities>
  <ifrs-full:NumberOfSharesIssued contextRef="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="shares" decimals="0">867643</ifrs-full:NumberOfSharesIssued>
  <glbs:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="FYm1Q4e_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember" unitRef="USD" decimals="-3">13500000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="FYm1YTE_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember_CreditFacilityAxis_LongevityAdvanceMember" unitRef="USD" decimals="-3">7500000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <glbs:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="i28-02-2015_BorrowingsByNameAxis_HamburgCommercialBankAGLoanAgreementMember" unitRef="USD" decimals="-3">30000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="d03-03-2015_BorrowingsByNameAxis_HamburgCommercialBankAGLoanAgreementMember" unitRef="USD" decimals="-3">29405000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="d03-03-2015_BorrowingsByNameAxis_CreditSuisseAGLoanAgreementMember" unitRef="USD" decimals="-3">30000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="d31-07-2015_BorrowingsByNameAxis_CreditSuisseAGLoanAgreementMember" unitRef="USD" decimals="-3">5000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="d27-06-2019_BorrowingsByNameAxis_HamburgCommercialBankAGLoanAgreementMember" unitRef="USD" decimals="-3">20776000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="d28-06-2019_BorrowingsByNameAxis_MacquarieBankInternationalLimitedLoanAgreementMember" unitRef="USD" decimals="-3">13057000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:LongtermBorrowings contextRef="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">1180000</ifrs-full:LongtermBorrowings>
  <ifrs-full:NoncurrentDerivativeFinancialLiabilities contextRef="FYp0Q4e_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">98000</ifrs-full:NoncurrentDerivativeFinancialLiabilities>
  <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives contextRef="FYp0YTE_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">135000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
  <ifrs-full:LongtermBorrowings contextRef="FYp0Q4e_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">307000</ifrs-full:LongtermBorrowings>
  <ifrs-full:NoncurrentDerivativeFinancialLiabilities contextRef="FYm1Q4e_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">831000</ifrs-full:NoncurrentDerivativeFinancialLiabilities>
  <ifrs-full:NoncurrentDerivativeFinancialLiabilities contextRef="FYp0Q4e_CategoriesOfRelatedPartiesAxis_FirmentShippingIncMember" unitRef="USD" decimals="-3">524000</ifrs-full:NoncurrentDerivativeFinancialLiabilities>
  <ifrs-full:BorrowingCostsCapitalised contextRef="FYp0YTE_BorrowingsByNameAxis_EnTrustMember" unitRef="USD" decimals="-3">880000</ifrs-full:BorrowingCostsCapitalised>
  <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives contextRef="FYp0YTE_BorrowingsByNameAxis_ConvertibleNoteMember" unitRef="USD" decimals="-3">1815000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
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  <glbs:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="FYm1Q4e" unitRef="USD" decimals="-3">2991000</glbs:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
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  <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="FYp0Q4e_MaturityAxis_NotLaterThanThreeMonthsMember" unitRef="USD" decimals="-3">4735000</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="FYp0Q4e_MaturityAxis_LaterThanThreeMonthsAndNotLaterThanOneYearMember" unitRef="USD" decimals="-3">0</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="FYp0Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="FYp0Q4e_MaturityAxis_LaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="FYm1Q4e_MaturityAxis_NotLaterThanThreeMonthsMember" unitRef="USD" decimals="-3">6433000</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="FYm1Q4e_MaturityAxis_LaterThanThreeMonthsAndNotLaterThanOneYearMember" unitRef="USD" decimals="-3">0</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="FYm1Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="FYm1Q4e_MaturityAxis_LaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:FinancialLiabilities contextRef="FYp0Q4e_MaturityAxis_NotLaterThanThreeMonthsMember" unitRef="USD" decimals="-3">11506000</ifrs-full:FinancialLiabilities>
  <ifrs-full:FinancialLiabilities contextRef="FYp0Q4e_MaturityAxis_LaterThanThreeMonthsAndNotLaterThanOneYearMember" unitRef="USD" decimals="-3">3882000</ifrs-full:FinancialLiabilities>
  <ifrs-full:FinancialLiabilities contextRef="FYp0Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">42814000</ifrs-full:FinancialLiabilities>
  <ifrs-full:FinancialLiabilities contextRef="FYp0Q4e_MaturityAxis_LaterThanFiveYearsMember" unitRef="USD" decimals="-3">1000</ifrs-full:FinancialLiabilities>
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  <ifrs-full:FinancialLiabilities contextRef="FYm1Q4e_MaturityAxis_NotLaterThanThreeMonthsMember" unitRef="USD" decimals="-3">9472000</ifrs-full:FinancialLiabilities>
  <ifrs-full:FinancialLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanThreeMonthsAndNotLaterThanOneYearMember" unitRef="USD" decimals="-3">24502000</ifrs-full:FinancialLiabilities>
  <ifrs-full:FinancialLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">16465000</ifrs-full:FinancialLiabilities>
  <ifrs-full:FinancialLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:FinancialLiabilities>
  <ifrs-full:FinancialLiabilities contextRef="FYm1Q4e" unitRef="USD" decimals="-3">50439000</ifrs-full:FinancialLiabilities>
  <glbs:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents contextRef="FYp0Q4e" unitRef="USD" decimals="-3">4801000</glbs:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents>
  <glbs:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents contextRef="FYm1Q4e" unitRef="USD" decimals="-3">1396000</glbs:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents>
  <glbs:AdjustedBookCapitalisation contextRef="FYm1Q4e" unitRef="USD" decimals="-3">13550000</glbs:AdjustedBookCapitalisation>
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  <glbs:AdjustedBookCapiltaisationPlusNetDebt contextRef="FYm1Q4e" unitRef="USD" decimals="-3">49317000</glbs:AdjustedBookCapiltaisationPlusNetDebt>
  <glbs:NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio contextRef="FYp0Q4e" unitRef="pure" decimals="5">0.83</glbs:NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio>
  <glbs:NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio contextRef="FYm1Q4e" unitRef="pure" decimals="5">0.73</glbs:NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio>
  <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit contextRef="FYm1YTE_TypesOfRisksAxis_InterestRateRiskMember" unitRef="USD" decimals="-3">-60000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
  <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit contextRef="FYp0YTE_TypesOfRisksAxis_InterestRateRiskMember" unitRef="USD" decimals="-3">-55000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
  <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit contextRef="FYm1YTE_TypesOfRisksAxis_InterestRateRiskMember" unitRef="USD" decimals="-3">80000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
  <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit contextRef="FYp0YTE_TypesOfRisksAxis_InterestRateRiskMember" unitRef="USD" decimals="-3">73000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
  <glbs:DecreaseInInterestRates contextRef="FYm1YTE_TypesOfRisksAxis_InterestRateRiskMember" unitRef="pure" decimals="5">-20</glbs:DecreaseInInterestRates>
  <glbs:DecreaseInInterestRates contextRef="FYp0YTE_TypesOfRisksAxis_InterestRateRiskMember" unitRef="pure" decimals="5">-20</glbs:DecreaseInInterestRates>
  <glbs:DecreaseInExchangeRates contextRef="FYm1YTE_TypesOfRisksAxis_CurrencyRiskMember" unitRef="pure" decimals="5">-0.1</glbs:DecreaseInExchangeRates>
  <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit contextRef="FYm1YTE_TypesOfRisksAxis_CurrencyRiskMember" unitRef="USD" decimals="-3">-284000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
  <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit contextRef="FYp0YTE_TypesOfRisksAxis_CurrencyRiskMember" unitRef="USD" decimals="-3">-255000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
  <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit contextRef="FYm1YTE_TypesOfRisksAxis_CurrencyRiskMember" unitRef="USD" decimals="-3">284000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
  <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit contextRef="FYp0YTE_TypesOfRisksAxis_CurrencyRiskMember" unitRef="USD" decimals="-3">255000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYp0Q4e_MaturityAxis_NotLaterThanThreeMonthsMember" unitRef="USD" decimals="-3">4674000</ifrs-full:NoncurrentFinancialLiabilities>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYp0Q4e_MaturityAxis_LaterThanThreeMonthsAndNotLaterThanOneYearMember" unitRef="USD" decimals="-3">3776000</ifrs-full:NoncurrentFinancialLiabilities>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYp0Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">42247000</ifrs-full:NoncurrentFinancialLiabilities>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYp0Q4e_MaturityAxis_LaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:NoncurrentFinancialLiabilities>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYp0Q4e" unitRef="USD" decimals="-3">50697000</ifrs-full:NoncurrentFinancialLiabilities>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYm1Q4e_MaturityAxis_NotLaterThanThreeMonthsMember" unitRef="USD" decimals="-3">1720000</ifrs-full:NoncurrentFinancialLiabilities>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanThreeMonthsAndNotLaterThanOneYearMember" unitRef="USD" decimals="-3">24502000</ifrs-full:NoncurrentFinancialLiabilities>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">16465000</ifrs-full:NoncurrentFinancialLiabilities>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:NoncurrentFinancialLiabilities>
  <ifrs-full:NoncurrentFinancialLiabilities contextRef="FYm1Q4e" unitRef="USD" decimals="-3">42687000</ifrs-full:NoncurrentFinancialLiabilities>
  <glbs:AdjustedBookCapitalisation contextRef="FYp0Q4e" unitRef="USD" decimals="-3">6977000</glbs:AdjustedBookCapitalisation>
  <glbs:PropertyPlantAndEquipmentFairValueAdjustment contextRef="FYm1Q4e" unitRef="USD" decimals="-3">27500000</glbs:PropertyPlantAndEquipmentFairValueAdjustment>
  <glbs:PropertyPlantAndEquipmentFairValueAdjustment contextRef="FYp0Q4e" unitRef="USD" decimals="-3">2902000</glbs:PropertyPlantAndEquipmentFairValueAdjustment>
  <ifrs-full:NetDebt contextRef="FYp0Q4e" unitRef="USD" decimals="-3">33686000</ifrs-full:NetDebt>
  <ifrs-full:NetDebt contextRef="FYm1Q4e" unitRef="USD" decimals="-3">35767000</ifrs-full:NetDebt>
  <glbs:NetDebtIncludingEmbeddedDerivative contextRef="FYp0Q4e" unitRef="USD" decimals="-3">33686000</glbs:NetDebtIncludingEmbeddedDerivative>
  <glbs:NetDebtIncludingEmbeddedDerivative contextRef="FYm1Q4e" unitRef="USD" decimals="-3">35767000</glbs:NetDebtIncludingEmbeddedDerivative>
  <ifrs-full:LeaseLiabilities contextRef="FYp0Q4e_MaturityAxis_NotLaterThanThreeMonthsMember" unitRef="USD" decimals="-3">126000</ifrs-full:LeaseLiabilities>
  <ifrs-full:LeaseLiabilities contextRef="FYp0Q4e_MaturityAxis_LaterThanThreeMonthsAndNotLaterThanOneYearMember" unitRef="USD" decimals="-3">106000</ifrs-full:LeaseLiabilities>
  <ifrs-full:LeaseLiabilities contextRef="FYp0Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">567000</ifrs-full:LeaseLiabilities>
  <ifrs-full:LeaseLiabilities contextRef="FYp0Q4e_MaturityAxis_LaterThanFiveYearsMember" unitRef="USD" decimals="-3">1000</ifrs-full:LeaseLiabilities>
  <ifrs-full:LeaseLiabilities contextRef="FYp0Q4e" unitRef="USD" decimals="-3">800000</ifrs-full:LeaseLiabilities>
  <ifrs-full:LeaseLiabilities contextRef="FYm1Q4e_MaturityAxis_NotLaterThanThreeMonthsMember" unitRef="USD" decimals="-3">0</ifrs-full:LeaseLiabilities>
  <ifrs-full:LeaseLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanThreeMonthsAndNotLaterThanOneYearMember" unitRef="USD" decimals="-3">0</ifrs-full:LeaseLiabilities>
  <ifrs-full:LeaseLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:LeaseLiabilities>
  <ifrs-full:LeaseLiabilities contextRef="FYm1Q4e_MaturityAxis_LaterThanFiveYearsMember" unitRef="USD" decimals="-3">0</ifrs-full:LeaseLiabilities>
  <ifrs-full:LeaseLiabilities contextRef="FYm1Q4e" unitRef="USD" decimals="-3">0</ifrs-full:LeaseLiabilities>
  <glbs:BorrowingsPercentageBearingFixedInterestRate contextRef="FYp0Q4e" unitRef="pure" decimals="5">0.1</glbs:BorrowingsPercentageBearingFixedInterestRate>
  <glbs:BorrowingsPercentageBearingFixedInterestRate contextRef="FYm1Q4e" unitRef="pure" decimals="5">0.06</glbs:BorrowingsPercentageBearingFixedInterestRate>
  <glbs:NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio contextRef="FYp0Q4e_RangeAxis_BottomOfRangeMember" unitRef="pure" decimals="5">0.6</glbs:NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio>
  <glbs:NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio contextRef="FYp0Q4e_RangeAxis_TopOfRangeMember" unitRef="pure" decimals="5">0.8</glbs:NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio>
  <ifrs-full:FinancialLiabilitiesAtFairValue contextRef="FYp0Q4e_ClassesOfFinancialLiabilitiesAxis_FinancialLiabilitiesAtFairValueMember_MeasurementAxis_AtFairValueMember" unitRef="USD" decimals="-3">622000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <glbs:BorrowingsGross contextRef="FYp0Q4e_MeasurementAxis_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" unitRef="USD" decimals="-3">38487000</glbs:BorrowingsGross>
  <glbs:BorrowingsGross contextRef="FYm1Q4e_MeasurementAxis_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" unitRef="USD" decimals="-3">37163000</glbs:BorrowingsGross>
  <ifrs-full:FinancialLiabilities contextRef="FYp0Q4e_MeasurementAxis_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" unitRef="USD" decimals="-3">38487000</ifrs-full:FinancialLiabilities>
  <ifrs-full:FinancialLiabilities contextRef="FYm1Q4e_MeasurementAxis_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" unitRef="USD" decimals="-3">37163000</ifrs-full:FinancialLiabilities>
  <ifrs-full:NoncurrentDerivativeFinancialLiabilities contextRef="FYp0Q4e_ClassesOfFinancialLiabilitiesAxis_FinancialLiabilitiesAtFairValueMember_MeasurementAxis_AtFairValueMember" unitRef="USD" decimals="-3">622000</ifrs-full:NoncurrentDerivativeFinancialLiabilities>
  <ifrs-full:FinancialLiabilitiesAtFairValue contextRef="FYp0Q4e_LevelsOfFairValueHierarchyAxis_Level2OfFairValueHierarchyMember_MeasurementAxis_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" unitRef="USD" decimals="-3">39853000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ifrs-full:FinancialLiabilitiesAtFairValue contextRef="FYp0Q4e" unitRef="USD" decimals="-3">39853000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ifrs-full:FinancialLiabilitiesAtFairValue contextRef="FYm1Q4e_LevelsOfFairValueHierarchyAxis_Level2OfFairValueHierarchyMember_MeasurementAxis_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" unitRef="USD" decimals="-3">37030000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ifrs-full:FinancialLiabilitiesAtFairValue contextRef="FYm1Q4e" unitRef="USD" decimals="-3">37030000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ifrs-full:NoncurrentDerivativeFinancialLiabilities contextRef="FYm1Q4e_ClassesOfFinancialLiabilitiesAxis_FinancialLiabilitiesAtFairValueMember_MeasurementAxis_AtFairValueMember" unitRef="USD" decimals="-3">831000</ifrs-full:NoncurrentDerivativeFinancialLiabilities>
  <ifrs-full:NoncurrentDerivativeFinancialLiabilities contextRef="FYm1Q4e_ClassesOfFinancialLiabilitiesAxis_FinancialLiabilitiesAtFairValueMember_LevelsOfFairValueHierarchyAxis_Level3OfFairValueHierarchyMember_MeasurementAxis_AtFairValueMember" unitRef="USD" decimals="-3">831000</ifrs-full:NoncurrentDerivativeFinancialLiabilities>
  <ifrs-full:FinancialLiabilitiesAtFairValue contextRef="FYm1Q4e_ClassesOfFinancialLiabilitiesAxis_FinancialLiabilitiesAtFairValueMember_MeasurementAxis_AtFairValueMember" unitRef="USD" decimals="-3">831000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ifrs-full:Ships contextRef="FYp0Q4e_ClassesOfFinancialAssetsAxis_FinancialAssetsAtFairValueMember_LevelsOfFairValueHierarchyAxis_Level1OfFairValueHierarchyMember_MeasurementAxis_AtFairValueMember" unitRef="USD" decimals="-3">37346000</ifrs-full:Ships>
  <ifrs-full:Ships contextRef="FYp0Q4e_ClassesOfFinancialAssetsAxis_FinancialAssetsAtFairValueMember_MeasurementAxis_AtFairValueMember" unitRef="USD" decimals="-3">37346000</ifrs-full:Ships>
  <ifrs-full:FinancialAssetsAtFairValue contextRef="FYp0Q4e_ClassesOfFinancialAssetsAxis_FinancialAssetsAtFairValueMember_MeasurementAxis_AtFairValueMember" unitRef="USD" decimals="-3">37346000</ifrs-full:FinancialAssetsAtFairValue>
  <ifrs-full:NoncurrentDerivativeFinancialLiabilities contextRef="FYp0Q4e_ClassesOfFinancialLiabilitiesAxis_FinancialLiabilitiesAtFairValueMember_LevelsOfFairValueHierarchyAxis_Level3OfFairValueHierarchyMember_MeasurementAxis_AtFairValueMember" unitRef="USD" decimals="-3">622000</ifrs-full:NoncurrentDerivativeFinancialLiabilities>
  <ifrs-full:NumberOfSharesIssued contextRef="i31-3-2020_NonadjustingEventsAfterReportingPeriodAxis_ReserveOfEquityComponentOfConvertibleInstrumentsMember" unitRef="shares" decimals="0">1167767</ifrs-full:NumberOfSharesIssued>
  <glbs:DebtInstrumentConvertibleConversionPrice contextRef="i31-3-2020_NonadjustingEventsAfterReportingPeriodAxis_ReserveOfEquityComponentOfConvertibleInstrumentsMember" unitRef="EPS" decimals="4">1</glbs:DebtInstrumentConvertibleConversionPrice>
  <ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments contextRef="d31-03-2020_NonadjustingEventsAfterReportingPeriodAxis_ReserveOfEquityComponentOfConvertibleInstrumentsMember" unitRef="USD" decimals="-3">1168000</ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments>
  <glbs:MinimumBidPriceContinuedListingRequirementDays contextRef="d06-03-2020_NonadjustingEventsAfterReportingPeriodAxis_WrittenNotificationFromTheNasdaqStockMarketMember" unitRef="pure" decimals="5">30</glbs:MinimumBidPriceContinuedListingRequirementDays>
  <glbs:ApplicableGracePeriod contextRef="d06-03-2020_NonadjustingEventsAfterReportingPeriodAxis_WrittenNotificationFromTheNasdaqStockMarketMember" unitRef="pure" decimals="5">180</glbs:ApplicableGracePeriod>
  <glbs:MinimumBidPriceContinuedListingRequirement contextRef="i6-3-2020_NonadjustingEventsAfterReportingPeriodAxis_WrittenNotificationFromTheNasdaqStockMarketMember" unitRef="EPS" decimals="4">1</glbs:MinimumBidPriceContinuedListingRequirement>
  <glbs:DisclosureOfCashAndBankBalancesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:428.3pt; margin-left:36pt; border-collapse:collapse"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:106.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:21.9pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Cash on hand&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;10&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;46&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Cash at banks&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,356&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,366&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;46&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfCashAndBankBalancesExplanatory>
  <ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cash and cash equivalents and Restricted cash&lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise the following:&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:428.3pt; margin-left:36pt; border-collapse:collapse"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_dab6900a289048449fdcd1e5cfacd4a3"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:106.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:21.9pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Cash on hand&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;10&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;46&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Cash at banks&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,356&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,366&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;46&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Cash held in banks earns interest at floating rates based on daily bank deposit rates.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The fair value of cash and cash equivalents as at December 31, 2019 and 2018, was $2,366 and $46, respectively. In addition, as of December 31, 2019, the Company had available $11,100 (2018: $12,800) of undrawn borrowing facilities (note 11).&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; As at December 31, 2019, the Company had pledged an amount of $2,435, $1,250 in non-current assets and $1,185 in current assets ($1,350 as at December 2018 in current assets) in order to fulfil collateral requirements. The fair value of the restricted cash as at December 31, 2019, was $2,435, $1,250 in non-current assets and $1,185 in current assets and at December 31, 2018, was $1,350 in current assets.&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; The cash and cash equivalents are held with reputable bank and financial institution counterparties.&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory>
  <glbs:DisclosureOfCompensationOfNonExecutiveDirectors contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:428.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:216pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Director&amp;#8217;s remuneration &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;147&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;145&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;145&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Share-based payments &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;187&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;185&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;185&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfCompensationOfNonExecutiveDirectors>
  <glbs:DisclosureOfCompensationOfExecutiveDirector contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:427pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:214.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:80.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Short-term employee benefits &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;224&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;235&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;229&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:80.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;224&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;235&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;229&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfCompensationOfExecutiveDirector>
  <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Transactions with Related Parties&lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The ultimate controlling party of the Company is Mr. George Feidakis who beneficially owns 1,252,258 common shares as of December 31, 2019, through Firment Shipping Inc., a Marshall Islands corporation controlled by Mr. George Feidakis. As at December 31, 2019 and 2018, Mr. George Feidakis beneficially owned 24% and 44.3%, respectively, of Globus&amp;#8217; shares. Mr. George Feidakis is also the chairman of the Board of Directors of Globus.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:46.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The following are the major transactions which the Company has entered into with related parties during the years ended December 31, 2019, 2018 and 2017:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217;s chairman).&amp;#160; 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.&amp;#160; During the years ended December 31, 2019, 2018 and 2017, the rent charged amounted to $139, $147 and $140, respectively. The rental expense for the years ended December 31, 2018 and 2017 was recognised in the respective income statement component of the consolidated statement of comprehensive loss under administrative expenses payable to related parties. As of December 31, 2018, $427 of rent expense was due and unpaid and was classified as trade accounts payable in the consolidated statement of financial position.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of January 1, 2019, following the adoption of IFRS 16, the Company identified the rental agreement with Cyberonica S.A. to give &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;rise to a right of use asset and a corresponding liability estimated to approximately $674 (please refer to note 2.2). The depreciation charge for right-of-use asset for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately $51 and &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;recognised in the income statement component of the consolidated statement of comprehensive loss under depreciation and interest expense and finance costs, respectively.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (&amp;#8220;CEO&amp;#8221;) 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&amp;#8217;s international shipping and capital raising activities, including but not limited to assisting and advising the Company&amp;#8217;s CEO at an annual fee of Euro 200,000 (absolute amount) (approx. $224). The related expense for the years ended December 31, 2019, 2018 and 2017, amounted to $224, $235 and $229, respectively.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;In December 2013, Globus entered into a credit facility for up to $4,000 with Firment Trading Limited, an affiliate of the Company&amp;#8217;s chairman, for the purpose of financing its general working capital needs (&amp;#8220;Firment Credit Facility&amp;#8221;). 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&amp;#8217;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (&amp;#8220;February 2017 private placement&amp;#8221;) 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 &amp;#8220;February 2017 Warrants&amp;#8221;) 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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217;s chairman, for the purpose of financing its general working capital needs (the &amp;#8220;Silaner Credit Facility&amp;#8221;) 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;For the year ended December 31, 2017, Globus recognised interest expense of $3. The expense was classified in the income statement component of the consolidated statement of comprehensive loss under interest expense and finance costs and the interest payable was classified in the statement of financial position under accrued liabilities and other payables. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;In June 2016, Globus entered into a consultancy agreement with Eolos Shipmanagement S.A., an affiliate of the Company&amp;#8217;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 2017, the total income from these fees amounted to $31 and is classified in the income statement component of the consolidated statement of comprehensive loss under management and consulting fee income.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;In November 2018, Globus entered into a credit facility for up to $15,000 with Firment Shipping Inc., an affiliate of the Company&amp;#8217;s chairman, for the purpose of financing its general working capital needs (&amp;#8220;Firment Shipping Credit Facility&amp;#8221;). The Firment Shipping Credit Facility is unsecured and remains available until its final maturity date at April 1, 2021, as amended (Note 22). The Company has the right to draw-down 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 Draw-down 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. (&amp;#8220;VWAP&amp;#8221;) over the pricing period multiplied by 80%, where the &amp;#8220;Pricing Period&amp;#8221; 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).&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On April 23, 2019, the Company converted to share capital, as per the conversion clause included in the Firment Shipping Credit Facility the outstanding principal amount of $3,100 plus the accrued interest of $70 at a conversion price of $2.80 per share and issued 1,132,191 new common shares to Firment Shipping Inc. This conversion resulted to a gain of approximately $117, which was classified under &amp;#8220;gain on derivative financial instruments&amp;#8221; in the income statement component of the consolidated statement of comprehensive loss.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019 and 2018, the amount drawn and outstanding with respect to the Firment Shipping Credit Facility was $800 and $2,200, respectively 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 11). For the year ended December 31, 2019 and 2018, Globus recognised interest expense of $96 and $12, respectively 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, 2019 and 2018, there was an amount of $11,100 and $12,800, respectively, available to be drawn under the Firment Shipping Credit Facility.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Firment Shipping Credit Facility requires that Athanasios Feidakis remain the Company&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019 and 2018, the Company was in compliance with the loan covenants of the Firment Shipping Credit Facility.&lt;/font&gt;&lt;/p&gt;&lt;h6 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Compensation of Key Management Personnel of the Company: &lt;/font&gt;&lt;/h6&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Compensation to Globus non-executive directors is analysed as follows:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:428.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_d5e5a9c5bc9c42faab08b8aa53974f77"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:216pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Director&amp;#8217;s remuneration &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;147&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;145&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;145&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Share-based payments &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;187&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;185&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;185&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019 and 2018, $318 and $201 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.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Compensation to the Company&amp;#8217;s executive director is analysed as follows:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:427pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_a166f7eab9c1495c98cab1ab0a4c61a4"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:214.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:80.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Short-term employee benefits &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;224&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;235&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;229&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:80.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;224&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;235&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;229&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019 and 2018, $556 and $391 of the compensation to the executive director was remaining due and unpaid, respectively.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
  <glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:442.35pt; border-collapse:collapse"&gt;&lt;tr style="height:34.9pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Vessels cost&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Vessels accumulated depreciation&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Dry docking costs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Accumulated depreciation of dry-docking costs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Net Book Value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at January 1, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;179,156&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(87,871)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,854&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(3,347)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;91,792&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Additions/ (Dry Docking Component)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;245&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;976&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,221&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation expense&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,831)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(862)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(5,693)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;179,401&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(92,702)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,830&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(4,209)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;87,320&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Additions/ (Dry Docking Component)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;26&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,148&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,174&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation expense&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,578)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1,166)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(5,744)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;179,427&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(97,280)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;6,978&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(5,375)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;83,750&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Additions/ (Dry Docking Component)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;54&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;676&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Impairment loss&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(29,902)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(29,902)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation expense&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,578)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1,704)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(6,282)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;149,579&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(101,858)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;7,600&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(7,079)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;48,242&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory>
  <glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:438.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:232.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.65pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessels depreciation&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,578&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,578&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation on office furniture and equipment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;31&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;23&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;23&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation of right of use asset&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;112&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,721&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,601&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,854&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory>
  <ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:267.5pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline"&gt;Vessel&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v River Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(6,920)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sky Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(8,074)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Star Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(7,197)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sun Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,797)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Moon Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(2,914)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Impairment loss&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(29,902)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory>
  <glbs:DisclosureOfRecoverableAmountOfAssetsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:362.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:30.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Vessels&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Recoverable amount&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v River Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;7,752&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:Arial"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At fair value less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sky Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;8,971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At fair value less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Star Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;9,458&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At fair value less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sun Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;11,165&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At fair value less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.5pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Moon Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;10,896&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At value in use&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;48,242&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfRecoverableAmountOfAssetsExplanatory>
  <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;5&amp;#160;&amp;#160;&amp;#160; Vessels, net &lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The amounts in the consolidated statement of financial position are analysed as follows:&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:442.35pt; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:34.9pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_a5f8fa0098a1487889a59fea621df62c"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Vessels cost&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Vessels accumulated depreciation&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Dry docking costs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Accumulated depreciation of dry-docking costs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Net Book Value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at January 1, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;179,156&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(87,871)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,854&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(3,347)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;91,792&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Additions/ (Dry Docking Component)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;245&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;976&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,221&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation expense&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,831)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(862)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(5,693)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;179,401&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(92,702)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,830&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(4,209)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;87,320&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Additions/ (Dry Docking Component)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;26&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,148&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,174&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation expense&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,578)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1,166)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(5,744)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;179,427&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(97,280)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;6,978&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(5,375)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;83,750&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Additions/ (Dry Docking Component)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;54&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;676&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Impairment loss&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(29,902)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(29,902)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation expense&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,578)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1,704)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(6,282)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;149,579&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(101,858)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;7,600&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(7,079)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;48,242&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160; &lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;For the purpose of the consolidated statement of comprehensive loss, depreciation, as stated in the income statement component, comprises the following:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:438.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_909b836552a742b7b0db60eced832857"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:232.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.65pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessels depreciation&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,578&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,578&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation on office furniture and equipment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;31&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;23&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;23&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Depreciation of right of use asset&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;112&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.45pt"&gt;&lt;td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,721&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:74.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,601&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,854&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company&amp;#8217;s vessels have been pledged as collateral to secure the bank loans discussed in note 11.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Impairment of non-financial assets:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, 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&amp;#8217;s carrying value. For the discount factor, the Company applied the Weighted Average Cost of Capital rate that was calculated to be 9.42% as at December 31, 2019. 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 2020 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 2009. 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 derived from actual results for the Company&amp;#8217;s vessels since their delivery under Company&amp;#8217;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&amp;#8217;s operating fleet (Supramax and Panamax vessels with a deadweight (&amp;#8220;dwt&amp;#8221;) of over 50,000 and 70,000, respectively) and they covered at least one full business cycle. Effective fleet utilization was assumed at 87% and 90% (including ballast days) for the Supramaxes and the Panamaxes, respectively 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&amp;#8217;s expectations for future fleet utilization under the current fleet deployment strategy. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized an impairment loss of $29,902. As of December 31, 2018 and 2017, no impairment loss was recognized &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;as the vessels&amp;#8217; recoverable amounts exceeded their carrying amounts&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The impairment loss for the year ended December 31, 2019, analysed by vessel is as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:267.5pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_e296befba4fa43719a07cf20ea9cdc58"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline"&gt;Vessel&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v River Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(6,920)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sky Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(8,074)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Star Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(7,197)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sun Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,797)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Moon Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(2,914)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Impairment loss&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(29,902)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019 the recoverable amount for each vessel was as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:362.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:30.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;a name="DM_MAP_eba653c9f60e420d9c96004921553360"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Vessels&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Recoverable amount&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v River Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;7,752&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:Arial"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At fair value less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sky Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;8,971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At fair value less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Star Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;9,458&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At fair value less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.75pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sun Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;11,165&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At fair value less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.5pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Moon Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;10,896&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At value in use&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15pt"&gt;&lt;td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:76.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;48,242&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
  <glbs:DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:428.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:130.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Lubricants &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;295&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;313&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Gas cylinders &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;79&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;78&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Bunkers&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,171&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;259&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,545&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;650&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory>
  <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;6&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Inventories&lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Inventories in the consolidated statement of financial position are analysed as follows:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:428.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_427c4f3553444a19aed802edbd93b9f3"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:130.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Lubricants &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;295&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;313&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Gas cylinders &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;79&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;78&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Bunkers&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,171&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;259&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.45pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,545&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;650&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfInventoriesExplanatory>
  <ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"&gt;&lt;tr&gt;&lt;td style="width:154.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Company&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Country of Incorporation&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:78.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessel Delivery&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Date&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:145.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessel Owned&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.25pt"&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Globus Shipmanagement Corp.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Management Co.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Devocean Maritime Ltd.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;December 18, 2007&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v River Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Domina Maritime Ltd.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;May 19, 2010&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sky Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Dulac Maritime S.A.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;May 25, 2010&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Star Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Artful Shipholding S.A. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;June 22, 2011&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Moon Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Longevity Maritime Limited&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Malta&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;September 15, 2011&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sun Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:0pt"&gt;&lt;td style="width:165pt"&gt;&lt;/td&gt;&lt;td style="width:96.2pt"&gt;&lt;/td&gt;&lt;td style="width:89.7pt"&gt;&lt;/td&gt;&lt;td style="width:7.1pt"&gt;&lt;/td&gt;&lt;td style="width:148.85pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="_DV_M40"&gt;&lt;/a&gt;&lt;a name="_DV_M42"&gt;&lt;/a&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory>
  <ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-left:46.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1. Basis of presentation and general information&lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="_DV_M2"&gt;&lt;/a&gt;&lt;a name="_DV_M5"&gt;&lt;/a&gt;&lt;a name="_DV_M6"&gt;&lt;/a&gt;&lt;a name="_DV_M14"&gt;&lt;/a&gt;&lt;a name="_DV_M16"&gt;&lt;/a&gt;&lt;a name="_DV_M30"&gt;&lt;/a&gt;&lt;a name="_DV_M31"&gt;&lt;/a&gt;&lt;a name="_DV_M32"&gt;&lt;/a&gt;&lt;a name="_DV_M33"&gt;&lt;/a&gt;&lt;a name="_DV_M34"&gt;&lt;/a&gt;&lt;a name="_DV_M35"&gt;&lt;/a&gt;&lt;font style="font-family:'Times New Roman'"&gt;The accompanying consolidated financial statements include the financial statements of &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Globus Maritime Limited&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; (&amp;#8220;Globus&amp;#8221;) and its wholly owned subsidiaries (collectively the &amp;#8220;Company&amp;#8221;). 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 (&amp;#8220;AIM&amp;#8221;). 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&amp;#8217; shares were effectively delisted from AIM. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (&amp;#8220;m/v&amp;#8221;), providing maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its vessel owning subsidiaries.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The operations of the vessels are managed by Globus Shipmanagement Corp. (the &amp;#8220;Manager&amp;#8221;), 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, 2019:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"&gt;&lt;tr&gt;&lt;td style="width:154.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;a name="DM_MAP_5f5fea74946b42939093e61b681f35f2"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Company&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Country of Incorporation&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:78.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessel Delivery&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Date&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:145.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessel Owned&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.25pt"&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Globus Shipmanagement Corp.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Management Co.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Devocean Maritime Ltd.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;December 18, 2007&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v River Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Domina Maritime Ltd.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;May 19, 2010&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sky Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Dulac Maritime S.A.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;May 25, 2010&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Star Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Artful Shipholding S.A. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Marshall Islands &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;June 22, 2011&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Moon Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Longevity Maritime Limited&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Malta&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;September 15, 2011&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;m/v Sun Globe&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:0pt"&gt;&lt;td style="width:165pt"&gt;&lt;/td&gt;&lt;td style="width:96.2pt"&gt;&lt;/td&gt;&lt;td style="width:89.7pt"&gt;&lt;/td&gt;&lt;td style="width:7.1pt"&gt;&lt;/td&gt;&lt;td style="width:148.85pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="_DV_M40"&gt;&lt;/a&gt;&lt;a name="_DV_M42"&gt;&lt;/a&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 the reverse stock split.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The consolidated financial statements as of December 31, 2019 and 2018 and for the three years in the period ended December 31, 2019, were approved for issuance by the Board of Directors on March 30, 2020. &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory>
  <ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;7&amp;#160;&amp;#160;&amp;#160;&amp;#160; Trade accounts payable&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Trade accounts payable in the consolidated statement of financial position as at December 31, 2019 and 2018, amounted to $4,735 and $6,433, respectively. Trade accounts payable are non-interest bearing.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory>
  <glbs:DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:441.55pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:130.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Accrued interest&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;307&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;114&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Accrued audit fees&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;56&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;57&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other accruals&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,435&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;999&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Insurance deductibles &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;132&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;102&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;41&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;47&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,319&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory>
  <ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;8&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Accrued liabilities and other payables&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:48pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Accrued liabilities and other payables in the consolidated statement of financial position are analysed as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:441.55pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_ef639462341540b1b398f73d06d6ae5c"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:130.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Accrued interest&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;307&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;114&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Accrued audit fees&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;56&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;57&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other accruals&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,435&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;999&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Insurance deductibles &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;132&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;102&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;41&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;47&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,319&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Interest is normally settled quarterly throughout the year.&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:45.14pt; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other payables are non-interest bearing.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory>
  <glbs:DisclosureOfEarningsPerShareTableExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:471.6pt; margin-left:28.35pt; border-collapse:collapse"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:215pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Loss attributable to common equity holders&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(36,351)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(3,568)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(6,475)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Weighted average number of shares for basic and diluted LPS&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,165,919&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,200,927&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,574,995&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfEarningsPerShareTableExplanatory>
  <ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;10&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Loss per Share&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Basic loss per share (&amp;#8216;&amp;#8216;LPS&amp;#8217;&amp;#8217;) 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.&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation unless such inclusion would be anti-dilutive. As the Company reported losses for the years ended December 31, 2019, 2018 and 2017, the effect of any incremental shares would be antidilutive and thus excluded from the computation of the LPS.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The following reflects the loss and share data used in the basic and diluted loss per share computations:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:471.6pt; margin-left:28.35pt; border-collapse:collapse"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_968271ca51a544dd8b4790039bf8d0d6"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:215pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Loss attributable to common equity holders&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(36,351)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(3,568)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(6,475)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Weighted average number of shares for basic and diluted LPS&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,165,919&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,200,927&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,574,995&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/h1&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
  <glbs:DisclosureOfShareBasedPayment contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:24.05pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of common shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of preferred shares &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Share premium&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Retained earnings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.4pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Non-executive directors&amp;#8217; payment (1) &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;17,998&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.7pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;17,998&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ol type="1" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:50.75pt; text-align:justify; padding-left:3.25pt; font-family:'Times New Roman'; font-size:9pt"&gt;&lt;font&gt;These amounts relate to the shares issued in 2019, not to the shares approved for issuance for the year.&lt;/font&gt;&lt;/li&gt;&lt;/ol&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:24.05pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of common shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of preferred shares &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Share premium&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Retained earnings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.4pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Non-executive directors&amp;#8217; payment (1)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;8,797&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;50&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.7pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;8,797&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;50&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1) These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:427.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:21.85pt"&gt;&lt;td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of common shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:68pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of preferred shares &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Share premium&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Retained earnings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.9pt"&gt;&lt;td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.9pt"&gt;&lt;td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Non-executive directors payment &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(1)&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,094&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:68pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;30&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.9pt"&gt;&lt;td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,094&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;30&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfShareBasedPayment>
  <ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;12&amp;#160;&amp;#160;&amp;#160;&amp;#160; Share Based Payment&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Share-based payments are quarterly restrictive share issued to the Company&amp;#8217;s Non-executive directors for their services and in accordance with appointment letters.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Share based payment comprise the following:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_7b029f60fc8943959922286788ad5584"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:24.05pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of common shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of preferred shares &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Share premium&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Retained earnings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.4pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Non-executive directors&amp;#8217; payment (1) &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;17,998&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.7pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;17,998&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;40&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ol type="1" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:50.75pt; text-align:justify; padding-left:3.25pt; font-family:'Times New Roman'; font-size:9pt"&gt;&lt;font&gt;These amounts relate to the shares issued in 2019, not to the shares approved for issuance for the year.&lt;/font&gt;&lt;/li&gt;&lt;/ol&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:24.05pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of common shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of preferred shares &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Share premium&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Retained earnings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.4pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Non-executive directors&amp;#8217; payment (1)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;8,797&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;50&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.7pt"&gt;&lt;td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;8,797&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;50&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1) These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:427.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:21.85pt"&gt;&lt;td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of common shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:68pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of preferred shares &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Share premium&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Retained earnings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.9pt"&gt;&lt;td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.9pt"&gt;&lt;td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Non-executive directors payment &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(1)&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,094&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:68pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;30&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.9pt"&gt;&lt;td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Balance at December 31, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,094&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;30&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory>
  <glbs:DisclosureOfAdministrativeExpenses contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:446.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:207.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Personnel expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,006&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;778&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;628&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Audit fees&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;98&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;103&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;101&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Travelling expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;5&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Consulting fees&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;191&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;76&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;54&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Communication&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;7&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;9&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;11&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Stationery&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Greek tax authorities (note 19) &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;116&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;118&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;116&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;160&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;265&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;309&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,583&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,356&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,224&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:0pt"&gt;&lt;td style="width:228.85pt"&gt;&lt;/td&gt;&lt;td style="width:72.95pt"&gt;&lt;/td&gt;&lt;td style="width:72.6pt"&gt;&lt;/td&gt;&lt;td style="width:68.3pt"&gt;&lt;/td&gt;&lt;td style="width:4.05pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfAdministrativeExpenses>
  <ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;14&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Administrative Expenses&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The amount shown in the consolidated statements of comprehensive loss is analysed as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:446.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_7c2e1aac96784c939a3637f4f73de78f"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:207.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Personnel expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,006&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;778&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;628&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Audit fees&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;98&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;103&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;101&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Travelling expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;5&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Consulting fees&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;191&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;76&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;54&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Communication&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;7&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;9&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;11&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Stationery&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Greek tax authorities (note 19) &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;116&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;118&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;116&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;160&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;265&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;309&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,583&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,356&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,224&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:top"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:0pt"&gt;&lt;td style="width:228.85pt"&gt;&lt;/td&gt;&lt;td style="width:72.95pt"&gt;&lt;/td&gt;&lt;td style="width:72.6pt"&gt;&lt;/td&gt;&lt;td style="width:68.3pt"&gt;&lt;/td&gt;&lt;td style="width:4.05pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory>
  <glbs:DisclosureOfInterestExpenseAndFinanceCostsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:445.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:188.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Interest payable on long-term borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,603&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,004&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,778&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Bank charges &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;28&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;29&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;34&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Amortization of debt discount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;383&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;23&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;84&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Operating lease liability interest&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;51&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other finance expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;638&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;325&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,703&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,056&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,221&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfInterestExpenseAndFinanceCostsExplanatory>
  <ifrs-full:DisclosureOfInterestExpenseExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;15&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Interest Expense and Finance Costs&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:27pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The amounts in the consolidated statements of comprehensive loss are analysed as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:445.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_4816167da80d4d378d58f89fc682045b"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:188.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Interest payable on long-term borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,603&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,004&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,778&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Bank charges &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;28&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;29&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;34&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Amortization of debt discount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;383&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;23&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;84&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Operating lease liability interest&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;51&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other finance expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;638&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;325&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:48.6pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;4,703&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,056&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:57.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,221&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfInterestExpenseExplanatory>
  <ifrs-full:DisclosureOfDividendsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;16&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Dividends &lt;/font&gt;&lt;/p&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:normal"&gt;&amp;#xa0;&lt;/font&gt;&lt;/h1&gt;&lt;h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:normal"&gt;No dividends were declared or paid on common shares during the years ended December 31, 2019, 2018 and 2017.&lt;/font&gt;&lt;/h1&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfDividendsExplanatory>
  <ifrs-full:DisclosureOfContingentLiabilitiesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;17&amp;#160;&amp;#160;&amp;#160; Contingencies &lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business.&amp;#160; 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&amp;#8217;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which are material for disclosure. &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfContingentLiabilitiesExplanatory>
  <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;19&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Income Tax&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Under the laws of the countries of the vessel owning companies&amp;#8217; incorporation and / or vessels&amp;#8217; 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.&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Greek Authorities Tax&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 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, 2019, 2018 and 2017, the tax expense under the law amounted to $116, $118 and $116, respectively and is included in administrative expenses in the consolidated statements of comprehensive loss. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;U.S. Federal Income Tax&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 (&amp;#8220;U.S&amp;#8221;) source shipping income for U.S. federal income tax purposes.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Globus believes that to the best of its knowledge, under &amp;#167; 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&amp;#160; The discussion and its conclusion are based upon existing U.S. federal income tax law, including the Internal Revenue Code (the &amp;#8220;Code&amp;#8221;) and final U.S. Treasury Regulations (the &amp;#8220;Regs&amp;#8221;) as currently in effect, all of which are subject to change, possibly with retroactive effect.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Application of &amp;#167; 883 of the Code for the year ended December 31, 2019&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;In general, under &amp;#167; 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 (&amp;#8220;gross transportation income&amp;#8221;). Absent &amp;#167; 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Shipping income attributable to transportation exclusively between non-U.S. ports is generally not subject to any U.S. Federal income tax. &amp;#8220;Shipping income&amp;#8221; generally means income that is derived from:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(a) the use of vessels;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(b) the hiring or leasing of vessels for use on a time, operating or bareboat charter basis;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(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&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(d) the performance of services directly related to those uses.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Regs provide that a foreign corporation will qualify for the benefits of &lt;/font&gt;&lt;a name="_Hlk4142017"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#167;&lt;/font&gt;&lt;/a&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Qualified Shareholder Test&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;apos;s taxable year by one or more qualified shareholders will meet the qualified shareholder test.&amp;#160; 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.&amp;#160; 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Publicly Traded Test&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 &amp;#8220;primarily and regularly traded&amp;#8221; on an established securities market either in the United States or in a foreign country that grants an equivalent exemption. Among others, &amp;#167; 883 provides, in relevant part, that the shares of a non-United States corporation will be considered to be &amp;#8220;primarily traded&amp;#8221; 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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Notwithstanding the foregoing, &amp;#167; 883 provides, in relevant part, that a class of shares will not be considered to be &amp;#8220;regularly traded&amp;#8221; 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;In the event that the 5 Percent Override Rule is triggered, &amp;#167; 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 &amp;#167; 883 to preclude non-qualified shareholders in such group from owning 50% or more of the total value of the Company&amp;#8217;s common shares for more than half the number of days during the taxable year.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;For the year ended December 31, 2019, 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&amp;#8217;s common shares, representing more than 50% of the voting power and value in Globus, were primarily and regularly traded on the Nasdaq Capital Market, which is an established securities market. Although Globus&amp;#8217;s ship-owning and operating subsidiaries were not publicly traded, they should qualify for the qualified shareholder test by virtue of their ownership by Globus.&amp;#160; Accordingly, all of Globus&amp;#8217; and its ship-owning or operating subsidiaries that rely on &amp;#167; 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, 2019. Globus anticipates it and its relevant subsidiaries income will continue to be exempt in the future from U.S. federal income tax. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Under the laws of the Republic of Malta, the country of incorporation of one of the Company&amp;#8217;s vessel-owning company&amp;#8217;s, this vessel-owning company is not liable for any income tax on its income derived from shipping operations. The Republic of Malta is a country that has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the Republic of Malta may qualify for a treaty-based exemption. Specifically, under Article 8 (Shipping and Air Transport) of the treaty sets out the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic shall be taxable only in that State.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfIncomeTaxExplanatory>
  <glbs:DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:504.75pt; border-collapse:collapse"&gt;&lt;tr style="height:12.5pt"&gt;&lt;td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:122.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.5pt"&gt;&lt;td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Within one year&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160; -&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,991&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.5pt"&gt;&lt;td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,991&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory>
  <glbs:DisclosureOfFutureMinimumLeasePaymentsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Within one year&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;142&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;149&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;After one year but not more than five years&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:8pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;567&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;596&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;More than five years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;142&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;299&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;851&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,044&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfFutureMinimumLeasePaymentsExplanatory>
  <ifrs-full:DisclosureOfCommitmentsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-indent:9pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;18&amp;#160; Commitments&lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company enters into time charter and bareboat charter arrangements on its vessels. There were no non-cancellable arrangements as of December 31, 2019. As of December 31, 2018, the non-cancellable arrangements had remaining terms between five days to seven months, assuming redelivery at the earliest possible date. Future net minimum lease revenues receivable under non-cancellable operating leases as of December 31, 2019 and 2018, were as follows (vessel off-hires and dry-docking days that could occur but are not currently known are not taken into consideration and early delivery of the vessels by the charterers is not accounted for):&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:504.75pt; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.5pt"&gt;&lt;td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_d28dc19db1a04f7d8577dc01a9d5161d"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:122.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.5pt"&gt;&lt;td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Within one year&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160; -&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,991&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.5pt"&gt;&lt;td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,991&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At December 31, 2019, 2018 and 2017, the Company was a party to a lease agreement as lessee (note 4). The lease relates to the rental of office premises at a monthly rate of Euro 10,360 (absolute amount) and for a lease period ending January 2, 2025. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_09978cc9ba694ae5bf6537be41672620"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Within one year&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;142&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;149&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;After one year but not more than five years&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:8pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;567&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;596&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;More than five years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;142&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;299&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:62.75pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;851&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,044&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Total rent expense under operating leases for the years ended December 31, 2018 and 2017, amounted to $147 and 140 respectively.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As further discussed in note 4, on January 1, 2019, following the adoption of IFRS 16, the Company recognised a right of use asset and a corresponding liability of approximately $674 with respect to the rental agreement. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liability for the same period was approximately $51 and recognised in the income statement component of the consolidated statement of comprehensive loss under depreciation and interest expense and finance costs, respectively. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At December 31, 2019, the current and non-current lease liability amounted to $208 and $469, respectively and are included in the accompanying consolidated statement of financial position.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfCommitmentsExplanatory>
  <glbs:DisclosureOfVoyageAndVesselOperatingExpenses contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Voyage expenses consisted of:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:438.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:195.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Commissions &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;224&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;281&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;241&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Bunkers expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,634&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;716&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;968&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other voyage expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;240&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;191&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;143&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,098&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,188&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,352&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Vessel operating expenses consisted of:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:441.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13pt"&gt;&lt;td colspan="2" style="width:228.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:191.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Crew wages and related costs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,670&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,766&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,645&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Insurance &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;664&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;607&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;742&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Spares, repairs and maintenance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,884&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,721&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,222&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Lubricants&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;517&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;501&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;496&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Stores&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;820&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;783&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;327&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;330&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;247&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;8,882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;9,925&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;9,135&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:0pt"&gt;&lt;td style="width:239.05pt"&gt;&lt;/td&gt;&lt;td style="width:0.3pt"&gt;&lt;/td&gt;&lt;td style="width:68.4pt"&gt;&lt;/td&gt;&lt;td style="width:68.85pt"&gt;&lt;/td&gt;&lt;td style="width:65.2pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfVoyageAndVesselOperatingExpenses>
  <ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;13&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Voyage Expenses and Vessel Operating Expenses&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Voyage expenses and vessel operating expenses in the consolidated statements of comprehensive loss consisted of the following:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_0e15f53dc67a48fe95077defbc6cae8f"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Voyage expenses consisted of:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:438.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:195.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Commissions &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;224&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;281&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;241&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Bunkers expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,634&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;716&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;968&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other voyage expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;240&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;191&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;143&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:53.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,098&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,188&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:59.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,352&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Vessel operating expenses consisted of:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:441.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13pt"&gt;&lt;td colspan="2" style="width:228.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:191.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; For the year ended December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Crew wages and related costs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,670&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,766&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,645&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Insurance &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;664&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;607&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;742&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Spares, repairs and maintenance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,884&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,721&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,222&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Lubricants&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;517&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;501&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;496&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Stores&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;820&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;783&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;327&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;330&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;247&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.8pt"&gt;&lt;td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:57.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;8,882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:58.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;9,925&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:54.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;9,135&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:0pt"&gt;&lt;td style="width:239.05pt"&gt;&lt;/td&gt;&lt;td style="width:0.3pt"&gt;&lt;/td&gt;&lt;td style="width:68.4pt"&gt;&lt;/td&gt;&lt;td style="width:68.85pt"&gt;&lt;/td&gt;&lt;td style="width:65.2pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory>
  <ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:438.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:14.3pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:173.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.3pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Authorised share capital:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;500,000,000 Common shares of par value $0.004 each&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100,000,000 Class B Common shares of par value $0.001 each&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.3pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100,000,000 Preferred shares of par value $0.001 each &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.3pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total authorised share capital&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory>
  <glbs:DisclosureOfCommonSharesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-left:42.55pt; border-collapse:collapse"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:1.6pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Common Shares issued and fully paid&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of shares &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;USD&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;As at January 1, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;262,755&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issued during the year for share based compensation (note 12)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,094&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issuance of common stock&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,750,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;11&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issuance of common stock due to exercise of warrants&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;148,181&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;As at December 31, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,163,030&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;13&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issued during the year for share based compensation (note 12)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;8,797&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issuance of common stock due to exercise of warrants&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,500&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;As at December 31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,209,327&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;13&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issued during the year for share based compensation (note 12)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;17,998&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issuance of common stock due to conversion of loan&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,999,834&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;8&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;As at December 31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;5,227,159&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;21&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfCommonSharesExplanatory>
  <ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;9&amp;#160;&amp;#160; Share Capital and Share Premium&lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The authorised share capital of Globus consisted of the following:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:438.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:14.3pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_942dcce0bce44448814c5fa5f9ecf163"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="width:173.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.3pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Authorised share capital:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;500,000,000 Common shares of par value $0.004 each&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100,000,000 Class B Common shares of par value $0.001 each&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.3pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100,000,000 Preferred shares of par value $0.001 each &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;100&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.3pt"&gt;&lt;td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total authorised share capital&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Holders of the Company&amp;#8217;s common shares and Class B shares have equivalent economic rights, but holders of Company&amp;#8217;s common shares are entitled to one vote per share and holders of the Company&amp;#8217;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.&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-left:42.55pt; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:1.6pt; font-size:9pt"&gt;&lt;a name="DM_MAP_044e7d2b6c034322b03b9b96cd201853"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Common Shares issued and fully paid&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Number of shares &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;USD&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;As at January 1, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;262,755&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issued during the year for share based compensation (note 12)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,094&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issuance of common stock&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,750,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;11&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issuance of common stock due to exercise of warrants&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;148,181&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;As at December 31, 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,163,030&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;13&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issued during the year for share based compensation (note 12)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;8,797&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issuance of common stock due to exercise of warrants&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,500&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;As at December 31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,209,327&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;13&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issued during the year for share based compensation (note 12)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;17,998&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Issuance of common stock due to conversion of loan&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,999,834&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;8&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;As at December 31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;5,227,159&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;21&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (&amp;#8220;February 2017 private placement&amp;#8221;) 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 &amp;#8220;February 2017 Warrants&amp;#8221;) 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&amp;#8217;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, in connection with the February 2017 private placement, the February 2017 Warrants outstanding had not been exercised and had expired, while as of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 3,052,321 common shares.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On October 19, 2017, the Company entered into a Share and Warrant Purchase Agreement (the &amp;#8220;October 2017 SPA&amp;#8221;) 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 &amp;#8220;October 2017 Warrant&amp;#8221;) to purchase 1.25 million of its common shares at a price of $16 per share to an investor in a private placement (the &amp;#8220;October 2017 Private Placement&amp;#8221;). 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Under the terms of the October 2017 Warrant, the purchaser could 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 could be increased upon no less than 61 days&amp;#8217; notice, but not to exceed 9.99%) of Globus&amp;#8217;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 were not exercised. This provision did not limit the purchaser from acquiring up to 4.99% of the Company&amp;#8217;s common shares, selling all of its common shares, and re-acquiring up to 4.99% of the Company&amp;#8217;s&amp;#160; common shares. The October 2017 Warrant were exercisable for 24 months after its issuance. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, in connection with the October 2017 SPA, the October 2017 Warrant outstanding had not been exercised and had expired,&amp;#160; while as of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 1,250,000 common shares.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company during 2017 had recorded $218 expense in connection with these warrants which was deducted from share premium in equity.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;During the years ended December 31, 2019, 2018 and 2017, Globus issued 17,998,&amp;#160; 8,797 and 2,094 common shares, respectively as share-based payments. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, 2018 and 2017, &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;the Company had no series A preferred shares outstanding&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, 2018 and 2017, no Class B shares were outstanding.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On April 23, 2019, the outstanding principal amount of $3,100 plus the accrued interest of $70 outstanding under the Firment Shipping Inc. Credit Facility was converted to share capital at a conversion price of $2.80 per share and, accordingly, the Company issued 1,132,191 new common shares to Firment Shipping Inc.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;During the year ended December 31, 2019, an amount corresponding to $ 1,691,250 plus the accrued interest of $97,311 under the Convertible Note with Arnaki (Note 11) was converted to share capital and the Company issued 867,643 new common shares to Arnaki&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Share premium includes the contribution of Globus&amp;#8217; shareholders to the acquisition of the Company&amp;#8217;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&amp;#8217;s common shares and the effects of the share based payments described in note 12. Accordingly, at December 31, 2019, 2018 and 2017, Globus share premium amounted to $145,506, $140,334 and $139,684, respectively. &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
  <glbs:DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:495.05pt; border-collapse:collapse"&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-left:14.4pt; margin-bottom:0pt; text-indent:-14.4pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Borrower&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Loan Balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Unamortized Debt Discount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total Borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(a)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Artful Shipholding S.A. &amp;amp; Longevity Maritime Limited&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(741)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;36,259&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(b)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Globus Maritime Ltd. &amp;#8211; Firment Shipping Inc.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;307&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;307&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(c) &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Globus Maritime Ltd. &amp;#8211; Convertible Note&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,180&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,180&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total at December 31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(741)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,746&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Less: Current Portion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(1,487)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;292&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(1,195)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Long-Term Portion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(449)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;36,551&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total at December 31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(295)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;36,868&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Less: Current Portion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(35,663)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;295&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(35,368)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Long-Term Portion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,500&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,500&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition>
  <glbs:DisclosureOfLongTermDebtAnnualPrincipalPayments contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The contractual annual loan principal payments per lender to be made subsequent to December 31, 2019, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:396.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:15pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(a)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(b)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; (c)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:95.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;EnTrust&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Firment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Convertible Note&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2020&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;800*&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,309*&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,109&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2021&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;5,970&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;5,970&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2022 and thereafter&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;31,030&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;31,030&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;800&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,309&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;41,109&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;* This table represents the maturities before the waivers/extensions acquired within the first quarter of 2020 (see note 22).&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2018, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:404.3pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(d)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(b)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(e)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:24pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Hamburg Commercial Bank AG&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Firment Shipping Inc. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Macquarie Bank International Limited&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:88.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December 31&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Advance (A)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Advance (B)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;22,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;889&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;23.934&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2020&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;889&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3.971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2021&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;889&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1.771&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2022&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;889&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1.771&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2023 and thereafter&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,444&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3.972&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;6.416&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;22,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;6,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;7,500&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37.863&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfLongTermDebtAnnualPrincipalPayments>
  <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;11&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Long-Term Debt, net&amp;#160; &lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Long-term debt in the consolidated statement of financial position is analysed as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:495.05pt; border-collapse:collapse; text-align:left"&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-left:14.4pt; margin-bottom:0pt; text-indent:-14.4pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_be7352fbd79d45a99b6e9cc48b3dde42"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Borrower&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Loan Balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Unamortized Debt Discount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total Borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(a)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Artful Shipholding S.A. &amp;amp; Longevity Maritime Limited&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(741)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;36,259&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(b)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Globus Maritime Ltd. &amp;#8211; Firment Shipping Inc.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;307&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;307&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(c) &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Globus Maritime Ltd. &amp;#8211; Convertible Note&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,180&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,180&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total at December 31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(741)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,746&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Less: Current Portion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(1,487)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;292&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(1,195)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Long-Term Portion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(449)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;36,551&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total at December 31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(295)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;36,868&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Less: Current Portion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(35,663)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;295&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(35,368)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Long-Term Portion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,500&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1,500&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ol type="a" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:14.75pt; text-align:justify; padding-left:3.25pt; font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;&lt;font style="font-weight:normal"&gt;In June 2019, &lt;/font&gt;&lt;font style="font-weight:normal"&gt;Globus through its wholly owned subsidiaries&lt;/font&gt;&lt;font style="font-weight:normal"&gt;, &lt;/font&gt;&lt;font style="font-weight:normal"&gt;Devocean Maritime Ltd.(the &amp;#8220;Borrower A&amp;#8221;), Domina Maritime Ltd.(the &amp;#8220;Borrower B&amp;#8221;), Dulac Maritime S.A. (the &amp;#8220;Borrower C&amp;#8221;), &lt;/font&gt;&lt;font style="font-weight:normal"&gt;Artful Shipholding S.A.&lt;/font&gt;&lt;font style="font-weight:normal"&gt; (the &amp;#8220;Borrower D&amp;#8221;)&lt;/font&gt;&lt;font style="font-weight:normal"&gt; and Longevity Maritime Limited &lt;/font&gt;&lt;font style="font-weight:normal"&gt;(the &amp;#8220;Borrower E&amp;#8221;)&lt;/font&gt;&lt;font style="font-weight:normal"&gt;, &lt;/font&gt;&lt;font style="font-weight:normal"&gt;vessel owning companies of m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe, respectively, &lt;/font&gt;&lt;font style="font-weight:normal"&gt;entered a new term loan facility for up to $37,000 with EnTrust Global&amp;#8217;s Blue Ocean Fund for the purpose of refinancing the existing indebtedness secured on the ships and for general corporate purposes. The loan facility is in the names of Devocean Maritime Ltd., Domina Maritime Ltd, Dulac Maritime S.A.&lt;/font&gt;&lt;font style="font-weight:normal"&gt;, &lt;/font&gt;&lt;font style="font-weight:normal"&gt;Artful Shipholding S.A. and Longevity Maritime Limited&lt;/font&gt;&lt;font style="font-weight:normal"&gt; as the borrowers and is guaranteed by Globus. The loan facility bears interest at LIBOR plus a margin of 8.50% (or 10.5% default interest) for interest periods of three months. This loan facility will be referred as EnTrust loan facility. &lt;/font&gt;&lt;/li&gt;&lt;/ol&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; color:#0000ff"&gt;&amp;#xa0;&lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On June 24, 2019, the Company drew down $37,000 under the EnTrust loan facility and fully prepaid the existing loan facilities with &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Hamburg Commercial Bank AG (formerly known as HSH Nordbank AG) and &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Macquarie Bank International Limited. The &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#8220;EnTrust&amp;#8221; loan facility consists of five Tranches:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Tranche (A) of $6,375 for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v River Globe. The balance outstanding of tranche (A) at December 31, 2019, was $6,375 payable in 6 equal quarterly instalments of $266 starting, March 2021, as well as a balloon payment of $4,779 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &amp;#8220;Excess cash&amp;#8221;, as described in the loan agreement, which will be applied against the balloon amount.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Tranche (B) of $7,375 for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Sky Globe. The balance outstanding of tranche (B) at December 31, 2019, was $7,375 payable in 6 equal quarterly instalments of $230 starting, March 2021, as well as a balloon payment of $5,995 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &amp;#8220;Excess cash&amp;#8221;, as described in the loan agreement, which will be applied against the balloon amount.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Book Antiqua'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Tranche (C) of $7,750 for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Star Globe. The balance outstanding of tranche (C) at December 31, 2019, was $7,750 payable in 6 equal quarterly instalments of $215 starting, March 2021, as well as a balloon payment of $6,460 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &amp;#8220;Excess cash&amp;#8221;, as described in the loan agreement, which will be applied against the balloon amount.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Tranche (D) of $6,500 for the purpose of prepaying to Macquarie Bank International Limited the amount outstanding with respect to the m/v Moon Globe. The balance outstanding of tranche (D) at December 31, 2019, was $6,500 payable in 6 equal quarterly instalments of $406 starting, March 2021, as well as a balloon payment of $4,064 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &amp;#8220;Excess cash&amp;#8221;, as described in the loan agreement, which will be applied against the balloon amount.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Book Antiqua'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Tranche (E) of $9,000 for the purpose of prepaying to Macquarie Bank International Limited the amount outstanding with respect to the m/v Sun Globe. The balance outstanding of tranche (E) at December 31, 2019, was $9,000 payable in 6 equal quarterly instalments of $375 starting, March 2021, as well as a balloon payment of $6,750 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &amp;#8220;Excess cash&amp;#8221;, as described in the loan agreement, which will be applied against the balloon amount.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The total amount of borrowing costs that were capitalized for this loan facility amounted to $880 which will be amortized over the term of this loan facility.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The loan is secured by, among other things:&lt;/font&gt;&lt;/p&gt;&lt;ul type="circle" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;First preferred mortgage over m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe. &lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Guarantee from Globus and joint liability of the vessel owning companies.&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Shares pledges respecting each borrower.&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Pledges of bank accounts, charter assignments, and a general assignment over each ship&amp;#8217;s earnings, insurances and any requisition compensation in relation of that ship.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The EnTrust loan facility contains various covenants requiring the vessels owning companies and/or Globus to, amongst others things, ensure that:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:48.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Borrowers shall maintain a minimum liquidity at all times of not less than $250 for each mortgaged ship. &lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:48.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Parent Guarantor shall maintain, on a consolidated basis, at the end of each calendar quarter liquid funds in an amount, in aggregate, of not less than 5 per cent of the consolidated &amp;#8220;Financial Indebtedness&amp;#8221;, &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;as described in the loan agreement,&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; of the Group as reflected in the most recent financial statements of the Parent Guarantor.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:48.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Each Borrower shall maintain in its earnings account during a &amp;#8220;Cash Sweep Period&amp;#8221;, &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;which is the period commencing on the relevant Utilisation Date and ending on September 30, 2019 and each three-month period thereafter commencing on January 1, April 1, July 1 and October 1, in each financial year of that Borrower, with the last such three-month period commencing on June 30, 2020 and ending on September 30, 2020,&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; the applicable &amp;#8220;Buffer Amount&amp;#8221;, which is in relation to a Borrower for a Cash Sweep Period, the product of:&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(a) an amount equal to the lower of: &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(i) $1,000; and &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(ii) the difference between the daily time charter equivalent rate of the Ship owned by that Borrower, as evidenced in the management accounts, and the &amp;#8220;Break-Even Expenses&amp;#8221;, &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;as described in the loan agreement,&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; of that ship for that Cash Sweep Period; and &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:18pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(b) the actual number of days lapsed during that Cash Sweep Period for that Borrower.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:18pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:48.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Each of Borrower B, Borrower C and Borrower D shall create a reserve fund in the Reserve Account to meet the anticipated dry docking and special survey fees and expenses for the Ship owned by it, by maintaining in the Reserve Account a minimum credit balance (the &amp;quot;Accruing Dry Docking and Special Survey Reserves&amp;quot;) which may not be withdrawn (other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship), in an amount equal to, at each Quarter End Date, the product of: &lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(i) $500; and&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(ii) the number of days elapsed from the relevant Utilisation Date until such Quarter End Date, and that Borrower shall ensure that the credit balance of the Reserve Account shall be increased to meet the required amount of the Accruing Dry Docking and Special Survey Reserves by no later than each Quarter End Date.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Each of Borrower A and Borrower E shall deposit on the relevant Utilisation Date in the Reserve Account to meet the anticipated dry docking and special survey fees and expenses for Ship which is owned by it, a minimum credit balance in an amount equal to $450 which may not be withdrawn (other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship).&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:48.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;No Borrower shall incur or permit to be outstanding any Financial Indebtedness except &amp;#8220;Permitted Financial Indebtedness&amp;#8221;.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;quot;Permitted Financial Indebtedness&amp;quot; means:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(a) any Financial Indebtedness incurred under the Finance Documents;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(b) any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a Subordination Agreement or otherwise and which is, in the case of any such Financial Indebtedness of the Borrower, the subject of Subordinated Debt Security; and&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(c) any &amp;#8220;Permitted Trade Debt&amp;#8221;.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;quot;Permitted Trade Debt&amp;quot; means any trade debt on arm&amp;apos;s length commercial terms reasonably incurred in the ordinary course of owning, operating, trading, chartering, maintaining and repairing a Ship which remains unpaid for over 15 days of its due date and which does not exceeds $400 (or the equivalent in any other currency) per Ship at any relevant time&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, the Company was in compliance with the covenants of EnTrust Loan Agreement.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(b)&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160; 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&amp;#8217;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 on April 1, 2021, as amended&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;(Note 22). The Company has the right to draw-down 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 draw-down 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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. (&amp;#8220;VWAP&amp;#8221;) over the pricing period multiplied by 80%, where the &amp;#8220;Pricing Period&amp;#8221; 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). &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As per the conversion clause included in the Firment Shipping Credit Facility, the Company has recognized this agreement as a hybrid financial instrument which includes an embedded derivative. This embedded derivative component was separated from 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 income statement component of the consolidated statement of comprehensive loss. For the year ended December 31, 2019 and 2018, the amount drawn and outstanding with respect to Firment Shipping Credit Facility was $800 and $2,200, respectively. The non-derivative host at December 31, 2019 and 2018 amounted to $307 and $1,500, respectively and was classified under &amp;#8220;current portion of long-term borrowings&amp;#8221; and &amp;#8220;non-current portion of long-term borrowings&amp;#8221;, respectively in the consolidated statements of financial position. The derivative component at December 31, 2019 and 2018 amounted to $524 and $831, respectively and was classified under &amp;#8220;fair value of derivative financial instruments, current&amp;#8221; and &amp;#8220;fair value of derivative financial instruments, non-current&amp;#8221;, respectively in the consolidated statements of financial position.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On April 23, 2019, the Company converted to share capital, as per the conversion clause included in the Firment Shipping Credit Facility the outstanding principal amount of $3,100 plus the accrued interest of $70 with a conversion price of $2.80 per share and issued 1,132,191 new common shares on behalf of Firment Shipping Inc. This conversion resulted to a gain of approximately $117, which was classified under &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#8220;gain/(loss) &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;on derivative financial instruments&amp;#8221; in the income statement component of the consolidated statement of comprehensive loss.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;For the year ended December 31, 2019 and 2018, the Company recognized a gain on this derivative financial instrument amounting to $135 and a loss of $131, respectively, which was classified under &amp;#8220;gain/(loss) on derivative financial instruments&amp;#8221; in the &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;income statement component of the &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;consolidated statement of comprehensive loss.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019 and 2018, there was an amount of $11,100 and $12,800, respectively, available to be drawn under the Firment Shipping Credit Facility.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Firment Shipping Credit Facility requires that Mr. Athanasios Feidakis remain the Company&amp;#8217;s Chief Executive Officer and that Firment Shipping Inc. maintains at least a 40% shareholding in Globus, other than due to actions taken by Firment Shipping, Inc. such as sales of shares.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 25.55pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019 and 2018, the Company in compliance with the loan covenants of the Firment Shipping Credit Facility.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:12pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:12pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(c)&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160; 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 &amp;#8220;Convertible Note&amp;#8221;) that is convertible into shares of the Company&amp;#8217;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 matured upon the anniversary of its issue. On March 13, 2020, Company and the holder of the Convertible Note entered into a waiver regarding the Convertible Note (the &amp;#8220;Waiver&amp;#8221;). The Waiver waives the Company&amp;#8217;s obligation to repay the Convertible Note on the existing maturity date of March 13, 2020 and does not require the Company to repay the Convertible Note until March 13, 2021. The Convertible Note was issued in a transaction exempt from registration under the Securities Act of 1933, as amended (the &amp;#8220;Securities Act&amp;#8221;).&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.25pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Convertible Note provides for interest to accrue at 10% annually, which interest shall be paid on the first anniversary of the Convertible Note&amp;#8217;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.&amp;#160; 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.25pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As per the conversion clause included in the Convertible Note, the Company has recognized this agreement as a hybrid financial instrument which includes an embedded derivative. This embedded derivative component was separated from 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 income statement component of the consolidated statement of comprehensive loss. The initial amount drawn with respect to the Convertible Note was $5,000. The non-derivative host and the derivative component that was initially recognized amounted to $1,783 and $3,217, respectively.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.25pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The non-derivative host at December 31, 2019, amounted to $1,180 and was classified under &amp;#8220;current portion of long-term borrowings&amp;#8221; in the consolidated statement of financial position. The derivative component at December 31, 2019, amounted to $98 and was classified under &amp;#8220;fair value of derivative financial instruments - current&amp;#8221; in the consolidated statement of financial position.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.25pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, the amount outstanding with respect to the Convertible Note was $3,309.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.25pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.25pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;For the year ended December 31, 2019, the Company recognized a gain on this derivative financial instrument amounting to $1,815, which was classified under &amp;#8220;gain/(loss) on derivative financial instruments&amp;#8221; in the income statement component of the consolidated statement of comprehensive loss. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.4pt; margin-bottom:0pt; text-indent:-28.4pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(d)&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;I&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;n February 2015, Devocean Maritime Ltd., Domina Maritime Ltd and Dulac Maritime S.A. (&amp;#8220;Devocean et al.&amp;#8221;), 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 &amp;#8220;Bank&amp;#8221;) for the purpose of partially prepaying the then outstanding secured reducing revolving credit facility with Credit Suisse AG. On March 3, 2015, Devocean et al. drew down $29,405 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. As at June 27, 2019, the balances of all tranches of $20,776 were fully repaid using the proceedings from the new loan agreement with &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;EnTrust loan facility&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; line-height:12pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;(e)&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;In December 2018, Globus through its wholly owned subsidiaries, Artful Shipholding S.A. (&amp;#8220;Artful&amp;#8221;) and Longevity Maritime Limited (&amp;#8220;Longevity&amp;#8221;), entered into the Macquarie Loan Agreement for an amount up to $13,500 with Macquarie Bank International Limited. 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. As at June 28, 2019, the balance of all tranches of $13,057 were fully repaid using the proceedings from the new loan agreement with EnTrust loan facility.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_3aac705f4e8b4f76bc6f66b09973cf22"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The contractual annual loan principal payments per lender to be made subsequent to December 31, 2019, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:396.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:15pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(a)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(b)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; (c)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:95.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;EnTrust&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Firment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Convertible Note&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2020&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;800*&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,309*&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,109&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2021&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;5,970&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;5,970&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2022 and thereafter&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;31,030&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;31,030&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:38.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;800&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:72.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,309&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;41,109&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;* This table represents the maturities before the waivers/extensions acquired within the first quarter of 2020 (see note 22).&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2018, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:404.3pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(d)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(b)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;(e)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:24pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Hamburg Commercial Bank AG&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Firment Shipping Inc. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Macquarie Bank International Limited&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:88.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December 31&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Advance (A)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Advance (B)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;22,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;889&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;23.934&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2020&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;889&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3.971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2021&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;889&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1.771&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.75pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2022&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;889&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1.771&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2023 and thereafter&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,444&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3.972&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;6.416&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.5pt"&gt;&lt;td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:35.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;22,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:63.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2,200&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:56.7pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;6,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:51pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;7,500&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:45.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37.863&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The weighted average interest rate for the years ended December 31, 2019 and 2018 was 8.66% and 4.97%, respectively. &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfBorrowingsExplanatory>
  <ifrs-full:DisclosureOfGoingConcernExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.1&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Basis of Preparation: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments which are measured at fair value. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Going concern basis of accounting: &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, the Company was in compliance with the loan covenants of the agreement with EnTrust with loan balance of $37,000 as of December 31, 2019.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, the Company reported a working capital deficit of $3,242 and accumulated deficit of $135,648. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The current low charter rates for drybulk vessels as a result of the coronavirus outbreak and its effects on world trade and financial markets have been adversely affecting the Company. The Company&amp;#8217;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 and the Company might not be able to meet the minimum liquidity requirements included in the loan agreement with EnTrust at certain measurement dates falling due within the 12 month period from the issuance of these financial statements.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The above conditions raise substantial doubt about the entity&amp;apos;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 $11,100 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 indebtedness. With respect to the Convertible Note that matures during March 2021 (Note 11), the Company anticipates that it will be converted to equity and no cash will be required for its repayment. As of December 31, 2019, the balance of the Convertible Note was approximately $3,579, principal and accrued interest.&amp;#160; As of the date of issue of these consolidated financial statements, within the first quarter of 2020, an amount of approximately $1,168, principal and accrued interest, has already been converted to equity (see also Note 22).&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 including the available line of credit under the facility with Firment Shipping Inc. The Company is dependent upon the continuous support of its shareholder Firment Shipping Inc to continue as a going concern. If for any reason the Company is unable to continue as a going concern, this could have an impact on the Company&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Statement of Compliance: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (&amp;#8220;IFRS&amp;#8221;) as issued by the International Accounting Standards Board (&amp;#8220;IASB&amp;#8221;). &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Basis of Consolidation:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfGoingConcernExplanatory>
  <ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.2&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Standards amendments and interpretations:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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, 2019.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IFRS 16: Leases&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 (&amp;#8220;lessee&amp;#8221;) and the supplier (&amp;#8220;lessor&amp;#8221;). 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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company has initially adopted IFRS 16 on January 1, 2019 using the modified retrospective approach under which the comparative information presented for 2018 has not been restated and is presented as it was previously reported under IAS 17 and related interpretations. On transition, the Company has elected to apply the practical expedients available for leases with a remaining lease term of less than one year and leases of low value assets. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At transition, 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, amounting to 8%. In addition, the nature and recognition of expenses related to those leases changed as IFRS 16 replaced the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately $51. As of December 31, 2019, the net carrying amount of the right of use asset was $562.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;For time charters that qualify as leases, the Company is 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. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company&amp;#8217;s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component, including crewing services, is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department, which consist of the crew expenses, maintenance and consumable costs and was approximately $9,169 for the year ended December 31, 2019. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and was approximately $6,454 for the year ended December 31, 2019.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IFRS 9: Prepayment features with negative compensation (Amendment)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 &amp;#8216;negative compensation&amp;#8217;), to be measured at amortized cost or at fair value through other comprehensive income. Management has assessed that this amendment has no impact on the Company&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IAS 28: Long-term Interests in Associates and Joint Ventures (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 &amp;#8216;net investment&amp;#8217; 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 has assessed that these amendments have no impact on the Company&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments &lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. Management has assessed that this interpretation has no impact on the Company&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IAS 19: Plan Amendment, Curtailment or Settlement (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 has assessed that these amendments have no impact on the Company&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;The IASB has issued the Annual Improvements to IFRSs 2015 &amp;#8211; 2017 Cycle&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;, which is a collection of amendments to IFRSs. Management has assessed that these amendments have no impact on its financial position or performance.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Standards issued but not yet effective and not early adopted:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&amp;#160; 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. The application of this amendment will have no impact on the financial position or the performance of the Company since the Company is not an investment entity.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Conceptual Framework in IFRS standards&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The IASB issued the revised Conceptual Framework for Financial Reporting on March 29, 2018. The Conceptual Framework sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. IASB also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Its objective is to support transition to the revised Conceptual Framework for companies that develop accounting policies using the Conceptual Framework when no IFRS Standard applies to a particular transaction. For preparers who develop accounting policies based on the Conceptual Framework, it is effective for annual periods beginning on or after January 1, 2020.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IFRS 3: Business Combinations (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 January 1, 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&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of &amp;#8216;material&amp;#8217; (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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, &amp;#8217;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&amp;#8217;. 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&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Interest Rate Benchmark Reform - IFRS 9, IAS 39 and IFRS 7 (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The amendments are effective for annual periods beginning on or after January 1, 2020 and must be applied retrospectively. Earlier application is permitted. In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7, which concludes phase one of its work to respond to the effects of Interbank Offered Rates (IBOR) reform on financial reporting. Phase two will focus on issues that could affect financial reporting when an existing interest rate benchmark is replaced with a risk-free interest rate (an RFR). The amendments published, deal with issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative interest rate and address the implications for specific hedge accounting requirements in IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement, which require forward-looking analysis. The amendments provided temporary reliefs, applicable to all hedging relationships that are directly affected by the interest rate benchmark reform, which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate. There are also amendments to IFRS 7 Financial Instruments: Disclosures regarding additional disclosures around uncertainty arising from the interest rate benchmark reform. &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Management has assessed that these amendments will have no impact on the Company&amp;#8217;s financial position or performanc&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations>
  <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.3&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Significant accounting policies, judgments, estimates and assumptions:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&amp;#160; 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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-21.25pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-21.25pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Judgments: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;In the process of applying the Company&amp;#8217;s accounting policies, management has made the following judgments that had a significant effect on the amounts recognised in the consolidated financial statements.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:22.5pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Allowance for doubtful trade accounts receivable:&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 (&amp;#8220;ECL&amp;#8221;) 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.&lt;/font&gt;&lt;font style="font-size:10pt"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Provisions for doubtful trade accounts receivable as of December 31, 2019 and 2018, were $23 and $68, respectively. No extra allowance for impairment over these receivables was recognized in opening accumulated deficit at January 1, 2018, on transition to IFRS 9.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Estimates and assumptions: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Carrying amount of vessels, net&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;: Vessels are stated at cost, less accumulated depreciation &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;(including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms)&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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. &lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Impairment of Non-Financial Assets&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;: The Company&amp;#8217;s impairment test for non-financial assets is based on the assets&amp;#8217; 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, 2019. 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. See notes 2.13 and 5&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Share based payments&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 12. &lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; 2.4&amp;#160;&amp;#160;&amp;#160;&amp;#160; Accounting for revenue and related expenses:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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 IFRS 16 and the Company is required to disclose lease and non-lease components of lease revenue as explained in note 2.2 above. 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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Interest income&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;: interest income is recognised as interest on an accrual basis.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Voyage expenses&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;: 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Vessel operating expenses&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;:&amp;#160; Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil,&amp;#160;&amp;#160; insurance, maintenance and repairs. Under bareboat charter arrangements, these expenses are paid by the charterer and by the Company under time charter and voyage charter arrangements. Vessel operating expenses are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes responsibility for all vessel operating expenses and risk of operation.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
  <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.5&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Foreign currency translation:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;presentation currency of the Company, since the Company&amp;#8217;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. &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt; 2.6&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;Cash and cash equivalents:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold; font-style:italic"&gt;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;The Company considers highly liquid investments such as time deposits and certificates of&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; deposit with original maturity of three months or less to be cash and cash equivalents.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:10pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;2.7&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Trade accounts receivable, net&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold; font-style:italic"&gt;: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;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&lt;/font&gt;&lt;font&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;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, 2019 was $23 (2018: $68). &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.8&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Inventories:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
  <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.9&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Vessels, net:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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.&amp;#160; 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). 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. &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2.10&amp;#160;&amp;#160; Deferred dry-docking costs: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:normal"&gt;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.&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:normal"&gt;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.&lt;/font&gt;&lt;/h1&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.11&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Depreciation&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; The cost of each of the Company&amp;#8217;s vessels is depreciated on a straight-line basis over each vessel&amp;#8217;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 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. During 2019 the Company maintained the same scrap rate.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.12&amp;#160;&amp;#160;&amp;#160; Amortization of lease component:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; background-color:#ffffff"&gt;. The amortization is included in the line &amp;#8220;amortization&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; of fair value of time charter attached to vessels&amp;#8221; in the income statement component of the consolidated statement of comprehensive loss.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.13&amp;#160;&amp;#160; Impairment of non-financial assets:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. The vessel&amp;#8217;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&amp;#8217;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&amp;#8217;s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5).&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.14&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Long-term debt&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; Long-term debt is initially recognised at the fair value of the consideration received net of financing costs directly attributable to the borrowing.&amp;#160; After initial recognition, long-term debt is subsequently measured at amortized cost using the effective interest rate method.&amp;#160; 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.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.15&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financing costs:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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. &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;For the year ended December 31, 2019, the Company deferred financing costs of $880, which relate to the costs incurred for the new loan agreement with EnTrust Global&amp;#8217;s Blue Ocean Fund (see Note 11 for more details). 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 11 for more details). For the year ended December 31, 2017, the Company did not incur any financing costs.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;.16&amp;#160;&amp;#160;&amp;#160; Borrowing costs:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds.&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive loss as incurred under &amp;#8220;interest expense and finance costs&amp;#8221; 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.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.17&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Operating segment:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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. &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.18&amp;#160;&amp;#160; Provisions and contingencies: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.19&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Pension and retirement benefit obligations: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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, the Company is not liable for any pension or post-retirement benefits payable to the crew.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Provision for employees&amp;#8217; severance compensation: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217; retirement compensation liability which amounted to $26 as at December 31, 2019 (2018: $87), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits>
  <ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.20&amp;#160;&amp;#160; Offsetting of financial assets and liabilities: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.21&amp;#160;&amp;#160;&amp;#160; Financial assets and liabilities:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;i.&amp;#160;&amp;#160;&amp;#160; Classification and measurement of financial assets and financial liabilities&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On January 1, 2018, the Company adopted IFRS 9. 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;it is held within a business model whose objective is to hold assets to collect contractual cash flows; and&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;ii.&amp;#160;&amp;#160;&amp;#160; Impairment of financial assets&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;IFRS 9 replaces the &amp;apos;incurred loss&amp;apos; model in IAS 39 with an &amp;apos;expected credit loss&amp;apos; (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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The financial assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Under IFRS 9, loss allowances are measured on either of the following bases:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;apos;s historical experience and informed credit assessment and including forward-looking information.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company considers a financial asset to be in default when:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;the financial asset is more than 1 year past due.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;apos;s impairment requirements at January 1, 2018, has not resulted to any additional impairment allowance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;iii.&amp;#160;&amp;#160; Derecognition of financial assets &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;the rights to receive cash flows from the asset have expired;&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 &amp;#8220;pass-through&amp;#8221; arrangement; or &lt;/font&gt;&lt;/li&gt;&lt;li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217;s continuing involvement in the asset. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;iv. Derecognition of Financial liabilities: &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory>
  <glbs:DescriptionOfAccountingPolicyForLesseeExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.22&amp;#160;&amp;#160;&amp;#160; Leases &amp;#8211; where the Company is the lessee: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"&gt;The Company applies a single recognition and measurement approach for all leases, except for short term leases and leases of low value assets. The Company recognizes lease liabilities to make payments and right of use assets representing the right of use of the underlying asset. The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DescriptionOfAccountingPolicyForLesseeExplanatory>
  <glbs:DescriptionOfAccountingPolicyForLessorExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.23&amp;#160;&amp;#160; Leases &amp;#8211; where an entity is the lessor: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DescriptionOfAccountingPolicyForLessorExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.24&amp;#160;&amp;#160; Insurance: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company recognizes insurance claim recoveries for insured losses incurred on damage to vessels.&amp;#160; Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company&amp;#8217;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.&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts>
  <ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.25&amp;#160;&amp;#160;&amp;#160;&amp;#160; Share based compensation: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt"&gt;2.26&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Share capital&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt"&gt;: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.27&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Dividends&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt"&gt;: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.28&amp;#160;&amp;#160;&amp;#160; Fair value measurement:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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 21. 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&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:63.8pt; margin-bottom:0pt; text-indent:-27.8pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:63.8pt; margin-bottom:0pt; text-indent:-27.8pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company engaged independent valuation specialists to determine the fair value of non-financial assets&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory>
  <glbs:DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.29&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Current versus non-current classification:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; The Company presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; An asset as current when it is:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Expected to be realised or intended to be sold or consumed in a normal operating cycle &lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Held primarily for the purpose of trading &lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Expected to be realised within twelve months after the reporting period&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Cash or cash equivalent&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; All other assets are classified as non-current. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; A liability is current:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"&gt;&lt;font style="font:7pt 'Times New Roman'"&gt;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;It is expected to be settled in a normal operating cycle&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"&gt;&lt;font style="font:7pt 'Times New Roman'"&gt;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;It is held primarily for the purpose of trading &lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"&gt;&lt;font style="font:7pt 'Times New Roman'"&gt;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;It is due to be settled within twelve months after the reporting period&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"&gt;&lt;font style="font:7pt 'Times New Roman'"&gt;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0;&amp;#xa0; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; All other liabilities are classified as non-current.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements>
  <glbs:DisclosureOfInterestRateRiskExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:476.75pt; margin-left:36pt; border-collapse:collapse"&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Increase/(Decrease) in basis point&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Effect on loss&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.2pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.65pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;$ Libor&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;+15&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(55)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:26.35pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.9pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;$ Libor&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;+15&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(60)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:26.35pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-20&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;80&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfInterestRateRiskExplanatory>
  <glbs:DisclosureOfForeignCurrencyRiskExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:460.25pt; margin-left:36pt; border-collapse:collapse"&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Change in rate&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Effect on loss &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;+10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(255)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;255&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;+10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(284)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.05pt"&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;284&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfForeignCurrencyRiskExplanatory>
  <glbs:DisclosureOfConcentrationOfCreditRiskExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:487.7pt; border-collapse:collapse"&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,476&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;22%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,679&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;21%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,404&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;B&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; - &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; - &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,873&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;17%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;C&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,849&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;13%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;D&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,459&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;11%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;12,147&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;78%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;10,802&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;62%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;9,140&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;66%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;15,623&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;100%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;17,354&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;100%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;13,852&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;100%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfConcentrationOfCreditRiskExplanatory>
  <glbs:DisclosureOfCapitalManagementExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Adjusted book capitalization refers to total equity adjusted for the market value of the Company&amp;#8217;s vessels. The Company&amp;#8217;s policy is to keep the ratio described above between a range of 60% - 80%.&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:523.8pt; margin-left:7.1pt; border-collapse:collapse"&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:160.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Interest bearing loans&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Cash (including restricted cash)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,801)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1,396)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.2pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Net debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;33,686&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;35,767&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;9,879&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;41,050&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Adjustment for the market value of vessels (charter-free)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(2,902)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(27,500)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Adjusted book capitalization&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;6,977&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;13,550&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Adjusted book capitalization plus net debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;40,663&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;49,317&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Ratio&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;83%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;73%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company&amp;#8217;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 (&amp;#8220;IFRS&amp;#8221;) definition of debt. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The following reconciliation is provided:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:537.95pt; border-collapse:collapse"&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:160.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Debt in accordance with IFRS (long and short-term borrowings)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,746&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;36,868&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Add: Unamortized debt discount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;741&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;295&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.15pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Less: Cash and bank balances and bank deposits (including restricted cash)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,801&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,396&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Net debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;33,686&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;35,767&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfCapitalManagementExplanatory>
  <ifrs-full:DescriptionOfManagingLiquidityRisk contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year ended December 31, 2019&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;*&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Less than 3 months&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3 to 12 months&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1 to 5 years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;More than 5 years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,674&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,776&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;42,247&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;50,697&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt; Lease liabilities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;126&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;106&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;567&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;800&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Accrued liabilities and other payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,735&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,735&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;11,506&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;42,814&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;58,203&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; * This table includes both &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;the derivative component and the non-derivative host &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;of the hybrid agreements of both the Firment Shipping Credit Facility and the Convertible Note (see note 11)&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year ended December 31, 2018&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;*&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Less than 3 months&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3 to 12 months&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1 to 5 years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;More than 5 years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,720&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;24,502&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;16,&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;465&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;42,&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;687&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Accrued liabilities and other payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,319&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,319&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;6,433&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;6,433&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;9,472&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;24,502&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;16,46&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;5&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;50,43&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;9&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; * This table includes both &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;the derivative component and the non-derivative host &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;of the hybrid agreement with Firment Shipping Credit Facility (see note 11)&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfManagingLiquidityRisk>
  <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;20&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Financial risk management objectives and policies&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;The Company&amp;#8217;s financial liabilities are long term borrowings, trade and other payables and the financial derivative instrument. The main purpose of these financial liabilities is to assist in the financing of Company&amp;#8217;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&amp;#8217;s financial instruments are cash flow interest rate risk, credit risk, liquidity risk and foreign currency risk.&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Interest rate risk&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217;s exposure to the risk of changes in market interest rates relates primarily to the Company&amp;#8217;s long-term debt obligations with floating interest rates. As of December 31, 2018, 6% of the Company&amp;#8217;s long term borrowings were at a fixed rate of interest and as of December 31, 2019, 10% of the Company&amp;#8217;s long term borrowings were at a fixed rate of interest.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Interest rate risk table&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Company&amp;#8217;s loss. &lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:476.75pt; margin-left:36pt; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_60c0f93a3a244c86b4ed6e9511744298"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Increase/(Decrease) in basis point&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Effect on loss&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.2pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.65pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;$ Libor&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;+15&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(55)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:26.35pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.9pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;$ Libor&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;+15&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(60)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:26.35pt"&gt;&lt;td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-20&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;80&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Foreign currency risk&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217;s loss due to changes in the fair value of monetary assets and liabilities. The Company&amp;#8217;s exposure to foreign currency changes for all other currencies as of December 31, 2019 and 2018, was not material.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:460.25pt; margin-left:36pt; border-collapse:collapse; text-align:left"&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;a name="DM_MAP_56741cda1bfc4434819303d3e0ec233a"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Change in rate&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Effect on loss &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;+10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(255)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;255&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;+10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(284)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15.05pt"&gt;&lt;td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;284&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-7.65pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Credit risk&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217;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&amp;#8217;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Concentration of credit risk table:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The following table provides information with respect to charterers who individually, accounted for approximately more than 10% of the Company&amp;#8217;s revenue for the years ended December 31, 2019, 2018 and 2017:&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:487.7pt; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;a name="DM_MAP_85f2ca5ec362411abd4f0b83a4894f67"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,476&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;22%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,679&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;21%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,404&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;B&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; - &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; - &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2,873&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;17%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;C&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,849&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;13%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;D&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,459&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;11%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Other &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;12,147&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;78%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;10,802&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;62%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;9,140&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;66%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:13.75pt"&gt;&lt;td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;15,623&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;100%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;17,354&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:37.8pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;100%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:36.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;13,852&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:29.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;100%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-7.65pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Liquidity risk&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The table below summarises the maturity profile of the Company&amp;#8217;s financial liabilities (including interest) at December 31, 2019 and 2018, assuming that the lenders will not demand the repayment of the loans before their maturity, based on contractual undiscounted cash flows. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_b0c79c7bb3ef4393a92012617b849373"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year ended December 31, 2019&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;*&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Less than 3 months&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3 to 12 months&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1 to 5 years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;More than 5 years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,674&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;3,776&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;42,247&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;50,697&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt; Lease liabilities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;126&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;106&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;567&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;800&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Accrued liabilities and other payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,971&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,735&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,735&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;11,506&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3,882&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;42,814&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;58,203&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; * This table includes both &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;the derivative component and the non-derivative host &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;of the hybrid agreements of both the Firment Shipping Credit Facility and the Convertible Note (see note 11)&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Year ended December 31, 2018&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;*&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Less than 3 months&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;3 to 12 months&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;1 to 5 years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;More than 5 years&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,720&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;24,502&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;16,&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;465&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;42,&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;687&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:16.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Accrued liabilities and other payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,319&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,319&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;6,433&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;6,433&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:17.85pt"&gt;&lt;td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;9,472&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;24,502&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;16,46&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;5&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;50,43&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;9&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; * This table includes both &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;the derivative component and the non-derivative host &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;of the hybrid agreement with Firment Shipping Credit Facility (see note 11)&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Capital management&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:96.4pt; margin-bottom:0pt; text-indent:-60.4pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The primary objective of the Company&amp;#8217;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 11). No changes were made in the objectives, policies or processes during the years ended December 31, 2019 and 2018. The Company monitors capital using the ratio of net debt to book capitalisation adjusted for the market value of the Company&amp;#8217;s vessels plus net debt. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company includes within net debt, interest bearing loans gross of unamortized debt discount, less cash. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_909cb08eff514a7dab2982d9ed6baf99"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Adjusted book capitalization refers to total equity adjusted for the market value of the Company&amp;#8217;s vessels. The Company&amp;#8217;s policy is to keep the ratio described above between a range of 60% - 80%.&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:523.8pt; margin-left:7.1pt; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:160.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Interest bearing loans&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Cash (including restricted cash)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(4,801)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(1,396)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.2pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Net debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;33,686&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;35,767&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;9,879&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;41,050&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Adjustment for the market value of vessels (charter-free)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(2,902)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(27,500)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Adjusted book capitalization&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;6,977&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;13,550&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Adjusted book capitalization plus net debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;40,663&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;49,317&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.95pt"&gt;&lt;td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Ratio&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;83%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;73%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company&amp;#8217;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 (&amp;#8220;IFRS&amp;#8221;) definition of debt. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The following reconciliation is provided:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;table cellspacing="0" cellpadding="0" style="width:537.95pt; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="width:160.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December 31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Debt in accordance with IFRS (long and short-term borrowings)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,746&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;36,868&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Add: Unamortized debt discount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;741&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;295&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.15pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Less: Cash and bank balances and bank deposits (including restricted cash)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;4,801&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;1,396&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.9pt"&gt;&lt;td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Net debt&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;33,686&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;35,767&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
  <glbs:DisclosureOfFairValuesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:472.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Carrying amount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:157.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:27.7pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;(in thousands of USD)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial assets&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 3&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial assets measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessels (see also note 5)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,346&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,346&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,346&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,346&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Other financial liabilities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial liabilities measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Derivative financial instruments&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.6pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial liabilities not measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;39,853&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;39,853&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:474.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Carrying amount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:160.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:27.7pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;(in thousands of USD)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Other financial liabilities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 3&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial liabilities measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Derivative financial instruments&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.6pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial liabilities not measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; 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background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,030&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfFairValuesExplanatory>
  <glbs:DisclosureOfValuationTechniquesAndSignificantUnobservableInputs contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:471pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:14.25pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline"&gt;Financial instruments measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.25pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:22.35pt"&gt;&lt;td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;a name="RANGE_B372"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Type&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Valuation Techniques&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Significant unobservable inputs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.25pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessels&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Quoted (unadjusted) prices in active markets for identical assets less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Derivative financial instruments:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Firment &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Black-Scholes model &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160; Refer to note &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 2.30&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Convertible Note&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Monte Carlo model &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160; Refer to note &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 2.30&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.5pt"&gt;&lt;td style="width:188.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.5pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline"&gt;Financial instruments not measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.5pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:22.35pt"&gt;&lt;td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;a name="RANGE_B379"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Type&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Valuation Techniques&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Significant unobservable inputs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.5pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.2pt"&gt;&lt;td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Discounted cash flow&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Discount rate&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DisclosureOfValuationTechniquesAndSignificantUnobservableInputs>
  <ifrs-full:DisclosureOfFairValueMeasurementExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-indent:-54pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;21&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Fair values&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-indent:-54pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; line-height:13pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;Carrying amounts and fair values&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_a93dc9ebab254a84bce4136d7c77d371"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:472.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Carrying amount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:157.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:27.7pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;(in thousands of USD)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial assets&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 3&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;31, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial assets measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessels (see also note 5)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,346&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,346&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,346&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,346&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Other financial liabilities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial liabilities measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Derivative financial instruments&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;622&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.6pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial liabilities not measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;39,853&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;39,853&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;38,487&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:474.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Carrying amount&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:160.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:27.7pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;(in thousands of USD)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Other financial liabilities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 1&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 2&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Level 3&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Total&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;December&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;31, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial liabilities measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Derivative financial instruments&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;831&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:10.6pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.1pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financial liabilities not measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;37,030&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,030&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.8pt"&gt;&lt;td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;37,163&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:25.45pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;Measurement of fair values&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;&amp;#160;&amp;#160; Valuation techniques and significant unobservable inputs&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:7.1pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;a name="FIS_UNIDENTIFIED_TABLE_33"&gt;&lt;/a&gt;&lt;a name="FIS_UNIDENTIFIED_TABLE_34"&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;div style="text-align:center"&gt;&lt;table cellspacing="0" cellpadding="0" style="width:471pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"&gt;&lt;tr style="height:14.25pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;a name="DM_MAP_f804ad6280e94fc5a55a7788f3faaa63"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline"&gt;Financial instruments measured at fair value&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.25pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:22.35pt"&gt;&lt;td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;a name="RANGE_B372"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Type&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Valuation Techniques&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Significant unobservable inputs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:14.25pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Vessels&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Quoted (unadjusted) prices in active markets for identical assets less costs of disposal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Derivative financial instruments:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Firment &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Black-Scholes model &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160; Refer to note &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 2.30&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3.4pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Convertible Note&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Monte Carlo model &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160; Refer to note &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 2.30&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.5pt"&gt;&lt;td style="width:188.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.5pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline"&gt;Financial instruments not measured at fair value&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.5pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:22.35pt"&gt;&lt;td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;a name="RANGE_B379"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Type&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Valuation Techniques&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;Significant unobservable inputs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:11.5pt"&gt;&lt;td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12.2pt"&gt;&lt;td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Long-term borrowings&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Discounted cash flow&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Discount rate&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Transfers between Level 1, 2 and 3&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;There were no transfers between these levels in 2018 and 2019.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfFairValueMeasurementExplanatory>
  <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;22&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Events after the reporting date&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Book Antiqua'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Further to the conversion clause included into the Convertible Note up to March 2020 a total amount of approximately $1,168, principal and accrued interest, was converted to share capital with the conversion price of $1 per share and a total number of 1,167,767 new shares issued in name of the holder of the Convertible Note. On March 13, 2020, Company and the holder of the Convertible Note entered into a waiver regarding the Convertible Note (the &amp;#8220;Waiver&amp;#8221;). The Waiver waives the Company&amp;#8217;s obligation to repay the Convertible Note on the existing maturity date of March 13, 2020 and does not require the Company to repay the Convertible Note until March 13, 2021.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On March 23, 2020, the Company and Firment Shipping Inc. agreed to extend the final maturity of the Firment Shipping Credit Facility to April 1, 2021 keeping all the other terms of the Credit Facility unchanged.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Book Antiqua'"&gt;On March &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;6, 2020, the Company announced that it had received written notification from The Nasdaq Stock Market (&amp;#8220;Nasdaq&amp;#8221;) dated March 2, 2020, indicating that because the closing bid price of the Company&amp;#8217;s common stock for the last 30 consecutive business days was below $1.00 per share, the Company no longer meet the minimum bid price continued listing requirement for the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until August 31, 2020. The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company&amp;#8217;s common stock will continue to be listed and trade on the Nasdaq Capital Market.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The World Health Organization has declared the outbreak of a novel coronavirus (COVID-19) a global pandemic. The measures taken by governments worldwide in response to the outbreak, which included numerous factory closures and restrictions on travel, as well as potential labor shortages resulting from the outbreak, are expected to slow down production of goods worldwide and decrease the amount of goods exported and imported worldwide. Some experts fear that the economic consequences of the coronavirus could cause a recession that outlives the pandemic.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Besides reducing demand for cargo, coronavirus may functionally limit the amount of cargo that we and our competitors are able to move because countries worldwide have imposed quarantine checks on arriving vessels, which have caused delays in loading and delivery of cargoes. It is possible that charterers may try to invoke force majeure clauses as a result.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Although it is too early to assess the full impact of the coronavirus outbreak on global markets, and particularly on the shipping industry, the pandemic has already added, and could continue to add, pressure to shipping freight rates. Further depressed rates could have a material adverse impact on &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;the Company&amp;#8217;s&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; business, financial condition, results of operations, and cash flows.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.30&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Embedded Derivatives:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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):&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(a) the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(b) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;(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).&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company&amp;#8217;s embedded derivatives are 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. &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company has determined there are derivative financial liabilities as of December 31, 2019 (see Note 11). &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The fair value of the embedded derivative instruments at December&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;31, 2019, is estimated using: i) the Black-Scholes option-pricing model for the embedded derivative included in the Firment Shipping Inc. Credit Facility with the following assumptions: (a) no dividend yield as the Company does not expect to pay a dividend in the foreseeable future, (b) weighted average expected volatility of 85%, (c) risk free rate of 1.59% determined by management using the applicable Treasury Bill as of the measurement date, (d) market value of common stock of $0.99 and (e) expected life of 0.89 years as at December 31, 2019 and ii) the least squares approach on the Monte Carlo simulation for the embedded derivative included into the Convertible Note with the following assumptions: (a) the closing stock price on December 31, 2019, of $0.99, (b) the average logarithmic price change during the 6 month historical period of -0.68%, (c) the daily volatility for the 6 month period preceding the valuation date of 5.31%, (d) 10,000 iterations, (e) 50 remaining trading days as at December 31, 2019, (f) 1.535% risk free rate determined by management using the applicable 3 month Treasury Bill as at December 31, 2019 and, (g) conversion and floor price of $1.00 per share&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;For the year ended December 31, 2018, t&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;he fair value of the embedded derivative included into the Firment Shipping Credit Facility, was estimated using the Black-Scholes option-pricing model with the following assumptions: (a) no dividend yield as the Company did not expect to pay a dividend in 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 of $2.88 and (e) expected life of 1.89 years as at December 31, 2018.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory>
  <glbs:DescriptionOfAccountingPolicyForRestrictedCashExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.31 Restricted Cash:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company&amp;apos;s borrowing arrangements. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets. Otherwise they are classified as non-current assets.&lt;/font&gt;&lt;/p&gt;&lt;/div&gt;
</glbs:DescriptionOfAccountingPolicyForRestrictedCashExplanatory>
  <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="FYp0YTE">&lt;div class="Section1"&gt;&lt;h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2.Basis of Preparation and Significant Accounting Policies&lt;/font&gt;&lt;/h1&gt;&lt;h1 style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_cf265df9ab1c4d678426d0bee9d5b4a5"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.1&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Basis of Preparation: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments which are measured at fair value. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Going concern basis of accounting: &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, the Company was in compliance with the loan covenants of the agreement with EnTrust with loan balance of $37,000 as of December 31, 2019.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;As of December 31, 2019, the Company reported a working capital deficit of $3,242 and accumulated deficit of $135,648. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The current low charter rates for drybulk vessels as a result of the coronavirus outbreak and its effects on world trade and financial markets have been adversely affecting the Company. The Company&amp;#8217;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 and the Company might not be able to meet the minimum liquidity requirements included in the loan agreement with EnTrust at certain measurement dates falling due within the 12 month period from the issuance of these financial statements.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The above conditions raise substantial doubt about the entity&amp;apos;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 $11,100 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 indebtedness. With respect to the Convertible Note that matures during March 2021 (Note 11), the Company anticipates that it will be converted to equity and no cash will be required for its repayment. As of December 31, 2019, the balance of the Convertible Note was approximately $3,579, principal and accrued interest.&amp;#160; As of the date of issue of these consolidated financial statements, within the first quarter of 2020, an amount of approximately $1,168, principal and accrued interest, has already been converted to equity (see also Note 22).&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 including the available line of credit under the facility with Firment Shipping Inc. The Company is dependent upon the continuous support of its shareholder Firment Shipping Inc to continue as a going concern. If for any reason the Company is unable to continue as a going concern, this could have an impact on the Company&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Statement of Compliance: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (&amp;#8220;IFRS&amp;#8221;) as issued by the International Accounting Standards Board (&amp;#8220;IASB&amp;#8221;). &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Basis of Consolidation:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_b03cd59f2b4847ad82b9963da5949338"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.2&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Standards amendments and interpretations:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#160; &lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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, 2019.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IFRS 16: Leases&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 (&amp;#8220;lessee&amp;#8221;) and the supplier (&amp;#8220;lessor&amp;#8221;). 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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company has initially adopted IFRS 16 on January 1, 2019 using the modified retrospective approach under which the comparative information presented for 2018 has not been restated and is presented as it was previously reported under IAS 17 and related interpretations. On transition, the Company has elected to apply the practical expedients available for leases with a remaining lease term of less than one year and leases of low value assets. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;At transition, 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, amounting to 8%. In addition, the nature and recognition of expenses related to those leases changed as IFRS 16 replaced the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately $51. As of December 31, 2019, the net carrying amount of the right of use asset was $562.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;For time charters that qualify as leases, the Company is 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. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company&amp;#8217;s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component, including crewing services, is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department, which consist of the crew expenses, maintenance and consumable costs and was approximately $9,169 for the year ended December 31, 2019. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and was approximately $6,454 for the year ended December 31, 2019.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IFRS 9: Prepayment features with negative compensation (Amendment)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 &amp;#8216;negative compensation&amp;#8217;), to be measured at amortized cost or at fair value through other comprehensive income. Management has assessed that this amendment has no impact on the Company&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IAS 28: Long-term Interests in Associates and Joint Ventures (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 &amp;#8216;net investment&amp;#8217; 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 has assessed that these amendments have no impact on the Company&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments &lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. Management has assessed that this interpretation has no impact on the Company&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IAS 19: Plan Amendment, Curtailment or Settlement (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 has assessed that these amendments have no impact on the Company&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;The IASB has issued the Annual Improvements to IFRSs 2015 &amp;#8211; 2017 Cycle&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;, which is a collection of amendments to IFRSs. Management has assessed that these amendments have no impact on its financial position or performance.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Standards issued but not yet effective and not early adopted:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&amp;#160; 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. The application of this amendment will have no impact on the financial position or the performance of the Company since the Company is not an investment entity.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Conceptual Framework in IFRS standards&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The IASB issued the revised Conceptual Framework for Financial Reporting on March 29, 2018. The Conceptual Framework sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. IASB also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Its objective is to support transition to the revised Conceptual Framework for companies that develop accounting policies using the Conceptual Framework when no IFRS Standard applies to a particular transaction. For preparers who develop accounting policies based on the Conceptual Framework, it is effective for annual periods beginning on or after January 1, 2020.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IFRS 3: Business Combinations (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 January 1, 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&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of &amp;#8216;material&amp;#8217; (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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, &amp;#8217;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&amp;#8217;. 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&amp;#8217;s financial position or performance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Interest Rate Benchmark Reform - IFRS 9, IAS 39 and IFRS 7 (Amendments)&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The amendments are effective for annual periods beginning on or after January 1, 2020 and must be applied retrospectively. Earlier application is permitted. In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7, which concludes phase one of its work to respond to the effects of Interbank Offered Rates (IBOR) reform on financial reporting. Phase two will focus on issues that could affect financial reporting when an existing interest rate benchmark is replaced with a risk-free interest rate (an RFR). The amendments published, deal with issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative interest rate and address the implications for specific hedge accounting requirements in IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement, which require forward-looking analysis. The amendments provided temporary reliefs, applicable to all hedging relationships that are directly affected by the interest rate benchmark reform, which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate. There are also amendments to IFRS 7 Financial Instruments: Disclosures regarding additional disclosures around uncertainty arising from the interest rate benchmark reform. &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Management has assessed that these amendments will have no impact on the Company&amp;#8217;s financial position or performanc&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;e.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_f57b1c39663d41d5a87dedcf03bc1824"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.3&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Significant accounting policies, judgments, estimates and assumptions:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&amp;#160; 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. &lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-21.25pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-21.25pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Judgments: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;In the process of applying the Company&amp;#8217;s accounting policies, management has made the following judgments that had a significant effect on the amounts recognised in the consolidated financial statements.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:22.5pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Allowance for doubtful trade accounts receivable:&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 (&amp;#8220;ECL&amp;#8221;) 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.&lt;/font&gt;&lt;font style="font-size:10pt"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Provisions for doubtful trade accounts receivable as of December 31, 2019 and 2018, were $23 and $68, respectively. No extra allowance for impairment over these receivables was recognized in opening accumulated deficit at January 1, 2018, on transition to IFRS 9.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Estimates and assumptions: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Carrying amount of vessels, net&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;: Vessels are stated at cost, less accumulated depreciation &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;(including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms)&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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. &lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Impairment of Non-Financial Assets&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;: The Company&amp;#8217;s impairment test for non-financial assets is based on the assets&amp;#8217; 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, 2019. 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. See notes 2.13 and 5&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;Share based payments&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 12. &lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_3d721e889cc44e868656988dc9c44130"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; 2.4&amp;#160;&amp;#160;&amp;#160;&amp;#160; Accounting for revenue and related expenses:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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 IFRS 16 and the Company is required to disclose lease and non-lease components of lease revenue as explained in note 2.2 above. 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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Interest income&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;: interest income is recognised as interest on an accrual basis.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Voyage expenses&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;: 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Vessel operating expenses&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;:&amp;#160; Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil,&amp;#160;&amp;#160; insurance, maintenance and repairs. Under bareboat charter arrangements, these expenses are paid by the charterer and by the Company under time charter and voyage charter arrangements. Vessel operating expenses are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes responsibility for all vessel operating expenses and risk of operation.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_ac7ddf7b961b4dc2997eb52396fcaf99"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.5&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Foreign currency translation:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the &lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;presentation currency of the Company, since the Company&amp;#8217;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt"&gt;&lt;a name="DM_MAP_1e1256477c274f5f9df74b1ea4607134"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt; 2.6&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;Cash and cash equivalents:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold; font-style:italic"&gt;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;The Company considers highly liquid investments such as time deposits and certificates of&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; deposit with original maturity of three months or less to be cash and cash equivalents.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:10pt"&gt;&lt;a name="DM_MAP_de0556bf58c040a88f82df5cd5606352"&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"&gt;2.7&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Trade accounts receivable, net&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold; font-style:italic"&gt;: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;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&lt;/font&gt;&lt;font&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-size:9pt"&gt;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, 2019 was $23 (2018: $68). &lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_f26e11ee97bc4165887d8bf83cd3fee7"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.8&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Inventories:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_f278b539084b460aa42ae61f6bfaa284"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.9&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Vessels, net:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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.&amp;#160; 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). 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. &lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;h1 style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; page-break-after:avoid; font-size:9pt"&gt;&lt;a name="DM_MAP_58be30bcc8354d8cbb0dabd0fa36a674"&gt;&lt;font style="font-family:'Times New Roman'"&gt;2.10&amp;#160;&amp;#160; Deferred dry-docking costs: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:normal"&gt;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.&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:normal"&gt;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.&lt;/font&gt;&lt;/a&gt;&lt;/h1&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_bc518f9ae2a54289898dec389f8a87d0"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.11&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Depreciation&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; The cost of each of the Company&amp;#8217;s vessels is depreciated on a straight-line basis over each vessel&amp;#8217;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 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. During 2019 the Company maintained the same scrap rate.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_74519c0a5a30484a8b9b0dbf4522785c"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.12&amp;#160;&amp;#160;&amp;#160; Amortization of lease component:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; background-color:#ffffff"&gt;. The amortization is included in the line &amp;#8220;amortization&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; of fair value of time charter attached to vessels&amp;#8221; in the income statement component of the consolidated statement of comprehensive loss.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_ceacdce08ddd454c934aa113bbbb0390"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.13&amp;#160;&amp;#160; Impairment of non-financial assets:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. The vessel&amp;#8217;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&amp;#8217;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&amp;#8217;s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5).&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_65afb41cd21c4b9d8238568d4f42c973"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.14&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Long-term debt&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; Long-term debt is initially recognised at the fair value of the consideration received net of financing costs directly attributable to the borrowing.&amp;#160; After initial recognition, long-term debt is subsequently measured at amortized cost using the effective interest rate method.&amp;#160; 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.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_4afc1266bb0d4d9bb8056dca45c5909c"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.15&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Financing costs:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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. &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;For the year ended December 31, 2019, the Company deferred financing costs of $880, which relate to the costs incurred for the new loan agreement with EnTrust Global&amp;#8217;s Blue Ocean Fund (see Note 11 for more details). 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 11 for more details). For the year ended December 31, 2017, the Company did not incur any financing costs.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-style:italic"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_a52f5b49c4fb4ad59880f1e49ab89ae9"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;.16&amp;#160;&amp;#160;&amp;#160; Borrowing costs:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds.&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive loss as incurred under &amp;#8220;interest expense and finance costs&amp;#8221; 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.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_e1f51e006d914b0da99419c10c309160"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.17&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Operating segment:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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. &lt;/font&gt;&lt;/a&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_5117ec51b1034be4bcf6581b14211af0"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.18&amp;#160;&amp;#160; Provisions and contingencies: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_b3dbcd8a53d44ccd806dbe8ebd5b5c5a"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.19&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Pension and retirement benefit obligations: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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, the Company is not liable for any pension or post-retirement benefits payable to the crew.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Provision for employees&amp;#8217; severance compensation: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217; retirement compensation liability which amounted to $26 as at December 31, 2019 (2018: $87), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_6a91f6fc1c2c4890ac6723cb05527466"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.20&amp;#160;&amp;#160; Offsetting of financial assets and liabilities: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; font-size:9pt"&gt;&lt;a name="DM_MAP_f56e87d739d142c39a4f2eeb9026bcb3"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.21&amp;#160;&amp;#160;&amp;#160; Financial assets and liabilities:&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;i.&amp;#160;&amp;#160;&amp;#160; Classification and measurement of financial assets and financial liabilities&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;On January 1, 2018, the Company adopted IFRS 9. 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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;it is held within a business model whose objective is to hold assets to collect contractual cash flows; and&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;ii.&amp;#160;&amp;#160;&amp;#160; Impairment of financial assets&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;IFRS 9 replaces the &amp;apos;incurred loss&amp;apos; model in IAS 39 with an &amp;apos;expected credit loss&amp;apos; (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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The financial assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Under IFRS 9, loss allowances are measured on either of the following bases:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;apos;s historical experience and informed credit assessment and including forward-looking information.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company considers a financial asset to be in default when:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;the financial asset is more than 1 year past due.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;apos;s impairment requirements at January 1, 2018, has not resulted to any additional impairment allowance.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;iii.&amp;#160;&amp;#160; Derecognition of financial assets &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:&lt;/font&gt;&lt;/p&gt;&lt;ul type="disc" style="margin:0pt; padding-left:0pt"&gt;&lt;li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;the rights to receive cash flows from the asset have expired;&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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 &amp;#8220;pass-through&amp;#8221; arrangement; or &lt;/font&gt;&lt;/li&gt;&lt;li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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&amp;#8217;s continuing involvement in the asset. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;iv. Derecognition of Financial liabilities: &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_5e0ae82a29464e25bb9676697baa7a19"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.22&amp;#160;&amp;#160;&amp;#160; Leases &amp;#8211; where the Company is the lessee: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"&gt;The Company applies a single recognition and measurement approach for all leases, except for short term leases and leases of low value assets. The Company recognizes lease liabilities to make payments and right of use assets representing the right of use of the underlying asset. The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. &lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_e1be2aae591c4089acc6e1daa476606b"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.23&amp;#160;&amp;#160; Leases &amp;#8211; where an entity is the lessor: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_1803027040cb421b9afbcf016734bf59"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.24&amp;#160;&amp;#160; Insurance: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company recognizes insurance claim recoveries for insured losses incurred on damage to vessels.&amp;#160; Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company&amp;#8217;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.&amp;#160; &lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_87eca741d1064ddc936d4caa749f6042"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.25&amp;#160;&amp;#160;&amp;#160;&amp;#160; Share based compensation: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_24350ecdc8684801b478fb7af3f29eb1"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt"&gt;2.26&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Share capital&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt"&gt;: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_222622f8449c4bfd89cfcef3d41db50a"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.27&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Dividends&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt"&gt;: &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"&gt;&lt;a name="DM_MAP_ecbfdfc624874840b7bb99ff236f21ee"&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;2.28&amp;#160;&amp;#160;&amp;#160; Fair value measurement:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; 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 21. 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&amp;#8217;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.&lt;/font&gt;&lt;/a&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;The Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:63.8pt; margin-bottom:0pt; text-indent:-27.8pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:63.8pt; margin-bottom:0pt; text-indent:-27.8pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. &lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"&gt;&lt;font style="font-family:'Times New Roman'"&gt;&amp;#xa0;&lt;/font&gt;&lt;/p&gt;&lt;p style="margin-top:0pt; 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&lt;/font&gt;&lt;font style="font-family:'Times New Roman'; font-weight:bold"&gt;Embedded Derivatives:&lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt; &lt;/font&gt;&lt;font style="font-family:'Times New Roman'"&gt;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. 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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>402120 - Disclosure - Financial risk management objectives and policies - Concentration of credit risk (Table) (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/FairValueMeasurementsDetails" id="FairValueMeasurementsDetails">
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/VesselsNet" id="VesselsNet">
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
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      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/Inventories" id="Inventories">
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
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      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/TradeAccountsPayable" id="TradeAccountsPayable">
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
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      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/EarningsLossPerShare" id="EarningsLossPerShare">
        <link:definition>101100 - Disclosure - Loss per Share</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/LongTermDebtNet" id="LongTermDebtNet">
        <link:definition>101200 - Disclosure - Long-Term Debt, Net</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/ShareBasedPayment" id="ShareBasedPayment">
        <link:definition>101300 - Disclosure - Share Based Payment</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/VoyageExpensesAndVesselOperatingExpenses" id="VoyageExpensesAndVesselOperatingExpenses">
        <link:definition>101400 - Disclosure - Voyage Expenses And Vessel Operating Expenses</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/AdministrativeExpenses" id="AdministrativeExpenses">
        <link:definition>101500 - Disclosure - Administrative Expenses</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/InterestExpenseAndFinanceCosts" id="InterestExpenseAndFinanceCosts">
        <link:definition>101600 - Disclosure - Interest Expense And Finance Costs</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/Dividends" id="Dividends">
        <link:definition>101700 - Disclosure - Dividends</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/Contingencies" id="Contingencies">
        <link:definition>101800 - Disclosure - Contingencies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/Commitments" id="Commitments">
        <link:definition>101900 - Disclosure - Commitments</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/IncomeTax" id="IncomeTax">
        <link:definition>102000 - Disclosure - Income Tax</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/FinancialRiskManagementObjectivesAndPolicies" id="FinancialRiskManagementObjectivesAndPolicies">
        <link:definition>102100 - Disclosure - Financial risk management objectives and policies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/FairValue" id="FairValue">
        <link:definition>102200 - Disclosure - Fair values</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/EventsAfterTheReportingPeriod" id="EventsAfterTheReportingPeriod">
        <link:definition>102300 - Disclosure - Events after the reporting date</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/BasisOfPreparationAndSignificantAccountingPoliciesPolicy" id="BasisOfPreparationAndSignificantAccountingPoliciesPolicy">
        <link:definition>200000 - Disclosure - Basis Of Preparation And Significant Accounting Policies (Policy)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/SubsequentEventsDetails" id="SubsequentEventsDetails">
        <link:definition>402300 - Disclosure - Events after the reporting date (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/BasisOfPresentationTables" id="BasisOfPresentationTables">
        <link:definition>300100 - Disclosure - Basis of presentation and general information (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/CashAndCashEquivalentsTables" id="CashAndCashEquivalentsTables">
        <link:definition>300300 - Disclosure - Cash and cash equivalents and Restricted cash (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/TransactionsWithRelatedPartiesTables" id="TransactionsWithRelatedPartiesTables">
        <link:definition>300400 - Disclosure - Transactions with Related parties (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/VesselsNetTables" id="VesselsNetTables">
        <link:definition>300500 - Disclosure - Vessels, net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/InventoriesTables" id="InventoriesTables">
        <link:definition>300600 - Disclosure - Inventories (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/PrepaymentsAndOtherAssetsTables" id="PrepaymentsAndOtherAssetsTables">
        <link:definition>300700 - Disclosure - Prepayments and other assets (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/AccruedLiabilitiesAndOtherPayablesTables" id="AccruedLiabilitiesAndOtherPayablesTables">
        <link:definition>300900 - Disclosure - Accrued liabilities and other payables (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/ShareCapitalAndSharePremiumTables" id="ShareCapitalAndSharePremiumTables">
        <link:definition>301000 - Disclosure - Share Capital and Share Premium (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/LossPerShareTables" id="LossPerShareTables">
        <link:definition>301100 - Disclosure - Loss per share (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/LongTermDebtTables" id="LongTermDebtTables">
        <link:definition>301200 - Disclosure - Long-Term Debt, net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/ShareBasedPaymentTables" id="ShareBasedPaymentTables">
        <link:definition>301300 - Disclosure - Share Based Payment (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/VoyageExpensesAndVesselOperatingExpensesTables" id="VoyageExpensesAndVesselOperatingExpensesTables">
        <link:definition>301400 - Disclosure - Voyage Expenses and Vessel Operating Expenses (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/AdministrativeExpensesTables" id="AdministrativeExpensesTables">
        <link:definition>301500 - Disclosure - Administrative Expenses (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/InterestExpenseAndFinanceCostsTables" id="InterestExpenseAndFinanceCostsTables">
        <link:definition>301600 - Disclosure - Interest Expense and Finance Costs (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/DividendsTables" id="DividendsTables">
        <link:definition>301700 - Disclosure - Dividends (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/CommitmentsTables" id="CommitmentsTables">
        <link:definition>301900 - Disclosure - Commitments (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/FinancialRiskManagementObjectivesAndPoliciesTables" id="FinancialRiskManagementObjectivesAndPoliciesTables">
        <link:definition>302100 - Disclosure - Financial risk management objectives and policies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/FairValuesTables" id="FairValuesTables">
        <link:definition>302200 - Disclosure - Fair values (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/VoyageExpensesAndVesselOperatingExpensesVoyageExpensesDetails" id="VoyageExpensesAndVesselOperatingExpensesVoyageExpensesDetails">
        <link:definition>401420 - Disclosure - Voyage Expenses and Vessel Operating Expenses - Voyage Expenses (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/BasisOfPreparationAndSignificantAccountingPoliciesTableDetails" id="BasisOfPreparationAndSignificantAccountingPoliciesTableDetails">
        <link:definition>400200 - Disclosure - Basis of Preparation And Significant Accounting Policies (Table) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/BasisOfPreparationAndSignificantAccountingPoliciesTextBlock" id="BasisOfPreparationAndSignificantAccountingPoliciesTables">
        <link:definition>300200 - Disclosure - Basis of preparation and significant accounting policies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/VesselsNetImpairmentLossTableDetails" id="VesselsNetImpairmentLossTableDetails">
        <link:definition>400520 - Disclosure - Vessels net, Impairment Loss (Table Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/VesselsNetRecoverableAmountTableDetails" id="VesselsNetRecoverableAmountTableDetails">
        <link:definition>400525 - Disclosure - Vessels, net - Recoverable amount (Table) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/VesselsNetImpairmentlossTables" id="VesselsNetImpairmentlossTables">
        <link:definition>300510 - Disclosure - Vessels, net - Impairment loss (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.globusmaritime.gr/20191231/role/VesselsNetRecoverableAmountTables" id="VesselsNetRecoverableAmountTables">
        <link:definition>300520 - Disclosure - Vessels, net - Recoverable amount (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
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  <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
  <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
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  <element name="UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" id="glbs_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
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  <element name="InterestRateSignificantUnobservableInputsLiabilities1" id="glbs_InterestRateSignificantUnobservableInputsLiabilities1" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
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  <element name="ConvertibleDebtIncludingEmbeddedDerivative" id="glbs_ConvertibleDebtIncludingEmbeddedDerivative" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="BunkerInventoryCurrent" id="glbs_BunkerInventoryCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="CarryingAmountIMember" id="glbs_CarryingAmountIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="CashAndCashEquivalentsFairValueDisclosure" id="glbs_CashAndCashEquivalentsFairValueDisclosure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="ChiefExecutiveOfficerMember" id="glbs_ChiefExecutiveOfficerMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ClassBCommonSharesMember" id="glbs_ClassBCommonSharesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ClassBCommonSharesOutstandingMember" id="glbs_ClassBCommonSharesOutstandingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="CurrentInsuranceDeductibles" id="glbs_CurrentInsuranceDeductibles" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="CurrentPortionOfDebtInstrumentUnamortisedDiscount" id="glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="CurrentPortionOfLongTermBorrowingsGross" id="glbs_CurrentPortionOfLongTermBorrowingsGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="CyberonicaSAMember" id="glbs_CyberonicaSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DailyConsultingFeeIncome" id="glbs_DailyConsultingFeeIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <element name="DebtInstrumentPaymentPeriodAxis" id="glbs_DebtInstrumentPaymentPeriodAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentPaymentPeriodMember" id="glbs_DebtInstrumentPaymentPeriodMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentPaymentPeriodOneMember" id="glbs_DebtInstrumentPaymentPeriodOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentPaymentPeriodSixMember" id="glbs_DebtInstrumentPaymentPeriodSixMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentPaymentPeriodThreeMember" id="glbs_DebtInstrumentPaymentPeriodThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentPaymentPeriodFourMember" id="glbs_DebtInstrumentPaymentPeriodFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentPaymentPeriodFiveMember" id="glbs_DebtInstrumentPaymentPeriodFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentPaymentPeriodTwoMember" id="glbs_DebtInstrumentPaymentPeriodTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentUnamortisedDiscount" id="glbs_DebtInstrumentUnamortisedDiscount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="DepreciationOfDryDockingCosts" id="glbs_DepreciationOfDryDockingCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="DepreciationOfficeFurnitureAndEquipment" id="glbs_DepreciationOfficeFurnitureAndEquipment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" id="glbs_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DevoceanMaritimeLtdMember" id="glbs_DevoceanMaritimeLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DocumentEntityInformationAbstract" id="glbs_DocumentEntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DominaMaritimeLtdMember" id="glbs_DominaMaritimeLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DryDockingMember" id="glbs_DryDockingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DulacMaritimeSAMember" id="glbs_DulacMaritimeSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ElysiumMaritimeLimitedMember" id="glbs_ElysiumMaritimeLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="EnergyGlobeMember" id="glbs_EnergyGlobeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="EolosShipmanagementSAMember" id="glbs_EolosShipmanagementSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ExecutiveDirectorsMember" id="glbs_ExecutiveDirectorsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ExercisePriceOfOutstandingWarrants" id="glbs_ExercisePriceOfOutstandingWarrants" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="ExtraDepreciationPropertyPlantAndEquipment" id="glbs_ExtraDepreciationPropertyPlantAndEquipment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="FairValueOfTimeCharterAttachedMember" id="glbs_FairValueOfTimeCharterAttachedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="FirmentTradingLimitedMember" id="glbs_FirmentTradingLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="GasCylindersInventoryCurrent" id="glbs_GasCylindersInventoryCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="GlobusShipmanagementCorpMember" id="glbs_GlobusShipmanagementCorpMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="IncreaseDecreaseInNumberOfPreferredSharesIssued" id="glbs_IncreaseDecreaseInNumberOfPreferredSharesIssued" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="LineOfCreditFacilityDecreaseForgiveness" id="glbs_LineOfCreditFacilityDecreaseForgiveness" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="LineOfCreditFacilityDrawndownAmountsMultiples" id="glbs_LineOfCreditFacilityDrawndownAmountsMultiples" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="LineOfCreditFacilityMaximumBorrowingCapacity" id="glbs_LineOfCreditFacilityMaximumBorrowingCapacity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="LongTermBorrowingsGross" id="glbs_LongTermBorrowingsGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="LongTermDebtInstrumentUnamortisedDiscount" id="glbs_LongTermDebtInstrumentUnamortisedDiscount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="LongevityMaritimeLimitedMember" id="glbs_LongevityMaritimeLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="LubricantsInventoryCurrent" id="glbs_LubricantsInventoryCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="MonthlyRentalExpense" id="glbs_MonthlyRentalExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="NonExecutiveDirectorsMember" id="glbs_NonExecutiveDirectorsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="NumberOfOperatingSegments" id="glbs_NumberOfOperatingSegments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="NumberOfSharesCalledByWarrants" id="glbs_NumberOfSharesCalledByWarrants" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" id="glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="NumberOfWarrantsOutstanding" id="glbs_NumberOfWarrantsOutstanding" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="NumberOfWarrantsExercised" id="glbs_NumberOfWarrantsExercised" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="October2017WarrantsMember" id="glbs_October2017WarrantsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="NumberOfSharesHeldByControllingParty" id="glbs_NumberOfSharesHeldByControllingParty" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="OtherAccruals" id="glbs_OtherAccruals" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="PanamaxMember" id="glbs_PanamaxMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="PaymentsOfDeferredDryDockingCosts" id="glbs_PaymentsOfDeferredDryDockingCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <element name="ProportionOfOwnershipInterestsHeldByControllingParty" id="glbs_ProportionOfOwnershipInterestsHeldByControllingParty" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="RentalAnnualIncreaseRateAboveInflation" id="glbs_RentalAnnualIncreaseRateAboveInflation" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="RestrictedCashAndCashEquivalentsFairValueDisclosure" id="glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="ReverseStockSplitConversionRatio" id="glbs_ReverseStockSplitConversionRatio" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="SeriesaPreferredSharesMember" id="glbs_SeriesaPreferredSharesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="SilanerInvestmentsLimitedMember" id="glbs_SilanerInvestmentsLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="FirmentTradingLimitedIIMember" id="glbs_FirmentTradingLimitedIIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="StockRedeemedDuringPeriodShares" id="glbs_StockRedeemedDuringPeriodShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="StockRedeemedDuringPeriodValue" id="glbs_StockRedeemedDuringPeriodValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="SunGlobeMember" id="glbs_SunGlobeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="SupramaxMember" id="glbs_SupramaxMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="TiaraGlobeMember" id="glbs_TiaraGlobeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ValueOfSharesAuthorised" id="glbs_ValueOfSharesAuthorised" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="ValueOfSharesIssuedAbstract" id="glbs_ValueOfSharesIssuedAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="VesselCapacity" id="glbs_VesselCapacity" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="VesselDeliveryDate" id="glbs_VesselDeliveryDate" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="VesselsScrapRatePerTon" id="glbs_VesselsScrapRatePerTon" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="HSHNordbankAGLoanAgreementMember" id="glbs_HSHNordbankAGLoanAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="EnTrustMember" id="glbs_EnTrustMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedMember" id="glbs_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="HSHNordbankAndDVBBankMember" id="glbs_HSHNordbankAndDVBBankMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="IncreaseDecreaseVoyageRevenues" id="glbs_IncreaseDecreaseVoyageRevenues" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <element name="IncreaseDecreaseVoyageExpenses" id="glbs_IncreaseDecreaseVoyageExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="PeriodOfInterestRatesAxis" id="glbs_PeriodOfInterestRatesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DeferralFeePercentage" id="glbs_DeferralFeePercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="LoanPrincipalAmountDeferred" id="glbs_LoanPrincipalAmountDeferred" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="PeriodOfInterestRatesMember" id="glbs_PeriodOfInterestRatesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="InterestPeriodThreeMonthsMember" id="glbs_InterestPeriodThreeMonthsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="InterestPeriodOneMonthMember" id="glbs_InterestPeriodOneMonthMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DVBBankLoanAgreementMember" id="glbs_DVBBankLoanAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MacquarieBankInternationalLimitedLoanAgreementMember" id="glbs_MacquarieBankInternationalLimitedLoanAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="HamburgCommercialBankAGLoanAgreementMember" id="glbs_HamburgCommercialBankAGLoanAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="HamburgCommercialBankAGLoanAgreementIIMember" id="glbs_HamburgCommercialBankAGLoanAgreementIIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="FirmentShippingIncLoanAgreementMember" id="glbs_FirmentShippingIncLoanAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="FirmentShippingIncMember" id="glbs_FirmentShippingIncMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="CommerzbankLoanAgreementMember" id="glbs_CommerzbankLoanAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="FirmentTradingLimitedLoanAgreementMember" id="glbs_FirmentTradingLimitedLoanAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="SilanerInvestmentsLimitedLoanAgreementMember" id="glbs_SilanerInvestmentsLimitedLoanAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="BorrowingsNumberOfPeriodicPayments" id="glbs_BorrowingsNumberOfPeriodicPayments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" id="glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="BorrowingsPeriodicPayment" id="glbs_BorrowingsPeriodicPayment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="BorrowingsFrequencyOfPeriodicPayment" id="glbs_BorrowingsFrequencyOfPeriodicPayment" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="AmountDeferredToTheBalloonPayment" id="glbs_AmountDeferredToTheBalloonPayment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" id="glbs_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="CompensatingBalanceAmountPerVessel" id="glbs_CompensatingBalanceAmountPerVessel" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="CompensatingBalanceAmount" id="glbs_CompensatingBalanceAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="BackEndFeePercentage" id="glbs_BackEndFeePercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="LiquidityToConsolidatedIndebtednessRatio" id="glbs_LiquidityToConsolidatedIndebtednessRatio" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="MarketAdjustedNetWorth" id="glbs_MarketAdjustedNetWorth" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" id="glbs_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" id="glbs_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" id="glbs_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="MinimumLiquidAssets" id="glbs_MinimumLiquidAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="AmountOfEquityToBeRaised" id="glbs_AmountOfEquityToBeRaised" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <element name="BorrowingsFaceAmount" id="glbs_BorrowingsFaceAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="ManagementDailyFee" id="glbs_ManagementDailyFee" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <element name="MarketAdjustedNetWorthToTotalAssetsRatio" id="glbs_MarketAdjustedNetWorthToTotalAssetsRatio" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="CreditSuisseAGLoanAgreementMember" id="glbs_CreditSuisseAGLoanAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="TrancheCMember" id="glbs_TrancheCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="CreditFacilityMember" id="glbs_CreditFacilityMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="TrancheDMember" id="glbs_TrancheDMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="TrancheEMember" id="glbs_TrancheEMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="BorrowerBBorrowerCBorrowerDMember" id="glbs_BorrowerBBorrowerCBorrowerDMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="BorrowerABorrowerEMember" id="glbs_BorrowerABorrowerEMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="TrancheBMember" id="glbs_TrancheBMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="TrancheAMember" id="glbs_TrancheAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="TrancheAAndTrancheBMember" id="glbs_TrancheAAndTrancheBMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="CreditFacilityAxis" id="glbs_CreditFacilityAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="KeltyMarineLimitedMember" id="glbs_KeltyMarineLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="VesselOwningSubsidiariesMember" id="glbs_VesselOwningSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="NumberOfOrdinarySharesMember" id="glbs_NumberOfOrdinarySharesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="OtherVoyageExpense" id="glbs_OtherVoyageExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="StoresExpense" id="glbs_StoresExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="PersonnelExpense" id="glbs_PersonnelExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="StationeryExpense" id="glbs_StationeryExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="DividendsPayableLineItems" id="glbs_DividendsPayableLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="AmortizationOfDebtDiscount" id="glbs_AmortizationOfDebtDiscount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="FirstPreferredDividendMember" id="glbs_FirstPreferredDividendMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="SecondPreferredDividendMember" id="glbs_SecondPreferredDividendMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DividendsMember" id="glbs_DividendsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DividendsAxis" id="glbs_DividendsAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DividendsPayableTable" id="glbs_DividendsPayableTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DividendsPayableDateDeclaredDayMonthAndYear" id="glbs_DividendsPayableDateDeclaredDayMonthAndYear" type="xbrli:dateItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DividendPayableDateToBePaidDayMonthAndYear" id="glbs_DividendPayableDateToBePaidDayMonthAndYear" type="xbrli:dateItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="JanuaryToJune2018Member" id="glbs_JanuaryToJune2018Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="AfterJune2018Member" id="glbs_AfterJune2018Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ActualAmountMember" id="glbs_ActualAmountMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="IncreaseInInterestRates" id="glbs_IncreaseInInterestRates" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DecreaseInInterestRates" id="glbs_DecreaseInInterestRates" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" id="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <element name="SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" id="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="IncreaseInExchangeRates" id="glbs_IncreaseInExchangeRates" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DecreaseInExchangeRates" id="glbs_DecreaseInExchangeRates" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="MajorChartererMember" id="glbs_MajorChartererMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MajorChartererBMember" id="glbs_MajorChartererBMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="OtherMajorCharterersMember" id="glbs_OtherMajorCharterersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MajorChartererDMember" id="glbs_MajorChartererDMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MajorChartererEMember" id="glbs_MajorChartererEMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MajorChartererCMember" id="glbs_MajorChartererCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="PropertyPlantAndEquipmentFairValueAdjustment" id="glbs_PropertyPlantAndEquipmentFairValueAdjustment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" id="glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="AdjustedBookCapiltaisationPlusNetDebt" id="glbs_AdjustedBookCapiltaisationPlusNetDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="AdjustedBookCapitalisation" id="glbs_AdjustedBookCapitalisation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="BorrowingsPercentageBearingFixedInterestRate" id="glbs_BorrowingsPercentageBearingFixedInterestRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="GlobusMaritimeLimitedMember" id="glbs_GlobusMaritimeLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DescriptionOfAccountingPolicyForLesseeExplanatory" id="glbs_DescriptionOfAccountingPolicyForLesseeExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DescriptionOfAccountingPolicyForLessorExplanatory" id="glbs_DescriptionOfAccountingPolicyForLessorExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" id="glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="ConsultingFeesExpense" id="glbs_ConsultingFeesExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" id="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" id="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" id="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="February2017PrivatePlacementMember" id="glbs_February2017PrivatePlacementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="February2017PrivatePlacementIIMember" id="glbs_February2017PrivatePlacementIIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="February2017WarrantsMember" id="glbs_February2017WarrantsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ProceedsFromWarrantExercises" id="glbs_ProceedsFromWarrantExercises" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="WarrantsExpense" id="glbs_WarrantsExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="NumberOfSharesSold" id="glbs_NumberOfSharesSold" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="October2017PrivatePlacementMember" id="glbs_October2017PrivatePlacementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="October2017PrivatePlacementAfterReverseStockSplitsMember" id="glbs_October2017PrivatePlacementAfterReverseStockSplitsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="LaterThanTwoYearsMember" id="glbs_LaterThanTwoYearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfCashAndBankBalancesExplanatory" id="glbs_DisclosureOfCashAndBankBalancesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfCompensationOfNonExecutiveDirectors" id="glbs_DisclosureOfCompensationOfNonExecutiveDirectors" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfCompensationOfExecutiveDirector" id="glbs_DisclosureOfCompensationOfExecutiveDirector" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory" id="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory" id="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory" id="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfPrepaymentsAndOtherAssetsConsolidatedStatementOfFinancialPositionExplanatory" id="glbs_DisclosureOfPrepaymentsAndOtherAssetsConsolidatedStatementOfFinancialPositionExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory" id="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfCommonSharesExplanatory" id="glbs_DisclosureOfCommonSharesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfPreferredSharesExplanatory" id="glbs_DisclosureOfPreferredSharesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfEarningsPerShareTableExplanatory" id="glbs_DisclosureOfEarningsPerShareTableExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" id="glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfLongTermDebtAnnualPrincipalPayments" id="glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfShareBasedPayment" id="glbs_DisclosureOfShareBasedPayment" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfVoyageAndVesselOperatingExpenses" id="glbs_DisclosureOfVoyageAndVesselOperatingExpenses" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfAdministrativeExpenses" id="glbs_DisclosureOfAdministrativeExpenses" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfInterestExpenseAndFinanceCostsExplanatory" id="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfDividends" id="glbs_DisclosureOfDividends" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" id="glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfFutureMinimumLeasePaymentsExplanatory" id="glbs_DisclosureOfFutureMinimumLeasePaymentsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfInterestRateRiskExplanatory" id="glbs_DisclosureOfInterestRateRiskExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfForeignCurrencyRiskExplanatory" id="glbs_DisclosureOfForeignCurrencyRiskExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfConcentrationOfCreditRiskExplanatory" id="glbs_DisclosureOfConcentrationOfCreditRiskExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfLiquidityRisksExplanatory" id="glbs_DisclosureOfLiquidityRisksExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfCapitalManagementExplanatory" id="glbs_DisclosureOfCapitalManagementExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfFairValuesExplanatory" id="glbs_DisclosureOfFairValuesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="AdvanceAMember" id="glbs_AdvanceAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="AdvanceBMember" id="glbs_AdvanceBMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MacquarieBankAndHamburgCommercialBankAGMember" id="glbs_MacquarieBankAndHamburgCommercialBankAGMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MonthlyDepreciationRightofuseAssets" id="glbs_MonthlyDepreciationRightofuseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="IFRS16LeasesMember" id="glbs_IFRS16LeasesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="LeaseComponentMember" id="glbs_LeaseComponentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="NonLeaseComponentMember" id="glbs_NonLeaseComponentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="UnrealizedCashAndCashEquivalents" id="glbs_UnrealizedCashAndCashEquivalents" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="ArtfulAdvanceMember" id="glbs_ArtfulAdvanceMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="LongevityAdvanceMember" id="glbs_LongevityAdvanceMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="BorrowingsDefaultInterestRate" id="glbs_BorrowingsDefaultInterestRate" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant"/>
  <element name="TimePeriodConsidered" id="glbs_TimePeriodConsidered" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="OperatingCosts" id="glbs_OperatingCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration"/>
  <element name="DebtInstrumentConvertibleConversionPrice" id="glbs_DebtInstrumentConvertibleConversionPrice" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="DebtInstrumentConvertibleThresholdTradingDays" id="glbs_DebtInstrumentConvertibleThresholdTradingDays" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentConvertibleConversionMultiplier" id="glbs_DebtInstrumentConvertibleConversionMultiplier" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="ConvertibleNoteMember" id="glbs_ConvertibleNoteMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ConvertibleNoteIIMember" id="glbs_ConvertibleNoteIIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="IntervalBetweenVesselDrydockingSpecialSurvey" id="glbs_IntervalBetweenVesselDrydockingSpecialSurvey" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="CashAndCashEquivalentsMember" id="glbs_CashAndCashEquivalentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="OtherFinanciaLliabilitiesMember" id="glbs_OtherFinanciaLliabilitiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="VotingRights" id="glbs_VotingRights" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="ThreeVesselsMember" id="glbs_ThreeVesselsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="EventOfDefaultMember" id="glbs_EventOfDefaultMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="TradingDaysCovenantMember" id="glbs_TradingDaysCovenantMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ConvertibleNotesRedemptionPricePercentage" id="glbs_ConvertibleNotesRedemptionPricePercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="PercentageBelowFloorPrice" id="glbs_PercentageBelowFloorPrice" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="MinimumPossibleConversionPrice" id="glbs_MinimumPossibleConversionPrice" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="ChangeInControlMember" id="glbs_ChangeInControlMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DerivativeLifeSignificantUnobservableInputsLiabilities" id="glbs_DerivativeLifeSignificantUnobservableInputsLiabilities" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="ExpectedDividendYieldSignificantUnobservableInputsLiabilities" id="glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="BlackScholesOptionPricingModelMember" id="glbs_BlackScholesOptionPricingModelMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="NetDebtIncludingEmbeddedDerivative" id="glbs_NetDebtIncludingEmbeddedDerivative" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" id="glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" id="glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" id="glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant"/>
  <element name="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" id="glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" id="glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="DebtInstrumentInterestRateStatedPercentage" id="glbs_DebtInstrumentInterestRateStatedPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" id="glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="FirmentShippingMember" id="glbs_FirmentShippingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtSecuritiesCovenants" id="glbs_DebtSecuritiesCovenants" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="CashSegregatedUnderCovenantRequirements" id="glbs_CashSegregatedUnderCovenantRequirements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments" id="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DebtInstrumentPrepaymentAmount" id="glbs_DebtInstrumentPrepaymentAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <element name="CyberonicaMember" id="glbs_CyberonicaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MVRiverGlobeMember" id="glbs_MVRiverGlobeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MVSkyGlobeMember" id="glbs_MVSkyGlobeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MVStarGlobeMember" id="glbs_MVStarGlobeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MVSunGlobeMember" id="glbs_MVSunGlobeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="MVMoonGlobeMember" id="glbs_MVMoonGlobeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" id="glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" id="glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/>
  <element name="WeightedAverageCostOfCapital" id="glbs_WeightedAverageCostOfCapital" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant"/>
  <element name="DisclosureOfRecoverableAmountOfAssetsExplanatory" id="glbs_DisclosureOfRecoverableAmountOfAssetsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="NumberOfIterations" id="glbs_NumberOfIterations" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="AverageLogarithmicPriceChangeAssumed" id="glbs_AverageLogarithmicPriceChangeAssumed" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="AssumedExpectedVolatilityRate" id="glbs_AssumedExpectedVolatilityRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="DebtInstrumentConvertibleRemainingTradingDays" id="glbs_DebtInstrumentConvertibleRemainingTradingDays" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="MonteCarloSimulationMember" id="glbs_MonteCarloSimulationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
  <element name="ProfitLossFromNonOperatingActivities" id="glbs_ProfitLossFromNonOperatingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration"/>
  <element name="PriceFloor" id="glbs_PriceFloor" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant"/>
  <element name="DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" id="glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="DescriptionOfAccountingPolicyForRestrictedCashExplanatory" id="glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="MinimumBidPriceContinuedListingRequirementDays" id="glbs_MinimumBidPriceContinuedListingRequirementDays" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="ApplicableGracePeriod" id="glbs_ApplicableGracePeriod" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration"/>
  <element name="MinimumBidPriceContinuedListingRequirement" id="glbs_MinimumBidPriceContinuedListingRequirement" type="num:perShareItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant"/>
  <element name="WrittenNotificationFromTheNasdaqStockMarketMember" id="glbs_WrittenNotificationFromTheNasdaqStockMarketMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>glbs-20191231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Fujitsu Interstage XWand B0228 -->
<!--
Taxonomy Calculation Links linkbase based on XBRL standard Version 2.1.
Created by UBmatrix Taxonomy Designer 3.0.2.2383 (2008-08-05 09:43).
Contact www.ubmatrix.com
Copyright (c) 2002-2018 UBmatrix inc., All Rights Reserved
Produced on 2018-01-09 12:04:48
-->
<linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
  <roleRef roleURI="http://www.globusmaritime.gr/role/ConsolidatedStatementComprehensiveIncomeLoss" xlink:type="simple" xlink:href="glbs-20191231.xsd#ConsolidatedStatementComprehensiveIncomeLoss"/>
  <roleRef roleURI="http://www.globusmaritime.gr/role/ConsolidatedStatementOfFinancialPosition" xlink:type="simple" xlink:href="glbs-20191231.xsd#ConsolidatedStatementOfFinancialPosition"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/CashAndCashEquivalentsAndRestrictedCashTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#CashAndCashEquivalentsAndRestrictedCashTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/VesselsNetConsolidatedStatementOfComprehensiveIncomeTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#VesselsNetConsolidatedStatementOfComprehensiveIncomeTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/InventoriesTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#InventoriesTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/PrepaymentsAndOtherAssetsTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#PrepaymentsAndOtherAssetsTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/AccruedLiabilitiesAndOtherPayablesTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#AccruedLiabilitiesAndOtherPayablesTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/EarningsLossPerShareTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#EarningsLossPerShareTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/AdministrativeExpensesTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#AdministrativeExpensesTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/InterestExpenseAndFinanceCostsTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#InterestExpenseAndFinanceCostsTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/VoyageExpensesAndVesselOperatingExpensesVesselOperatingExpensesTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#VoyageExpensesAndVesselOperatingExpensesVesselOperatingExpensesTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/VoyageExpensesAndVesselOperatingExpensesVoyageExpensesTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#VoyageExpensesAndVesselOperatingExpensesVoyageExpensesTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/ConsolidatedStatementCashFlows" xlink:type="simple" xlink:href="glbs-20191231.xsd#ConsolidatedStatementCashFlows"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/FinancialRiskManagementObjectivesAndPoliciesAdjustedBookCapitalizationTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#FinancialRiskManagementObjectivesAndPoliciesAdjustedBookCapitalizationTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/FinancialRiskManagementObjectivesAndPoliciesLiquidityRiskTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#FinancialRiskManagementObjectivesAndPoliciesLiquidityRiskTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/FinancialRiskManagementObjectivesAndPoliciesTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#FinancialRiskManagementObjectivesAndPoliciesTableDetails"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.globusmaritime.gr/role/ConsolidatedStatementComprehensiveIncomeLoss">
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ComprehensiveIncome" xlink:title="ComprehensiveIncome"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="OtherComprehensiveIncome" xlink:title="OtherComprehensiveIncome"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncome" xlink:to="OtherComprehensiveIncome" xlink:title="calculation: ComprehensiveIncome to OtherComprehensiveIncome" use="optional" order="1.0" weight="1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncome" xlink:to="ProfitLoss" xlink:title="calculation: ComprehensiveIncome to ProfitLoss" use="optional" order="2.0" weight="1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ProfitLossFromOperatingActivities" xlink:title="ProfitLossFromOperatingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLoss" xlink:to="ProfitLossFromOperatingActivities" xlink:title="calculation: ProfitLoss to ProfitLossFromOperatingActivities" use="optional" order="1.0" weight="1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationExpense" xlink:label="DepreciationExpense" xlink:title="DepreciationExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="DepreciationExpense" xlink:title="calculation: ProfitLossFromOperatingActivities to DepreciationExpense" use="optional" order="2.0" weight="-1"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DepreciationOfDryDockingCosts" xlink:label="DepreciationOfDryDockingCosts" xlink:title="DepreciationOfDryDockingCosts"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="DepreciationOfDryDockingCosts" xlink:title="calculation: ProfitLossFromOperatingActivities to DepreciationOfDryDockingCosts" use="optional" order="3.0" weight="-1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmortisationExpense" xlink:label="AmortisationExpense" xlink:title="AmortisationExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="AmortisationExpense" xlink:title="calculation: ProfitLossFromOperatingActivities to AmortisationExpense" use="optional" order="4.0" weight="-1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdministrativeExpense" xlink:label="AdministrativeExpense" xlink:title="AdministrativeExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="AdministrativeExpense" xlink:title="calculation: ProfitLossFromOperatingActivities to AdministrativeExpense" use="optional" order="5.0" weight="-1"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AdministrativeExpenseRelatedPartyTransactions" xlink:label="AdministrativeExpenseRelatedPartyTransactions" xlink:title="AdministrativeExpenseRelatedPartyTransactions"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="AdministrativeExpenseRelatedPartyTransactions" xlink:title="calculation: ProfitLossFromOperatingActivities to AdministrativeExpenseRelatedPartyTransactions" use="optional" order="7.0" weight="-1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xlink:label="GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xlink:title="GainsLossesRecognisedWhenControlInSubsidiaryIsLost"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xlink:title="calculation: ProfitLossFromOperatingActivities to GainsLossesRecognisedWhenControlInSubsidiaryIsLost" use="optional" order="9.0" weight="1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="OtherOperatingIncomeExpense" xlink:title="OtherOperatingIncomeExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="OtherOperatingIncomeExpense" xlink:title="calculation: ProfitLossFromOperatingActivities to OtherOperatingIncomeExpense" use="optional" order="10.0" weight="1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Revenue" xlink:label="Revenue" xlink:title="Revenue"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="Revenue" xlink:title="calculation: ProfitLossFromOperatingActivities to Revenue" use="optional" order="12.0" weight="1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueFromRenderingOfServices" xlink:label="RevenueFromRenderingOfServices" xlink:title="RevenueFromRenderingOfServices"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Revenue" xlink:to="RevenueFromRenderingOfServices" xlink:title="calculation: Revenue to RevenueFromRenderingOfServices" use="optional" order="1.0" weight="1"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FeeAndCommissionIncome" xlink:label="FeeAndCommissionIncome" xlink:title="FeeAndCommissionIncome"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Revenue" xlink:to="FeeAndCommissionIncome" xlink:title="calculation: Revenue to FeeAndCommissionIncome" order="2.0" weight="1.0"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ServicesExpense" xlink:label="ServicesExpense" xlink:title="ServicesExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="ServicesExpense" xlink:title="calculation: ProfitLossFromOperatingActivities to ServicesExpense" order="1.0" weight="-1.0"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DirectorsCompensationSharebasedPayment" xlink:label="DirectorsCompensationSharebasedPayment" xlink:title="DirectorsCompensationSharebasedPayment"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="DirectorsCompensationSharebasedPayment" xlink:title="calculation: ProfitLossFromOperatingActivities to DirectorsCompensationSharebasedPayment" order="6.0" weight="-1.0"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_OperatingCosts" xlink:label="OperatingExpense" xlink:title="OperatingExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="OperatingExpense" xlink:title="calculation: ProfitLossFromOperatingActivities to OperatingExpense" order="11.0" weight="-1.0"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLoss" xlink:label="ImpairmentLoss" xlink:title="ImpairmentLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLossFromOperatingActivities" xlink:to="ImpairmentLoss" xlink:title="calculation: ProfitLossFromOperatingActivities to ImpairmentLoss" order="13.0" weight="-1.0"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ProfitLossFromNonOperatingActivities" xlink:label="ProfitLossFromNonOperatingActivities" xlink:title="ProfitLossFromNonOperatingActivities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLoss" xlink:to="ProfitLossFromNonOperatingActivities" xlink:title="calculation: ProfitLoss to ProfitLossFromNonOperatingActivities" order="2.0" weight="1.0"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>9
<FILENAME>glbs-20191231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Fujitsu Interstage XWand B0228 -->
<!--
Taxonomy Definition Links linkbase based on XBRL standard Version 2.1.
Created by UBmatrix Taxonomy Designer 3.0.2.2383 (2008-08-05 09:43).
Contact www.ubmatrix.com
Copyright (c) 2002-2018 UBmatrix inc., All Rights Reserved
Produced on 2018-01-09 12:04:48
-->
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    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentMember" xlink:to="MVSunGlobeMember" xlink:title="definition: PropertyPlantAndEquipmentMember to MVSunGlobeMember" order="4.0"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MVMoonGlobeMember" xlink:label="MVMoonGlobeMember" xlink:title="MVMoonGlobeMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentMember" xlink:to="MVMoonGlobeMember" xlink:title="definition: PropertyPlantAndEquipmentMember to MVMoonGlobeMember" order="5.0"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:label="RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:title="RecoverableAmountOfAssetOrCashgeneratingUnit"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:title="definition: DisclosureOfPropertyPlantAndEquipmentLineItems to RecoverableAmountOfAssetOrCashgeneratingUnit" order="3.0"/>
  </definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>glbs-20191231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Fujitsu Interstage XWand B0228 -->
<!--
Taxonomy Label Links linkbase based on XBRL standard Version 2.1.
Created by UBmatrix Taxonomy Designer 3.0.2.2383 (2008-08-05 09:43).
Contact www.ubmatrix.com
Copyright (c) 2002-2018 UBmatrix inc., All Rights Reserved
Produced on 2018-01-09 12:04:48
-->
<linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag"/>
    <label xlink:type="resource" xlink:label="label_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentFlag" xml:lang="en-US" id="label_AmendmentFlag">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="label_AmendmentFlag" xlink:title="label: AmendmentFlag to label_AmendmentFlag"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:label="label_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentFiscalYearEndDate" xml:lang="en-US" id="label_CurrentFiscalYearEndDate">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFiscalYearEndDate" xlink:to="label_CurrentFiscalYearEndDate" xlink:title="label: CurrentFiscalYearEndDate to label_CurrentFiscalYearEndDate"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus"/>
    <label xlink:type="resource" xlink:label="label_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalPeriodFocus" xml:lang="en-US" id="label_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="label_DocumentFiscalPeriodFocus" xlink:title="label: DocumentFiscalPeriodFocus to label_DocumentFiscalPeriodFocus"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus"/>
    <label xlink:type="resource" xlink:label="label_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalYearFocus" xml:lang="en-US" id="label_DocumentFiscalYearFocus">Document Fiscal Year Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="label_DocumentFiscalYearFocus" xlink:title="label: DocumentFiscalYearFocus to label_DocumentFiscalYearFocus"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate"/>
    <label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentPeriodEndDate" xml:lang="en-US" id="label_DocumentPeriodEndDate">Document Period End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="label_DocumentPeriodEndDate" xlink:title="label: DocumentPeriodEndDate to label_DocumentPeriodEndDate"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType"/>
    <label xlink:type="resource" xlink:label="label_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentType" xml:lang="en-US" id="label_DocumentType">Document Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType" xlink:title="label: DocumentType to label_DocumentType"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitiesTable" xlink:label="EntitiesTable" xlink:title="EntitiesTable"/>
    <label xlink:type="resource" xlink:label="label_EntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitiesTable" xml:lang="en-US" id="label_EntitiesTable">Entities [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitiesTable" xlink:to="label_EntitiesTable" xlink:title="label: EntitiesTable to label_EntitiesTable"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey"/>
    <label xlink:type="resource" xlink:label="label_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCentralIndexKey" xml:lang="en-US" id="label_EntityCentralIndexKey">Entity Central Index Key</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="label: EntityCentralIndexKey to label_EntityCentralIndexKey"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:label="label_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCommonStockSharesOutstanding" xml:lang="en-US" id="label_EntityCommonStockSharesOutstanding">Entity Common Stock Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonStockSharesOutstanding" xlink:to="label_EntityCommonStockSharesOutstanding" xlink:title="label: EntityCommonStockSharesOutstanding to label_EntityCommonStockSharesOutstanding"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus"/>
    <label xlink:type="resource" xlink:label="label_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCurrentReportingStatus" xml:lang="en-US" id="label_EntityCurrentReportingStatus">Entity Current Reporting Status</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCurrentReportingStatus" xlink:to="label_EntityCurrentReportingStatus" xlink:title="label: EntityCurrentReportingStatus to label_EntityCurrentReportingStatus"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityDomain" xlink:label="EntityDomain" xlink:title="EntityDomain"/>
    <label xlink:type="resource" xlink:label="label_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityDomain" xml:lang="en-US" id="label_EntityDomain">Entity [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityDomain" xlink:to="label_EntityDomain" xlink:title="label: EntityDomain to label_EntityDomain"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory"/>
    <label xlink:type="resource" xlink:label="label_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFilerCategory" xml:lang="en-US" id="label_EntityFilerCategory">Entity Filer Category</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFilerCategory" xlink:to="label_EntityFilerCategory" xlink:title="label: EntityFilerCategory to label_EntityFilerCategory"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName"/>
    <label xlink:type="resource" xlink:label="label_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityRegistrantName" xml:lang="en-US" id="label_EntityRegistrantName">Entity Registrant Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="label_EntityRegistrantName" xlink:title="label: EntityRegistrantName to label_EntityRegistrantName"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers"/>
    <label xlink:type="resource" xlink:label="label_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityVoluntaryFilers" xml:lang="en-US" id="label_EntityVoluntaryFilers">Entity Voluntary Filers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityVoluntaryFilers" xlink:to="label_EntityVoluntaryFilers" xlink:title="label: EntityVoluntaryFilers to label_EntityVoluntaryFilers"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer"/>
    <label xlink:type="resource" xlink:label="label_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityWellKnownSeasonedIssuer" xml:lang="en-US" id="label_EntityWellKnownSeasonedIssuer">Entity Well Known Seasoned Issuer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityWellKnownSeasonedIssuer" xlink:to="label_EntityWellKnownSeasonedIssuer" xlink:title="label: EntityWellKnownSeasonedIssuer to label_EntityWellKnownSeasonedIssuer"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LegalEntityAxis" xlink:label="LegalEntityAxis" xlink:title="LegalEntityAxis"/>
    <label xlink:type="resource" xlink:label="label_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LegalEntityAxis" xml:lang="en-US" id="label_LegalEntityAxis">Legal Entity [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalEntityAxis" xlink:to="label_LegalEntityAxis" xlink:title="label: LegalEntityAxis to label_LegalEntityAxis"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol"/>
    <label xlink:type="resource" xlink:label="label_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSymbol" xml:lang="en-US" id="label_TradingSymbol">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="label: TradingSymbol to label_TradingSymbol"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AccruedAuditFeesCurrent" xlink:label="AccruedAuditFeesCurrent" xlink:title="AccruedAuditFeesCurrent"/>
    <label xlink:type="resource" xlink:label="label_AccruedAuditFeesCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccruedAuditFeesCurrent" xml:lang="en-US" id="label_AccruedAuditFeesCurrent">The amount of current audit fees payable.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedAuditFeesCurrent" xlink:to="label_AccruedAuditFeesCurrent" xlink:title="label: AccruedAuditFeesCurrent to label_AccruedAuditFeesCurrent"/>
    <label xlink:type="resource" xlink:label="label_AccruedAuditFeesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccruedAuditFeesCurrent" xml:lang="en-US" id="label_AccruedAuditFeesCurrent_2">Accrued Audit Fees Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedAuditFeesCurrent" xlink:to="label_AccruedAuditFeesCurrent_2" xlink:title="label: AccruedAuditFeesCurrent to label_AccruedAuditFeesCurrent"/>
    <label xlink:type="resource" xlink:label="label_AccruedAuditFeesCurrent_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccruedAuditFeesCurrent" xml:lang="en-US" id="label_AccruedAuditFeesCurrent_3">Accrued audit fees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedAuditFeesCurrent" xlink:to="label_AccruedAuditFeesCurrent_3" xlink:title="label: AccruedAuditFeesCurrent to label_AccruedAuditFeesCurrent"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AccruedDirectorsCompensation" xlink:label="AccruedDirectorsCompensation" xlink:title="AccruedDirectorsCompensation"/>
    <label xlink:type="resource" xlink:label="label_AccruedDirectorsCompensation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccruedDirectorsCompensation" xml:lang="en-US" id="label_AccruedDirectorsCompensation_3">Carrying value as of the balance sheet date of the obligations incurred through that date and payable for directors' services provided.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedDirectorsCompensation" xlink:to="label_AccruedDirectorsCompensation" xlink:title="label: AccruedDirectorsCompensation to label_AccruedDirectorsCompensation"/>
    <label xlink:type="resource" xlink:label="label_AccruedDirectorsCompensation_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccruedDirectorsCompensation" xml:lang="en-US" id="label_AccruedDirectorsCompensation">Accrued Directors Compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedDirectorsCompensation" xlink:to="label_AccruedDirectorsCompensation_2" xlink:title="label: AccruedDirectorsCompensation to label_AccruedDirectorsCompensation"/>
    <label xlink:type="resource" xlink:label="label_AccruedDirectorsCompensation_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccruedDirectorsCompensation" xml:lang="en-US" id="label_AccruedDirectorsCompensation_2">Accrued compensation to non-executive directors</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedDirectorsCompensation" xlink:to="label_AccruedDirectorsCompensation_3" xlink:title="label: AccruedDirectorsCompensation to label_AccruedDirectorsCompensation"/>
    <label xlink:type="resource" xlink:label="label_AccruedDirectorsCompensation_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AccruedDirectorsCompensation" xml:lang="en-US" id="label_AccruedDirectorsCompensation_4">Accrued compensation to directors</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedDirectorsCompensation" xlink:to="label_AccruedDirectorsCompensation_4" xlink:title="label: AccruedDirectorsCompensation to label_AccruedDirectorsCompensation"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:label="AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:title="AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill">Accumulated amortization of intangible assets at the end of the reporting period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:to="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:title="label: AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill to label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_2">Accumulated Amortization Of Intangible Assets Other Than Goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:to="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_2" xlink:title="label: AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill to label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_3" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_3">Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:to="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_3" xlink:title="label: AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill to label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_4" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:title="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_4">Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:to="label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_4" xlink:title="label: AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill to label_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:label="AccumulatedDepreciationPropertyPlantAndEquipment" xlink:title="AccumulatedDepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccumulatedDepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_AccumulatedDepreciationPropertyPlantAndEquipment">Amount of accumulated depreciation for physical assets used in the normal conduct of business to produce goods and services.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="label_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:title="label: AccumulatedDepreciationPropertyPlantAndEquipment to label_AccumulatedDepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedDepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_AccumulatedDepreciationPropertyPlantAndEquipment_2">Accumulated Depreciation Property Plant And Equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="label_AccumulatedDepreciationPropertyPlantAndEquipment_2" xlink:title="label: AccumulatedDepreciationPropertyPlantAndEquipment to label_AccumulatedDepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationPropertyPlantAndEquipment_3" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_AccumulatedDepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_AccumulatedDepreciationPropertyPlantAndEquipment_3">Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="label_AccumulatedDepreciationPropertyPlantAndEquipment_3" xlink:title="label: AccumulatedDepreciationPropertyPlantAndEquipment to label_AccumulatedDepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationPropertyPlantAndEquipment_4" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:title="label_AccumulatedDepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_AccumulatedDepreciationPropertyPlantAndEquipment_4">Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="label_AccumulatedDepreciationPropertyPlantAndEquipment_4" xlink:title="label: AccumulatedDepreciationPropertyPlantAndEquipment to label_AccumulatedDepreciationPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xlink:label="AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xlink:title="AccumulatedDepreciationSaleOfPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment">Amount of decrease in accumulated depreciation as a result of sale or disposal of property, plant and equipment.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xlink:to="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xlink:title="label: AccumulatedDepreciationSaleOfPropertyPlantAndEquipment to label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment_2">Accumulated Depreciation Sale Of Property Plant And Equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xlink:to="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment_2" xlink:title="label: AccumulatedDepreciationSaleOfPropertyPlantAndEquipment to label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment_3">Sale of vessel</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xlink:to="label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment_3" xlink:title="label: AccumulatedDepreciationSaleOfPropertyPlantAndEquipment to label_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AccumulatedDepreciationSaleOfSubsidiary" xlink:label="AccumulatedDepreciationSaleOfSubsidiary" xlink:title="AccumulatedDepreciationSaleOfSubsidiary"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationSaleOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccumulatedDepreciationSaleOfSubsidiary" xml:lang="en-US" id="label_AccumulatedDepreciationSaleOfSubsidiary">Amount of decrease in accumulated depreciation as a result of sale of subsidiary.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationSaleOfSubsidiary" xlink:to="label_AccumulatedDepreciationSaleOfSubsidiary" xlink:title="label: AccumulatedDepreciationSaleOfSubsidiary to label_AccumulatedDepreciationSaleOfSubsidiary"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationSaleOfSubsidiary_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedDepreciationSaleOfSubsidiary" xml:lang="en-US" id="label_AccumulatedDepreciationSaleOfSubsidiary_2">Accumulated Depreciation Sale Of Subsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationSaleOfSubsidiary" xlink:to="label_AccumulatedDepreciationSaleOfSubsidiary_2" xlink:title="label: AccumulatedDepreciationSaleOfSubsidiary to label_AccumulatedDepreciationSaleOfSubsidiary"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationSaleOfSubsidiary_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AccumulatedDepreciationSaleOfSubsidiary" xml:lang="en-US" id="label_AccumulatedDepreciationSaleOfSubsidiary_3">Sale of subsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationSaleOfSubsidiary" xlink:to="label_AccumulatedDepreciationSaleOfSubsidiary_3" xlink:title="label: AccumulatedDepreciationSaleOfSubsidiary to label_AccumulatedDepreciationSaleOfSubsidiary"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:label="AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:title="AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xml:lang="en-US" id="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts">Adjustments for depreciation expense of deferred dry-docking costs to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:to="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:title="label: AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts to label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xml:lang="en-US" id="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_2">Adjustments For Depreciation Expense Of Deferred Dry Docking Costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:to="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_2" xlink:title="label: AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts to label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xml:lang="en-US" id="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_3">Depreciation of deferred dry-docking costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:to="label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_3" xlink:title="label: AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts to label_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:label="AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:title="AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables">Adjustments for increase (decrease) in accrued liabilities and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:to="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:title="label: AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables to label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_2">Adjustments For Increase Decrease In Accrued Liabilities And Other Payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:to="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_2" xlink:title="label: AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables to label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_3">Accrued liabilities and other payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:to="label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_3" xlink:title="label: AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables to label_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AdjustmentsForIncreaseDecreaseInDeferredRevenue" xlink:label="AdjustmentsForIncreaseDecreaseInDeferredRevenue" xlink:title="AdjustmentsForIncreaseDecreaseInDeferredRevenue"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue">Adjustments for increase (decrease) in deferred revenue to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInDeferredRevenue" xlink:to="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue" xlink:title="label: AdjustmentsForIncreaseDecreaseInDeferredRevenue to label_AdjustmentsForIncreaseDecreaseInDeferredRevenue"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue_2">Adjustments For Increase Decrease In Deferred Revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInDeferredRevenue" xlink:to="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue_2" xlink:title="label: AdjustmentsForIncreaseDecreaseInDeferredRevenue to label_AdjustmentsForIncreaseDecreaseInDeferredRevenue"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue_3">Deferred revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInDeferredRevenue" xlink:to="label_AdjustmentsForIncreaseDecreaseInDeferredRevenue_3" xlink:title="label: AdjustmentsForIncreaseDecreaseInDeferredRevenue to label_AdjustmentsForIncreaseDecreaseInDeferredRevenue"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AdministrativeExpenseRelatedPartyTransactions" xlink:label="AdministrativeExpenseRelatedPartyTransactions" xlink:title="AdministrativeExpenseRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:label="label_AdministrativeExpenseRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdministrativeExpenseRelatedPartyTransactions" xml:lang="en-US" id="label_AdministrativeExpenseRelatedPartyTransactions">The amount of expenses that the entity classifies as being administrative resulting from related party transactions.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeExpenseRelatedPartyTransactions" xlink:to="label_AdministrativeExpenseRelatedPartyTransactions" xlink:title="label: AdministrativeExpenseRelatedPartyTransactions to label_AdministrativeExpenseRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:label="label_AdministrativeExpenseRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdministrativeExpenseRelatedPartyTransactions" xml:lang="en-US" id="label_AdministrativeExpenseRelatedPartyTransactions_2">Administrative Expense Related Party Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeExpenseRelatedPartyTransactions" xlink:to="label_AdministrativeExpenseRelatedPartyTransactions_2" xlink:title="label: AdministrativeExpenseRelatedPartyTransactions to label_AdministrativeExpenseRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:label="label_AdministrativeExpenseRelatedPartyTransactions_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdministrativeExpenseRelatedPartyTransactions" xml:lang="en-US" id="label_AdministrativeExpenseRelatedPartyTransactions_3">Administrative expenses payable to related parties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeExpenseRelatedPartyTransactions" xlink:to="label_AdministrativeExpenseRelatedPartyTransactions_3" xlink:title="label: AdministrativeExpenseRelatedPartyTransactions to label_AdministrativeExpenseRelatedPartyTransactions"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AffiliatedCompanyOfCompanysCEOMember" xlink:label="AffiliatedCompanyOfCompanysCEOMember" xlink:title="AffiliatedCompanyOfCompanysCEOMember"/>
    <label xlink:type="resource" xlink:label="label_AffiliatedCompanyOfCompanysCEOMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AffiliatedCompanyOfCompanysCEOMember" xml:lang="en-US" id="label_AffiliatedCompanyOfCompanysCEOMember">Affiliated Company Of Companys CEO [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AffiliatedCompanyOfCompanysCEOMember" xlink:to="label_AffiliatedCompanyOfCompanysCEOMember" xlink:title="label: AffiliatedCompanyOfCompanysCEOMember to label_AffiliatedCompanyOfCompanysCEOMember"/>
    <label xlink:type="resource" xlink:label="label_AffiliatedCompanyOfCompanysCEOMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AffiliatedCompanyOfCompanysCEOMember" xml:lang="en-US" id="label_AffiliatedCompanyOfCompanysCEOMember_2">Affiliated Company of Company's CEO</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AffiliatedCompanyOfCompanysCEOMember" xlink:to="label_AffiliatedCompanyOfCompanysCEOMember_2" xlink:title="label: AffiliatedCompanyOfCompanysCEOMember to label_AffiliatedCompanyOfCompanysCEOMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AllowanceForDoubtfulTradeReceivables" xlink:label="AllowanceForDoubtfulTradeReceivables" xlink:title="AllowanceForDoubtfulTradeReceivables"/>
    <label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowanceForDoubtfulTradeReceivables" xml:lang="en-US" id="label_AllowanceForDoubtfulTradeReceivables">A valuation allowance for trade receivables due from companies that are expected to be uncollectible.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulTradeReceivables" xlink:to="label_AllowanceForDoubtfulTradeReceivables" xlink:title="label: AllowanceForDoubtfulTradeReceivables to label_AllowanceForDoubtfulTradeReceivables"/>
    <label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulTradeReceivables_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceForDoubtfulTradeReceivables" xml:lang="en-US" id="label_AllowanceForDoubtfulTradeReceivables_2">Allowance For Doubtful Trade Receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulTradeReceivables" xlink:to="label_AllowanceForDoubtfulTradeReceivables_2" xlink:title="label: AllowanceForDoubtfulTradeReceivables to label_AllowanceForDoubtfulTradeReceivables"/>
    <label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulTradeReceivables_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllowanceForDoubtfulTradeReceivables" xml:lang="en-US" id="label_AllowanceForDoubtfulTradeReceivables_3">Provision for doubtful trade receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulTradeReceivables" xlink:to="label_AllowanceForDoubtfulTradeReceivables_3" xlink:title="label: AllowanceForDoubtfulTradeReceivables to label_AllowanceForDoubtfulTradeReceivables"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ArtfulShipholdingSALongevityMaritimeLimitedMember" xlink:label="ArtfulShipholdingSALongevityMaritimeLimitedMember" xlink:title="ArtfulShipholdingSALongevityMaritimeLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_ArtfulShipholdingSALongevityMaritimeLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ArtfulShipholdingSALongevityMaritimeLimitedMember" xml:lang="en-US" id="label_ArtfulShipholdingSALongevityMaritimeLimitedMember">Artful Shipholding SA Longevity Maritime Limited [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArtfulShipholdingSALongevityMaritimeLimitedMember" xlink:to="label_ArtfulShipholdingSALongevityMaritimeLimitedMember" xlink:title="label: ArtfulShipholdingSALongevityMaritimeLimitedMember to label_ArtfulShipholdingSALongevityMaritimeLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_ArtfulShipholdingSALongevityMaritimeLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ArtfulShipholdingSALongevityMaritimeLimitedMember" xml:lang="en-US" id="label_ArtfulShipholdingSALongevityMaritimeLimitedMember_2">(d) Artful Shipholding S.A. &amp; Longevity Maritime Limited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArtfulShipholdingSALongevityMaritimeLimitedMember" xlink:to="label_ArtfulShipholdingSALongevityMaritimeLimitedMember_2" xlink:title="label: ArtfulShipholdingSALongevityMaritimeLimitedMember to label_ArtfulShipholdingSALongevityMaritimeLimitedMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ArtfulShipholdingSAMember" xlink:label="ArtfulShipholdingSAMember" xlink:title="ArtfulShipholdingSAMember"/>
    <label xlink:type="resource" xlink:label="label_ArtfulShipholdingSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ArtfulShipholdingSAMember" xml:lang="en-US" id="label_ArtfulShipholdingSAMember">Artful Shipholding SA [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArtfulShipholdingSAMember" xlink:to="label_ArtfulShipholdingSAMember" xlink:title="label: ArtfulShipholdingSAMember to label_ArtfulShipholdingSAMember"/>
    <label xlink:type="resource" xlink:label="label_ArtfulShipholdingSAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ArtfulShipholdingSAMember" xml:lang="en-US" id="label_ArtfulShipholdingSAMember_2">Artful Shipholding S.A.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArtfulShipholdingSAMember" xlink:to="label_ArtfulShipholdingSAMember_2" xlink:title="label: ArtfulShipholdingSAMember to label_ArtfulShipholdingSAMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xlink:label="AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xlink:title="AssumptionOfAnnualGrowthRatesOfTimeCharterRates"/>
    <label xlink:type="resource" xlink:label="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xml:lang="en-US" id="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates">The expected annual growth rate of time charter rates used as an assumption to determine the discounted future cash flows of each vessel.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xlink:to="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xlink:title="label: AssumptionOfAnnualGrowthRatesOfTimeCharterRates to label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates"/>
    <label xlink:type="resource" xlink:label="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xml:lang="en-US" id="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates_2">Assumption Of Annual Growth Rates Of Time Charter Rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xlink:to="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates_2" xlink:title="label: AssumptionOfAnnualGrowthRatesOfTimeCharterRates to label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates"/>
    <label xlink:type="resource" xlink:label="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xml:lang="en-US" id="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates_3">Annual growth rate of time charter rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xlink:to="label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates_3" xlink:title="label: AssumptionOfAnnualGrowthRatesOfTimeCharterRates to label_AssumptionOfAnnualGrowthRatesOfTimeCharterRates"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AssumptionOfExpectedRatesOfInflation" xlink:label="AssumptionOfExpectedRatesOfInflation" xlink:title="AssumptionOfExpectedRatesOfInflation"/>
    <label xlink:type="resource" xlink:label="label_AssumptionOfExpectedRatesOfInflation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AssumptionOfExpectedRatesOfInflation" xml:lang="en-US" id="label_AssumptionOfExpectedRatesOfInflation">The expected rate of inflation that is used as an assumption to determine the discounted future cash flows of each vessel.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumptionOfExpectedRatesOfInflation" xlink:to="label_AssumptionOfExpectedRatesOfInflation" xlink:title="label: AssumptionOfExpectedRatesOfInflation to label_AssumptionOfExpectedRatesOfInflation"/>
    <label xlink:type="resource" xlink:label="label_AssumptionOfExpectedRatesOfInflation_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssumptionOfExpectedRatesOfInflation" xml:lang="en-US" id="label_AssumptionOfExpectedRatesOfInflation_2">Assumption Of Expected Rates Of Inflation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumptionOfExpectedRatesOfInflation" xlink:to="label_AssumptionOfExpectedRatesOfInflation_2" xlink:title="label: AssumptionOfExpectedRatesOfInflation to label_AssumptionOfExpectedRatesOfInflation"/>
    <label xlink:type="resource" xlink:label="label_AssumptionOfExpectedRatesOfInflation_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssumptionOfExpectedRatesOfInflation" xml:lang="en-US" id="label_AssumptionOfExpectedRatesOfInflation_3">Expected rate of inflation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumptionOfExpectedRatesOfInflation" xlink:to="label_AssumptionOfExpectedRatesOfInflation_3" xlink:title="label: AssumptionOfExpectedRatesOfInflation to label_AssumptionOfExpectedRatesOfInflation"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AssumptionOfFleetUtilisationRate" xlink:label="AssumptionOfFleetUtilisationRate" xlink:title="AssumptionOfFleetUtilisationRate"/>
    <label xlink:type="resource" xlink:label="label_AssumptionOfFleetUtilisationRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AssumptionOfFleetUtilisationRate" xml:lang="en-US" id="label_AssumptionOfFleetUtilisationRate">The expected fleet utilisation rate that is used as an assumption to determine the discounted future cash flows of each vessel.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumptionOfFleetUtilisationRate" xlink:to="label_AssumptionOfFleetUtilisationRate" xlink:title="label: AssumptionOfFleetUtilisationRate to label_AssumptionOfFleetUtilisationRate"/>
    <label xlink:type="resource" xlink:label="label_AssumptionOfFleetUtilisationRate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssumptionOfFleetUtilisationRate" xml:lang="en-US" id="label_AssumptionOfFleetUtilisationRate_2">Assumption Of Fleet Utilisation Rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumptionOfFleetUtilisationRate" xlink:to="label_AssumptionOfFleetUtilisationRate_2" xlink:title="label: AssumptionOfFleetUtilisationRate to label_AssumptionOfFleetUtilisationRate"/>
    <label xlink:type="resource" xlink:label="label_AssumptionOfFleetUtilisationRate_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssumptionOfFleetUtilisationRate" xml:lang="en-US" id="label_AssumptionOfFleetUtilisationRate_3">Expected fleet utilisation rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumptionOfFleetUtilisationRate" xlink:to="label_AssumptionOfFleetUtilisationRate_3" xlink:title="label: AssumptionOfFleetUtilisationRate to label_AssumptionOfFleetUtilisationRate"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowingsGross" xlink:label="BorrowingsGross" xlink:title="BorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsGross" xml:lang="en-US" id="label_BorrowingsGross">Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsGross" xlink:to="label_BorrowingsGross" xlink:title="label: BorrowingsGross to label_BorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsGross_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsGross" xml:lang="en-US" id="label_BorrowingsGross_2">Long -term borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsGross" xlink:to="label_BorrowingsGross_2" xlink:title="label: BorrowingsGross to label_BorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsGross_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsGross" xml:lang="en-US" id="label_BorrowingsGross_3">Loan Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsGross" xlink:to="label_BorrowingsGross_3" xlink:title="label: BorrowingsGross to label_BorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsGross_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsGross" xml:lang="en-US" id="label_BorrowingsGross_4">Interest bearing loans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsGross" xlink:to="label_BorrowingsGross_4" xlink:title="label: BorrowingsGross to label_BorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsGross_5" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_BorrowingsGross" xml:lang="en-US" id="label_BorrowingsGross_5">Less: Cash and bank balances and bank deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsGross" xlink:to="label_BorrowingsGross_5" xlink:title="label: BorrowingsGross to label_BorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsGross_6" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_BorrowingsGross" xml:lang="en-US" id="label_BorrowingsGross_6">Interest bearing loans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsGross" xlink:to="label_BorrowingsGross_6" xlink:title="label: BorrowingsGross to label_BorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsGross_7" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_BorrowingsGross" xml:lang="en-US" id="label_BorrowingsGross_7">Interest bearing loans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsGross" xlink:to="label_BorrowingsGross_7" xlink:title="label: BorrowingsGross to label_BorrowingsGross"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BunkerInventoryCurrent" xlink:label="BunkerInventoryCurrent" xlink:title="BunkerInventoryCurrent"/>
    <label xlink:type="resource" xlink:label="label_BunkerInventoryCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BunkerInventoryCurrent" xml:lang="en-US" id="label_BunkerInventoryCurrent">Carrying amount as of the balance sheet date of bunkers' inventory.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BunkerInventoryCurrent" xlink:to="label_BunkerInventoryCurrent" xlink:title="label: BunkerInventoryCurrent to label_BunkerInventoryCurrent"/>
    <label xlink:type="resource" xlink:label="label_BunkerInventoryCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BunkerInventoryCurrent" xml:lang="en-US" id="label_BunkerInventoryCurrent_2">Bunker Inventory Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BunkerInventoryCurrent" xlink:to="label_BunkerInventoryCurrent_2" xlink:title="label: BunkerInventoryCurrent to label_BunkerInventoryCurrent"/>
    <label xlink:type="resource" xlink:label="label_BunkerInventoryCurrent_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BunkerInventoryCurrent" xml:lang="en-US" id="label_BunkerInventoryCurrent_3">Bunkers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BunkerInventoryCurrent" xlink:to="label_BunkerInventoryCurrent_3" xlink:title="label: BunkerInventoryCurrent to label_BunkerInventoryCurrent"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CarryingAmountIMember" xlink:label="CarryingAmountIMember" xlink:title="CarryingAmountIMember"/>
    <label xlink:type="resource" xlink:label="label_CarryingAmountIMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CarryingAmountIMember" xml:lang="en-US" id="label_CarryingAmountIMember">This member stands for the amount at which an asset is recognised in the statement of financial position (after deducting any accumulated depreciation or amortisation and accumulated impairment losses).</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountIMember" xlink:to="label_CarryingAmountIMember" xlink:title="label: CarryingAmountIMember to label_CarryingAmountIMember"/>
    <label xlink:type="resource" xlink:label="label_CarryingAmountIMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountIMember" xml:lang="en-US" id="label_CarryingAmountIMember_2">Carrying Amount I [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountIMember" xlink:to="label_CarryingAmountIMember_2" xlink:title="label: CarryingAmountIMember to label_CarryingAmountIMember"/>
    <label xlink:type="resource" xlink:label="label_CarryingAmountIMember_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CarryingAmountIMember" xml:lang="en-US" id="label_CarryingAmountIMember_3">Carrying Amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountIMember" xlink:to="label_CarryingAmountIMember_3" xlink:title="label: CarryingAmountIMember to label_CarryingAmountIMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CashAndCashEquivalentsFairValueDisclosure" xlink:label="CashAndCashEquivalentsFairValueDisclosure" xlink:title="CashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_CashAndCashEquivalentsFairValueDisclosure">Cash And Cash Equivalents Fair Value Disclosure</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsFairValueDisclosure" xlink:to="label_CashAndCashEquivalentsFairValueDisclosure" xlink:title="label: CashAndCashEquivalentsFairValueDisclosure to label_CashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsFairValueDisclosure_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_CashAndCashEquivalentsFairValueDisclosure_2">Fair value of cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsFairValueDisclosure" xlink:to="label_CashAndCashEquivalentsFairValueDisclosure_2" xlink:title="label: CashAndCashEquivalentsFairValueDisclosure to label_CashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsFairValueDisclosure_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_CashAndCashEquivalentsFairValueDisclosure_3">Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsFairValueDisclosure" xlink:to="label_CashAndCashEquivalentsFairValueDisclosure_3" xlink:title="label: CashAndCashEquivalentsFairValueDisclosure to label_CashAndCashEquivalentsFairValueDisclosure"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ChiefExecutiveOfficerMember" xlink:label="ChiefExecutiveOfficerMember" xlink:title="ChiefExecutiveOfficerMember"/>
    <label xlink:type="resource" xlink:label="label_ChiefExecutiveOfficerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChiefExecutiveOfficerMember" xml:lang="en-US" id="label_ChiefExecutiveOfficerMember">Chief Executive Officer [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChiefExecutiveOfficerMember" xlink:to="label_ChiefExecutiveOfficerMember" xlink:title="label: ChiefExecutiveOfficerMember to label_ChiefExecutiveOfficerMember"/>
    <label xlink:type="resource" xlink:label="label_ChiefExecutiveOfficerMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChiefExecutiveOfficerMember" xml:lang="en-US" id="label_ChiefExecutiveOfficerMember_2">Chief Executive Officer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChiefExecutiveOfficerMember" xlink:to="label_ChiefExecutiveOfficerMember_2" xlink:title="label: ChiefExecutiveOfficerMember to label_ChiefExecutiveOfficerMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ClassBCommonSharesMember" xlink:label="ClassBCommonSharesMember" xlink:title="ClassBCommonSharesMember"/>
    <label xlink:type="resource" xlink:label="label_ClassBCommonSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassBCommonSharesMember" xml:lang="en-US" id="label_ClassBCommonSharesMember">Class B Common Shares [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBCommonSharesMember" xlink:to="label_ClassBCommonSharesMember" xlink:title="label: ClassBCommonSharesMember to label_ClassBCommonSharesMember"/>
    <label xlink:type="resource" xlink:label="label_ClassBCommonSharesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassBCommonSharesMember" xml:lang="en-US" id="label_ClassBCommonSharesMember_2">Class B Common shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBCommonSharesMember" xlink:to="label_ClassBCommonSharesMember_2" xlink:title="label: ClassBCommonSharesMember to label_ClassBCommonSharesMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CurrentInsuranceDeductibles" xlink:label="CurrentInsuranceDeductibles" xlink:title="CurrentInsuranceDeductibles"/>
    <label xlink:type="resource" xlink:label="label_CurrentInsuranceDeductibles" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentInsuranceDeductibles" xml:lang="en-US" id="label_CurrentInsuranceDeductibles">The amount of current insurance deductibles payable.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInsuranceDeductibles" xlink:to="label_CurrentInsuranceDeductibles" xlink:title="label: CurrentInsuranceDeductibles to label_CurrentInsuranceDeductibles"/>
    <label xlink:type="resource" xlink:label="label_CurrentInsuranceDeductibles_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentInsuranceDeductibles" xml:lang="en-US" id="label_CurrentInsuranceDeductibles_2">Current Insurance Deductibles</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInsuranceDeductibles" xlink:to="label_CurrentInsuranceDeductibles_2" xlink:title="label: CurrentInsuranceDeductibles to label_CurrentInsuranceDeductibles"/>
    <label xlink:type="resource" xlink:label="label_CurrentInsuranceDeductibles_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentInsuranceDeductibles" xml:lang="en-US" id="label_CurrentInsuranceDeductibles_3">Insurance deductibles</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInsuranceDeductibles" xlink:to="label_CurrentInsuranceDeductibles_3" xlink:title="label: CurrentInsuranceDeductibles to label_CurrentInsuranceDeductibles"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:label="CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:title="CurrentPortionOfDebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount">The current portion of debt discount, after accumulated amortization.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:to="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:title="label: CurrentPortionOfDebtInstrumentUnamortisedDiscount to label_CurrentPortionOfDebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount_2">Current Portion Of Debt Instrument Unamortised Discount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:to="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount_2" xlink:title="label: CurrentPortionOfDebtInstrumentUnamortisedDiscount to label_CurrentPortionOfDebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount_3">Unamortized Debt Discount- Current Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:to="label_CurrentPortionOfDebtInstrumentUnamortisedDiscount_3" xlink:title="label: CurrentPortionOfDebtInstrumentUnamortisedDiscount to label_CurrentPortionOfDebtInstrumentUnamortisedDiscount"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CurrentPortionOfLongTermBorrowingsGross" xlink:label="CurrentPortionOfLongTermBorrowingsGross" xlink:title="CurrentPortionOfLongTermBorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfLongTermBorrowingsGross_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentPortionOfLongTermBorrowingsGross" xml:lang="en-US" id="label_CurrentPortionOfLongTermBorrowingsGross_2">The current portion of  long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfLongTermBorrowingsGross" xlink:to="label_CurrentPortionOfLongTermBorrowingsGross_2" xlink:title="label: CurrentPortionOfLongTermBorrowingsGross to label_CurrentPortionOfLongTermBorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfLongTermBorrowingsGross_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPortionOfLongTermBorrowingsGross" xml:lang="en-US" id="label_CurrentPortionOfLongTermBorrowingsGross_3">Current Portion Of Long term Borrowings Gross</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfLongTermBorrowingsGross" xlink:to="label_CurrentPortionOfLongTermBorrowingsGross_3" xlink:title="label: CurrentPortionOfLongTermBorrowingsGross to label_CurrentPortionOfLongTermBorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfLongTermBorrowingsGross_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentPortionOfLongTermBorrowingsGross" xml:lang="en-US" id="label_CurrentPortionOfLongTermBorrowingsGross_4">Loan Balance - Current Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfLongTermBorrowingsGross" xlink:to="label_CurrentPortionOfLongTermBorrowingsGross_4" xlink:title="label: CurrentPortionOfLongTermBorrowingsGross to label_CurrentPortionOfLongTermBorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfLongTermBorrowingsGross" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentPortionOfLongTermBorrowingsGross" xml:lang="en-US" id="label_CurrentPortionOfLongTermBorrowingsGross">Loan Balance - Current Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfLongTermBorrowingsGross" xlink:to="label_CurrentPortionOfLongTermBorrowingsGross" xlink:title="label: CurrentPortionOfLongTermBorrowingsGross to label_CurrentPortionOfLongTermBorrowingsGross"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CyberonicaSAMember" xlink:label="CyberonicaSAMember" xlink:title="CyberonicaSAMember"/>
    <label xlink:type="resource" xlink:label="label_CyberonicaSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CyberonicaSAMember" xml:lang="en-US" id="label_CyberonicaSAMember">Cyberonica S.A. [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CyberonicaSAMember" xlink:to="label_CyberonicaSAMember" xlink:title="label: CyberonicaSAMember to label_CyberonicaSAMember"/>
    <label xlink:type="resource" xlink:label="label_CyberonicaSAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CyberonicaSAMember" xml:lang="en-US" id="label_CyberonicaSAMember_2">Cyberonica S.A.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CyberonicaSAMember" xlink:to="label_CyberonicaSAMember_2" xlink:title="label: CyberonicaSAMember to label_CyberonicaSAMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DailyConsultingFeeIncome" xlink:label="DailyConsultingFeeIncome" xlink:title="DailyConsultingFeeIncome"/>
    <label xlink:type="resource" xlink:label="label_DailyConsultingFeeIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DailyConsultingFeeIncome" xml:lang="en-US" id="label_DailyConsultingFeeIncome">Daily Consulting Fee Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DailyConsultingFeeIncome" xlink:to="label_DailyConsultingFeeIncome" xlink:title="label: DailyConsultingFeeIncome to label_DailyConsultingFeeIncome"/>
    <label xlink:type="resource" xlink:label="label_DailyConsultingFeeIncome_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DailyConsultingFeeIncome" xml:lang="en-US" id="label_DailyConsultingFeeIncome_2">Daily consulting fee income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DailyConsultingFeeIncome" xlink:to="label_DailyConsultingFeeIncome_2" xlink:title="label: DailyConsultingFeeIncome to label_DailyConsultingFeeIncome"/>
    <label xlink:type="resource" xlink:label="label_DailyConsultingFeeIncome_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DailyConsultingFeeIncome" xml:lang="en-US" id="label_DailyConsultingFeeIncome_3">The amount of daily income relating to consulting fee income.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DailyConsultingFeeIncome" xlink:to="label_DailyConsultingFeeIncome_3" xlink:title="label: DailyConsultingFeeIncome to label_DailyConsultingFeeIncome"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentPaymentPeriodAxis" xlink:label="DebtInstrumentPaymentPeriodAxis" xlink:title="DebtInstrumentPaymentPeriodAxis"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentPaymentPeriodAxis" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodAxis">Information about timing of debt payments features under terms of the debt agreement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodAxis" xlink:to="label_DebtInstrumentPaymentPeriodAxis" xlink:title="label: DebtInstrumentPaymentPeriodAxis to label_DebtInstrumentPaymentPeriodAxis"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodAxis_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentPaymentPeriodAxis" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodAxis_2">Debt Instrument Payment Period [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodAxis" xlink:to="label_DebtInstrumentPaymentPeriodAxis_2" xlink:title="label: DebtInstrumentPaymentPeriodAxis to label_DebtInstrumentPaymentPeriodAxis"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentPaymentPeriodMember" xlink:label="DebtInstrumentPaymentPeriodMember" xlink:title="DebtInstrumentPaymentPeriodMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentPaymentPeriodMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodMember">Period as defined under terms of the debt agreement for debt payment features.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodMember" xlink:to="label_DebtInstrumentPaymentPeriodMember" xlink:title="label: DebtInstrumentPaymentPeriodMember to label_DebtInstrumentPaymentPeriodMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentPaymentPeriodMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodMember_2">Debt Instrument Payment Period [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodMember" xlink:to="label_DebtInstrumentPaymentPeriodMember_2" xlink:title="label: DebtInstrumentPaymentPeriodMember to label_DebtInstrumentPaymentPeriodMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentPaymentPeriodOneMember" xlink:label="DebtInstrumentPaymentPeriodOneMember" xlink:title="DebtInstrumentPaymentPeriodOneMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentPaymentPeriodOneMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodOneMember">Period one representing not later than one year period of debt payment under terms of the debt agreement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodOneMember" xlink:to="label_DebtInstrumentPaymentPeriodOneMember" xlink:title="label: DebtInstrumentPaymentPeriodOneMember to label_DebtInstrumentPaymentPeriodOneMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodOneMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentPaymentPeriodOneMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodOneMember_2">Debt Instrument Payment Period One [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodOneMember" xlink:to="label_DebtInstrumentPaymentPeriodOneMember_2" xlink:title="label: DebtInstrumentPaymentPeriodOneMember to label_DebtInstrumentPaymentPeriodOneMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodOneMember_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentPaymentPeriodOneMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodOneMember_3">Not later than one year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodOneMember" xlink:to="label_DebtInstrumentPaymentPeriodOneMember_3" xlink:title="label: DebtInstrumentPaymentPeriodOneMember to label_DebtInstrumentPaymentPeriodOneMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentPaymentPeriodThreeMember" xlink:label="DebtInstrumentPaymentPeriodThreeMember" xlink:title="DebtInstrumentPaymentPeriodThreeMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentPaymentPeriodThreeMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodThreeMember_2">Debt Instrument Payment Period Three [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodThreeMember" xlink:to="label_DebtInstrumentPaymentPeriodThreeMember_2" xlink:title="label: DebtInstrumentPaymentPeriodThreeMember to label_DebtInstrumentPaymentPeriodThreeMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentPaymentPeriodThreeMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodThreeMember">Later than two years and not later than three years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodThreeMember" xlink:to="label_DebtInstrumentPaymentPeriodThreeMember" xlink:title="label: DebtInstrumentPaymentPeriodThreeMember to label_DebtInstrumentPaymentPeriodThreeMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentPaymentPeriodTwoMember" xlink:label="DebtInstrumentPaymentPeriodTwoMember" xlink:title="DebtInstrumentPaymentPeriodTwoMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentPaymentPeriodTwoMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodTwoMember">Debt Instrument Payment Period Two [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodTwoMember" xlink:to="label_DebtInstrumentPaymentPeriodTwoMember" xlink:title="label: DebtInstrumentPaymentPeriodTwoMember to label_DebtInstrumentPaymentPeriodTwoMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentPaymentPeriodTwoMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodTwoMember_2">Later than one year and not later than two years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodTwoMember" xlink:to="label_DebtInstrumentPaymentPeriodTwoMember_2" xlink:title="label: DebtInstrumentPaymentPeriodTwoMember to label_DebtInstrumentPaymentPeriodTwoMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentUnamortisedDiscount" xlink:label="DebtInstrumentUnamortisedDiscount" xlink:title="DebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentUnamortisedDiscount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_DebtInstrumentUnamortisedDiscount">Amount, after accumulated amortization, of debt discount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentUnamortisedDiscount" xlink:to="label_DebtInstrumentUnamortisedDiscount" xlink:title="label: DebtInstrumentUnamortisedDiscount to label_DebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentUnamortisedDiscount_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_DebtInstrumentUnamortisedDiscount_2">Debt Instrument Unamortised Discount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentUnamortisedDiscount" xlink:to="label_DebtInstrumentUnamortisedDiscount_2" xlink:title="label: DebtInstrumentUnamortisedDiscount to label_DebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentUnamortisedDiscount_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_DebtInstrumentUnamortisedDiscount_3">Unamortized Debt Discount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentUnamortisedDiscount" xlink:to="label_DebtInstrumentUnamortisedDiscount_3" xlink:title="label: DebtInstrumentUnamortisedDiscount to label_DebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentUnamortisedDiscount_4" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_DebtInstrumentUnamortisedDiscount_4">Add: Unamortized debt discount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentUnamortisedDiscount" xlink:to="label_DebtInstrumentUnamortisedDiscount_4" xlink:title="label: DebtInstrumentUnamortisedDiscount to label_DebtInstrumentUnamortisedDiscount"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DepreciationOfDryDockingCosts" xlink:label="DepreciationOfDryDockingCosts" xlink:title="DepreciationOfDryDockingCosts"/>
    <label xlink:type="resource" xlink:label="label_DepreciationOfDryDockingCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DepreciationOfDryDockingCosts" xml:lang="en-US" id="label_DepreciationOfDryDockingCosts">The amount of depreciation of dry-docking costs.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationOfDryDockingCosts" xlink:to="label_DepreciationOfDryDockingCosts" xlink:title="label: DepreciationOfDryDockingCosts to label_DepreciationOfDryDockingCosts"/>
    <label xlink:type="resource" xlink:label="label_DepreciationOfDryDockingCosts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationOfDryDockingCosts" xml:lang="en-US" id="label_DepreciationOfDryDockingCosts_2">Depreciation Of Dry Docking Costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationOfDryDockingCosts" xlink:to="label_DepreciationOfDryDockingCosts_2" xlink:title="label: DepreciationOfDryDockingCosts to label_DepreciationOfDryDockingCosts"/>
    <label xlink:type="resource" xlink:label="label_DepreciationOfDryDockingCosts_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DepreciationOfDryDockingCosts" xml:lang="en-US" id="label_DepreciationOfDryDockingCosts_3">Depreciation of dry-docking costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationOfDryDockingCosts" xlink:to="label_DepreciationOfDryDockingCosts_3" xlink:title="label: DepreciationOfDryDockingCosts to label_DepreciationOfDryDockingCosts"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DepreciationOfficeFurnitureAndEquipment" xlink:label="DepreciationOfficeFurnitureAndEquipment" xlink:title="DepreciationOfficeFurnitureAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DepreciationOfficeFurnitureAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DepreciationOfficeFurnitureAndEquipment" xml:lang="en-US" id="label_DepreciationOfficeFurnitureAndEquipment">The amount of depreciation of office furniture and equipment.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationOfficeFurnitureAndEquipment" xlink:to="label_DepreciationOfficeFurnitureAndEquipment" xlink:title="label: DepreciationOfficeFurnitureAndEquipment to label_DepreciationOfficeFurnitureAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DepreciationOfficeFurnitureAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationOfficeFurnitureAndEquipment" xml:lang="en-US" id="label_DepreciationOfficeFurnitureAndEquipment_2">Depreciation Office Furniture And Equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationOfficeFurnitureAndEquipment" xlink:to="label_DepreciationOfficeFurnitureAndEquipment_2" xlink:title="label: DepreciationOfficeFurnitureAndEquipment to label_DepreciationOfficeFurnitureAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DepreciationOfficeFurnitureAndEquipment_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationOfficeFurnitureAndEquipment" xml:lang="en-US" id="label_DepreciationOfficeFurnitureAndEquipment_3">Depreciation on office furniture and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationOfficeFurnitureAndEquipment" xlink:to="label_DepreciationOfficeFurnitureAndEquipment_3" xlink:title="label: DepreciationOfficeFurnitureAndEquipment to label_DepreciationOfficeFurnitureAndEquipment"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xlink:label="DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xlink:title="DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember"/>
    <label xlink:type="resource" xlink:label="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xml:lang="en-US" id="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember">Devocean Maritime Ltd Domina Maritime Ltd Dulac Maritime SA [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xlink:to="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xlink:title="label: DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember to label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember"/>
    <label xlink:type="resource" xlink:label="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xml:lang="en-US" id="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember_2">(a) Devocean Maritime Ltd., Domina Maritime Ltd. &amp; Dulac Maritime S.A.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xlink:to="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember_2" xlink:title="label: DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember to label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember"/>
    <label xlink:type="resource" xlink:label="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xml:lang="en-US" id="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember_3">Devocean Maritime LTD., Domina Maritime LTD. &amp; Dulac Maritime S.A.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember" xlink:to="label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember_3" xlink:title="label: DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember to label_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DevoceanMaritimeLtdMember" xlink:label="DevoceanMaritimeLtdMember" xlink:title="DevoceanMaritimeLtdMember"/>
    <label xlink:type="resource" xlink:label="label_DevoceanMaritimeLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DevoceanMaritimeLtdMember" xml:lang="en-US" id="label_DevoceanMaritimeLtdMember">Devocean Maritime Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevoceanMaritimeLtdMember" xlink:to="label_DevoceanMaritimeLtdMember" xlink:title="label: DevoceanMaritimeLtdMember to label_DevoceanMaritimeLtdMember"/>
    <label xlink:type="resource" xlink:label="label_DevoceanMaritimeLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DevoceanMaritimeLtdMember" xml:lang="en-US" id="label_DevoceanMaritimeLtdMember_2">Devocean Maritime Ltd.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevoceanMaritimeLtdMember" xlink:to="label_DevoceanMaritimeLtdMember_2" xlink:title="label: DevoceanMaritimeLtdMember to label_DevoceanMaritimeLtdMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DocumentEntityInformationAbstract" xlink:label="DocumentEntityInformationAbstract" xlink:title="DocumentEntityInformationAbstract"/>
    <label xlink:type="resource" xlink:label="label_DocumentEntityInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentEntityInformationAbstract" xml:lang="en-US" id="label_DocumentEntityInformationAbstract">Document Entity Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentEntityInformationAbstract" xlink:to="label_DocumentEntityInformationAbstract" xlink:title="label: DocumentEntityInformationAbstract to label_DocumentEntityInformationAbstract"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DominaMaritimeLtdMember" xlink:label="DominaMaritimeLtdMember" xlink:title="DominaMaritimeLtdMember"/>
    <label xlink:type="resource" xlink:label="label_DominaMaritimeLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DominaMaritimeLtdMember" xml:lang="en-US" id="label_DominaMaritimeLtdMember">Domina Maritime Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DominaMaritimeLtdMember" xlink:to="label_DominaMaritimeLtdMember" xlink:title="label: DominaMaritimeLtdMember to label_DominaMaritimeLtdMember"/>
    <label xlink:type="resource" xlink:label="label_DominaMaritimeLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DominaMaritimeLtdMember" xml:lang="en-US" id="label_DominaMaritimeLtdMember_2">Domina Maritime Ltd.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DominaMaritimeLtdMember" xlink:to="label_DominaMaritimeLtdMember_2" xlink:title="label: DominaMaritimeLtdMember to label_DominaMaritimeLtdMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DryDockingMember" xlink:label="DryDockingMember" xlink:title="DryDockingMember"/>
    <label xlink:type="resource" xlink:label="label_DryDockingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DryDockingMember" xml:lang="en-US" id="label_DryDockingMember">Dry Docking [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DryDockingMember" xlink:to="label_DryDockingMember" xlink:title="label: DryDockingMember to label_DryDockingMember"/>
    <label xlink:type="resource" xlink:label="label_DryDockingMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DryDockingMember" xml:lang="en-US" id="label_DryDockingMember_2">Dry docking</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DryDockingMember" xlink:to="label_DryDockingMember_2" xlink:title="label: DryDockingMember to label_DryDockingMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DulacMaritimeSAMember" xlink:label="DulacMaritimeSAMember" xlink:title="DulacMaritimeSAMember"/>
    <label xlink:type="resource" xlink:label="label_DulacMaritimeSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DulacMaritimeSAMember" xml:lang="en-US" id="label_DulacMaritimeSAMember">Dulac Maritime SA [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DulacMaritimeSAMember" xlink:to="label_DulacMaritimeSAMember" xlink:title="label: DulacMaritimeSAMember to label_DulacMaritimeSAMember"/>
    <label xlink:type="resource" xlink:label="label_DulacMaritimeSAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DulacMaritimeSAMember" xml:lang="en-US" id="label_DulacMaritimeSAMember_2">Dulac Maritime S.A.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DulacMaritimeSAMember" xlink:to="label_DulacMaritimeSAMember_2" xlink:title="label: DulacMaritimeSAMember to label_DulacMaritimeSAMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ElysiumMaritimeLimitedMember" xlink:label="ElysiumMaritimeLimitedMember" xlink:title="ElysiumMaritimeLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_ElysiumMaritimeLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ElysiumMaritimeLimitedMember" xml:lang="en-US" id="label_ElysiumMaritimeLimitedMember">Elysium Maritime Limited [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ElysiumMaritimeLimitedMember" xlink:to="label_ElysiumMaritimeLimitedMember" xlink:title="label: ElysiumMaritimeLimitedMember to label_ElysiumMaritimeLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_ElysiumMaritimeLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ElysiumMaritimeLimitedMember" xml:lang="en-US" id="label_ElysiumMaritimeLimitedMember_2">Elysium Maritime Limited (The company was dissolved on August 24, 2016)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ElysiumMaritimeLimitedMember" xlink:to="label_ElysiumMaritimeLimitedMember_2" xlink:title="label: ElysiumMaritimeLimitedMember to label_ElysiumMaritimeLimitedMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_EnergyGlobeMember" xlink:label="EnergyGlobeMember" xlink:title="EnergyGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_EnergyGlobeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EnergyGlobeMember" xml:lang="en-US" id="label_EnergyGlobeMember">Energy Globe [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EnergyGlobeMember" xlink:to="label_EnergyGlobeMember" xlink:title="label: EnergyGlobeMember to label_EnergyGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_EnergyGlobeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EnergyGlobeMember" xml:lang="en-US" id="label_EnergyGlobeMember_2">Energy Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EnergyGlobeMember" xlink:to="label_EnergyGlobeMember_2" xlink:title="label: EnergyGlobeMember to label_EnergyGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_EnergyGlobeMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_EnergyGlobeMember" xml:lang="en-US" id="label_EnergyGlobeMember_3">m/v Energy Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EnergyGlobeMember" xlink:to="label_EnergyGlobeMember_3" xlink:title="label: EnergyGlobeMember to label_EnergyGlobeMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_EolosShipmanagementSAMember" xlink:label="EolosShipmanagementSAMember" xlink:title="EolosShipmanagementSAMember"/>
    <label xlink:type="resource" xlink:label="label_EolosShipmanagementSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EolosShipmanagementSAMember" xml:lang="en-US" id="label_EolosShipmanagementSAMember">Eolos Shipmanagement SA [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EolosShipmanagementSAMember" xlink:to="label_EolosShipmanagementSAMember" xlink:title="label: EolosShipmanagementSAMember to label_EolosShipmanagementSAMember"/>
    <label xlink:type="resource" xlink:label="label_EolosShipmanagementSAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EolosShipmanagementSAMember" xml:lang="en-US" id="label_EolosShipmanagementSAMember_2">Eolos Shipmanagement S.A.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EolosShipmanagementSAMember" xlink:to="label_EolosShipmanagementSAMember_2" xlink:title="label: EolosShipmanagementSAMember to label_EolosShipmanagementSAMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ExecutiveDirectorsMember" xlink:label="ExecutiveDirectorsMember" xlink:title="ExecutiveDirectorsMember"/>
    <label xlink:type="resource" xlink:label="label_ExecutiveDirectorsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExecutiveDirectorsMember" xml:lang="en-US" id="label_ExecutiveDirectorsMember">Executive Directors [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExecutiveDirectorsMember" xlink:to="label_ExecutiveDirectorsMember" xlink:title="label: ExecutiveDirectorsMember to label_ExecutiveDirectorsMember"/>
    <label xlink:type="resource" xlink:label="label_ExecutiveDirectorsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExecutiveDirectorsMember" xml:lang="en-US" id="label_ExecutiveDirectorsMember_2">Executive Director</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExecutiveDirectorsMember" xlink:to="label_ExecutiveDirectorsMember_2" xlink:title="label: ExecutiveDirectorsMember to label_ExecutiveDirectorsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ExercisePriceOfOutstandingWarrants" xlink:label="ExercisePriceOfOutstandingWarrants" xlink:title="ExercisePriceOfOutstandingWarrants"/>
    <label xlink:type="resource" xlink:label="label_ExercisePriceOfOutstandingWarrants" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExercisePriceOfOutstandingWarrants" xml:lang="en-US" id="label_ExercisePriceOfOutstandingWarrants_3">The exercise price of outstanding warrants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExercisePriceOfOutstandingWarrants" xlink:to="label_ExercisePriceOfOutstandingWarrants" xlink:title="label: ExercisePriceOfOutstandingWarrants to label_ExercisePriceOfOutstandingWarrants"/>
    <label xlink:type="resource" xlink:label="label_ExercisePriceOfOutstandingWarrants_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExercisePriceOfOutstandingWarrants" xml:lang="en-US" id="label_ExercisePriceOfOutstandingWarrants">Exercise Price Of Outstanding Warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExercisePriceOfOutstandingWarrants" xlink:to="label_ExercisePriceOfOutstandingWarrants_2" xlink:title="label: ExercisePriceOfOutstandingWarrants to label_ExercisePriceOfOutstandingWarrants"/>
    <label xlink:type="resource" xlink:label="label_ExercisePriceOfOutstandingWarrants_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExercisePriceOfOutstandingWarrants" xml:lang="en-US" id="label_ExercisePriceOfOutstandingWarrants_2">Warrants exercise price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExercisePriceOfOutstandingWarrants" xlink:to="label_ExercisePriceOfOutstandingWarrants_3" xlink:title="label: ExercisePriceOfOutstandingWarrants to label_ExercisePriceOfOutstandingWarrants"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ExtraDepreciationPropertyPlantAndEquipment" xlink:label="ExtraDepreciationPropertyPlantAndEquipment" xlink:title="ExtraDepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_ExtraDepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExtraDepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_ExtraDepreciationPropertyPlantAndEquipment">The extra depreciation expense recognised during the period, due to changes in scrap rates.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraDepreciationPropertyPlantAndEquipment" xlink:to="label_ExtraDepreciationPropertyPlantAndEquipment" xlink:title="label: ExtraDepreciationPropertyPlantAndEquipment to label_ExtraDepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_ExtraDepreciationPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExtraDepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_ExtraDepreciationPropertyPlantAndEquipment_2">Extra Depreciation Property Plant And Equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraDepreciationPropertyPlantAndEquipment" xlink:to="label_ExtraDepreciationPropertyPlantAndEquipment_2" xlink:title="label: ExtraDepreciationPropertyPlantAndEquipment to label_ExtraDepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_ExtraDepreciationPropertyPlantAndEquipment_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExtraDepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_ExtraDepreciationPropertyPlantAndEquipment_3">Increase / (decrease) in depreciation expense due to changes in scrap rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraDepreciationPropertyPlantAndEquipment" xlink:to="label_ExtraDepreciationPropertyPlantAndEquipment_3" xlink:title="label: ExtraDepreciationPropertyPlantAndEquipment to label_ExtraDepreciationPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_FairValueOfTimeCharterAttachedMember" xlink:label="FairValueOfTimeCharterAttachedMember" xlink:title="FairValueOfTimeCharterAttachedMember"/>
    <label xlink:type="resource" xlink:label="label_FairValueOfTimeCharterAttachedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueOfTimeCharterAttachedMember" xml:lang="en-US" id="label_FairValueOfTimeCharterAttachedMember">Fair Value Of Time Charter Attached [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfTimeCharterAttachedMember" xlink:to="label_FairValueOfTimeCharterAttachedMember" xlink:title="label: FairValueOfTimeCharterAttachedMember to label_FairValueOfTimeCharterAttachedMember"/>
    <label xlink:type="resource" xlink:label="label_FairValueOfTimeCharterAttachedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FairValueOfTimeCharterAttachedMember" xml:lang="en-US" id="label_FairValueOfTimeCharterAttachedMember_2">Fair value of time charter attached</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfTimeCharterAttachedMember" xlink:to="label_FairValueOfTimeCharterAttachedMember_2" xlink:title="label: FairValueOfTimeCharterAttachedMember to label_FairValueOfTimeCharterAttachedMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_FirmentTradingLimitedMember" xlink:label="FirmentTradingLimitedMember" xlink:title="FirmentTradingLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentTradingLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FirmentTradingLimitedMember" xml:lang="en-US" id="label_FirmentTradingLimitedMember">Firment Trading Limited [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentTradingLimitedMember" xlink:to="label_FirmentTradingLimitedMember" xlink:title="label: FirmentTradingLimitedMember to label_FirmentTradingLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentTradingLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FirmentTradingLimitedMember" xml:lang="en-US" id="label_FirmentTradingLimitedMember_2">Firment Trading Limited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentTradingLimitedMember" xlink:to="label_FirmentTradingLimitedMember_2" xlink:title="label: FirmentTradingLimitedMember to label_FirmentTradingLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentTradingLimitedMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FirmentTradingLimitedMember" xml:lang="en-US" id="label_FirmentTradingLimitedMember_3">Globus Maritime Limited-Firment Trading Limited (note 4)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentTradingLimitedMember" xlink:to="label_FirmentTradingLimitedMember_3" xlink:title="label: FirmentTradingLimitedMember to label_FirmentTradingLimitedMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_GasCylindersInventoryCurrent" xlink:label="GasCylindersInventoryCurrent" xlink:title="GasCylindersInventoryCurrent"/>
    <label xlink:type="resource" xlink:label="label_GasCylindersInventoryCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GasCylindersInventoryCurrent" xml:lang="en-US" id="label_GasCylindersInventoryCurrent">Carrying amount as of the balance sheet date of gas cylinder's inventory.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GasCylindersInventoryCurrent" xlink:to="label_GasCylindersInventoryCurrent" xlink:title="label: GasCylindersInventoryCurrent to label_GasCylindersInventoryCurrent"/>
    <label xlink:type="resource" xlink:label="label_GasCylindersInventoryCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GasCylindersInventoryCurrent" xml:lang="en-US" id="label_GasCylindersInventoryCurrent_2">Gas Cylinders Inventory Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GasCylindersInventoryCurrent" xlink:to="label_GasCylindersInventoryCurrent_2" xlink:title="label: GasCylindersInventoryCurrent to label_GasCylindersInventoryCurrent"/>
    <label xlink:type="resource" xlink:label="label_GasCylindersInventoryCurrent_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GasCylindersInventoryCurrent" xml:lang="en-US" id="label_GasCylindersInventoryCurrent_3">Gas cylinders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GasCylindersInventoryCurrent" xlink:to="label_GasCylindersInventoryCurrent_3" xlink:title="label: GasCylindersInventoryCurrent to label_GasCylindersInventoryCurrent"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_GlobusShipmanagementCorpMember" xlink:label="GlobusShipmanagementCorpMember" xlink:title="GlobusShipmanagementCorpMember"/>
    <label xlink:type="resource" xlink:label="label_GlobusShipmanagementCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GlobusShipmanagementCorpMember" xml:lang="en-US" id="label_GlobusShipmanagementCorpMember">Globus Shipmanagement Corp [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobusShipmanagementCorpMember" xlink:to="label_GlobusShipmanagementCorpMember" xlink:title="label: GlobusShipmanagementCorpMember to label_GlobusShipmanagementCorpMember"/>
    <label xlink:type="resource" xlink:label="label_GlobusShipmanagementCorpMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GlobusShipmanagementCorpMember" xml:lang="en-US" id="label_GlobusShipmanagementCorpMember_2">Globus Shipmanagement Corp.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobusShipmanagementCorpMember" xlink:to="label_GlobusShipmanagementCorpMember_2" xlink:title="label: GlobusShipmanagementCorpMember to label_GlobusShipmanagementCorpMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_IncreaseDecreaseInNumberOfPreferredSharesIssued" xlink:label="IncreaseDecreaseInNumberOfPreferredSharesIssued" xlink:title="IncreaseDecreaseInNumberOfPreferredSharesIssued"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfPreferredSharesIssued" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInNumberOfPreferredSharesIssued" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfPreferredSharesIssued">The increase (decrease) in the number of preferred shares issued.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfPreferredSharesIssued" xlink:to="label_IncreaseDecreaseInNumberOfPreferredSharesIssued" xlink:title="label: IncreaseDecreaseInNumberOfPreferredSharesIssued to label_IncreaseDecreaseInNumberOfPreferredSharesIssued"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfPreferredSharesIssued_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInNumberOfPreferredSharesIssued" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfPreferredSharesIssued_2">Increase Decrease In Number Of Preferred Shares Issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfPreferredSharesIssued" xlink:to="label_IncreaseDecreaseInNumberOfPreferredSharesIssued_2" xlink:title="label: IncreaseDecreaseInNumberOfPreferredSharesIssued to label_IncreaseDecreaseInNumberOfPreferredSharesIssued"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfPreferredSharesIssued_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInNumberOfPreferredSharesIssued" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfPreferredSharesIssued_3">Issued during the year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfPreferredSharesIssued" xlink:to="label_IncreaseDecreaseInNumberOfPreferredSharesIssued_3" xlink:title="label: IncreaseDecreaseInNumberOfPreferredSharesIssued to label_IncreaseDecreaseInNumberOfPreferredSharesIssued"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LineOfCreditFacilityDecreaseForgiveness" xlink:label="LineOfCreditFacilityDecreaseForgiveness" xlink:title="LineOfCreditFacilityDecreaseForgiveness"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityDecreaseForgiveness" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LineOfCreditFacilityDecreaseForgiveness" xml:lang="en-US" id="label_LineOfCreditFacilityDecreaseForgiveness_3">Amount of decrease in line of credit facility from forgiveness by the holder of the line of credit.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityDecreaseForgiveness" xlink:to="label_LineOfCreditFacilityDecreaseForgiveness" xlink:title="label: LineOfCreditFacilityDecreaseForgiveness to label_LineOfCreditFacilityDecreaseForgiveness"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityDecreaseForgiveness_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LineOfCreditFacilityDecreaseForgiveness" xml:lang="en-US" id="label_LineOfCreditFacilityDecreaseForgiveness">Line Of Credit Facility Decrease Forgiveness</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityDecreaseForgiveness" xlink:to="label_LineOfCreditFacilityDecreaseForgiveness_2" xlink:title="label: LineOfCreditFacilityDecreaseForgiveness to label_LineOfCreditFacilityDecreaseForgiveness"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityDecreaseForgiveness_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LineOfCreditFacilityDecreaseForgiveness" xml:lang="en-US" id="label_LineOfCreditFacilityDecreaseForgiveness_2">Credit Facility, Decrease, Forgiveness</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityDecreaseForgiveness" xlink:to="label_LineOfCreditFacilityDecreaseForgiveness_3" xlink:title="label: LineOfCreditFacilityDecreaseForgiveness to label_LineOfCreditFacilityDecreaseForgiveness"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LineOfCreditFacilityDrawndownAmountsMultiples" xlink:label="LineOfCreditFacilityDrawndownAmountsMultiples" xlink:title="LineOfCreditFacilityDrawndownAmountsMultiples"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityDrawndownAmountsMultiples" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LineOfCreditFacilityDrawndownAmountsMultiples" xml:lang="en-US" id="label_LineOfCreditFacilityDrawndownAmountsMultiples_3">The multiples of amounts that the company has the right to drawdown under the relevant credit facility.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityDrawndownAmountsMultiples" xlink:to="label_LineOfCreditFacilityDrawndownAmountsMultiples" xlink:title="label: LineOfCreditFacilityDrawndownAmountsMultiples to label_LineOfCreditFacilityDrawndownAmountsMultiples"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityDrawndownAmountsMultiples_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LineOfCreditFacilityDrawndownAmountsMultiples" xml:lang="en-US" id="label_LineOfCreditFacilityDrawndownAmountsMultiples">Line Of Credit Facility Drawndown Amounts Multiples</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityDrawndownAmountsMultiples" xlink:to="label_LineOfCreditFacilityDrawndownAmountsMultiples_2" xlink:title="label: LineOfCreditFacilityDrawndownAmountsMultiples to label_LineOfCreditFacilityDrawndownAmountsMultiples"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityDrawndownAmountsMultiples_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LineOfCreditFacilityDrawndownAmountsMultiples" xml:lang="en-US" id="label_LineOfCreditFacilityDrawndownAmountsMultiples_2">Credit Facility, Drawn down amounts multiples</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityDrawndownAmountsMultiples" xlink:to="label_LineOfCreditFacilityDrawndownAmountsMultiples_3" xlink:title="label: LineOfCreditFacilityDrawndownAmountsMultiples to label_LineOfCreditFacilityDrawndownAmountsMultiples"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:title="LineOfCreditFacilityMaximumBorrowingCapacity"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityMaximumBorrowingCapacity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LineOfCreditFacilityMaximumBorrowingCapacity" xml:lang="en-US" id="label_LineOfCreditFacilityMaximumBorrowingCapacity_3">Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="label_LineOfCreditFacilityMaximumBorrowingCapacity_2" xlink:title="label: LineOfCreditFacilityMaximumBorrowingCapacity to label_LineOfCreditFacilityMaximumBorrowingCapacity"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityMaximumBorrowingCapacity_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LineOfCreditFacilityMaximumBorrowingCapacity" xml:lang="en-US" id="label_LineOfCreditFacilityMaximumBorrowingCapacity">Line Of Credit Facility Maximum Borrowing Capacity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="label_LineOfCreditFacilityMaximumBorrowingCapacity_3" xlink:title="label: LineOfCreditFacilityMaximumBorrowingCapacity to label_LineOfCreditFacilityMaximumBorrowingCapacity"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityMaximumBorrowingCapacity_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LineOfCreditFacilityMaximumBorrowingCapacity" xml:lang="en-US" id="label_LineOfCreditFacilityMaximumBorrowingCapacity_2">Credit Facility, Maximum borrowing capacity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="label_LineOfCreditFacilityMaximumBorrowingCapacity_4" xlink:title="label: LineOfCreditFacilityMaximumBorrowingCapacity to label_LineOfCreditFacilityMaximumBorrowingCapacity"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LineOfCreditFacilityMaximumBorrowingCapacity" xml:lang="en-US" id="label_LineOfCreditFacilityMaximumBorrowingCapacity_4">Loan Facility, Maximum borrowing capacity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="label_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:title="label: LineOfCreditFacilityMaximumBorrowingCapacity to label_LineOfCreditFacilityMaximumBorrowingCapacity"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LongTermBorrowingsGross" xlink:label="LongTermBorrowingsGross" xlink:title="LongTermBorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_LongTermBorrowingsGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LongTermBorrowingsGross" xml:lang="en-US" id="label_LongTermBorrowingsGross">The non-current portion of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermBorrowingsGross" xlink:to="label_LongTermBorrowingsGross" xlink:title="label: LongTermBorrowingsGross to label_LongTermBorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_LongTermBorrowingsGross_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongTermBorrowingsGross" xml:lang="en-US" id="label_LongTermBorrowingsGross_2">Long term Borrowings Gross</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermBorrowingsGross" xlink:to="label_LongTermBorrowingsGross_2" xlink:title="label: LongTermBorrowingsGross to label_LongTermBorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_LongTermBorrowingsGross_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongTermBorrowingsGross" xml:lang="en-US" id="label_LongTermBorrowingsGross_3">Loan Balance - Long-Term Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermBorrowingsGross" xlink:to="label_LongTermBorrowingsGross_3" xlink:title="label: LongTermBorrowingsGross to label_LongTermBorrowingsGross"/>
    <label xlink:type="resource" xlink:label="label_LongTermBorrowingsGross_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LongTermBorrowingsGross" xml:lang="en-US" id="label_LongTermBorrowingsGross_4">Loan Balance - Long-Term Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermBorrowingsGross" xlink:to="label_LongTermBorrowingsGross_4" xlink:title="label: LongTermBorrowingsGross to label_LongTermBorrowingsGross"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LongTermDebtInstrumentUnamortisedDiscount" xlink:label="LongTermDebtInstrumentUnamortisedDiscount" xlink:title="LongTermDebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_LongTermDebtInstrumentUnamortisedDiscount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LongTermDebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_LongTermDebtInstrumentUnamortisedDiscount">The non-current portion of debt discount, after accumulated amortization.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtInstrumentUnamortisedDiscount" xlink:to="label_LongTermDebtInstrumentUnamortisedDiscount" xlink:title="label: LongTermDebtInstrumentUnamortisedDiscount to label_LongTermDebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_LongTermDebtInstrumentUnamortisedDiscount_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongTermDebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_LongTermDebtInstrumentUnamortisedDiscount_2">Long Term Debt Instrument Unamortised Discount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtInstrumentUnamortisedDiscount" xlink:to="label_LongTermDebtInstrumentUnamortisedDiscount_2" xlink:title="label: LongTermDebtInstrumentUnamortisedDiscount to label_LongTermDebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_LongTermDebtInstrumentUnamortisedDiscount_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongTermDebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_LongTermDebtInstrumentUnamortisedDiscount_3">Unamortized Debt Discount - Long-Term Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtInstrumentUnamortisedDiscount" xlink:to="label_LongTermDebtInstrumentUnamortisedDiscount_3" xlink:title="label: LongTermDebtInstrumentUnamortisedDiscount to label_LongTermDebtInstrumentUnamortisedDiscount"/>
    <label xlink:type="resource" xlink:label="label_LongTermDebtInstrumentUnamortisedDiscount_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LongTermDebtInstrumentUnamortisedDiscount" xml:lang="en-US" id="label_LongTermDebtInstrumentUnamortisedDiscount_4">Unamortized Debt Discount - Long-Term Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtInstrumentUnamortisedDiscount" xlink:to="label_LongTermDebtInstrumentUnamortisedDiscount_4" xlink:title="label: LongTermDebtInstrumentUnamortisedDiscount to label_LongTermDebtInstrumentUnamortisedDiscount"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LongevityMaritimeLimitedMember" xlink:label="LongevityMaritimeLimitedMember" xlink:title="LongevityMaritimeLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_LongevityMaritimeLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongevityMaritimeLimitedMember" xml:lang="en-US" id="label_LongevityMaritimeLimitedMember">Longevity Maritime Limited [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongevityMaritimeLimitedMember" xlink:to="label_LongevityMaritimeLimitedMember" xlink:title="label: LongevityMaritimeLimitedMember to label_LongevityMaritimeLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_LongevityMaritimeLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongevityMaritimeLimitedMember" xml:lang="en-US" id="label_LongevityMaritimeLimitedMember_2">Longevity Maritime Limited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongevityMaritimeLimitedMember" xlink:to="label_LongevityMaritimeLimitedMember_2" xlink:title="label: LongevityMaritimeLimitedMember to label_LongevityMaritimeLimitedMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LubricantsInventoryCurrent" xlink:label="LubricantsInventoryCurrent" xlink:title="LubricantsInventoryCurrent"/>
    <label xlink:type="resource" xlink:label="label_LubricantsInventoryCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LubricantsInventoryCurrent" xml:lang="en-US" id="label_LubricantsInventoryCurrent">Carrying amount as of the balance sheet date of lubricants' inventory.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LubricantsInventoryCurrent" xlink:to="label_LubricantsInventoryCurrent" xlink:title="label: LubricantsInventoryCurrent to label_LubricantsInventoryCurrent"/>
    <label xlink:type="resource" xlink:label="label_LubricantsInventoryCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LubricantsInventoryCurrent" xml:lang="en-US" id="label_LubricantsInventoryCurrent_2">Lubricants Inventory Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LubricantsInventoryCurrent" xlink:to="label_LubricantsInventoryCurrent_2" xlink:title="label: LubricantsInventoryCurrent to label_LubricantsInventoryCurrent"/>
    <label xlink:type="resource" xlink:label="label_LubricantsInventoryCurrent_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LubricantsInventoryCurrent" xml:lang="en-US" id="label_LubricantsInventoryCurrent_3">Lubricants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LubricantsInventoryCurrent" xlink:to="label_LubricantsInventoryCurrent_3" xlink:title="label: LubricantsInventoryCurrent to label_LubricantsInventoryCurrent"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MonthlyRentalExpense" xlink:label="MonthlyRentalExpense" xlink:title="MonthlyRentalExpense"/>
    <label xlink:type="resource" xlink:label="label_MonthlyRentalExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MonthlyRentalExpense" xml:lang="en-US" id="label_MonthlyRentalExpense_3">The amount of monthly expense recognised on rental activities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonthlyRentalExpense" xlink:to="label_MonthlyRentalExpense" xlink:title="label: MonthlyRentalExpense to label_MonthlyRentalExpense"/>
    <label xlink:type="resource" xlink:label="label_MonthlyRentalExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MonthlyRentalExpense" xml:lang="en-US" id="label_MonthlyRentalExpense">Monthly Rental Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonthlyRentalExpense" xlink:to="label_MonthlyRentalExpense_2" xlink:title="label: MonthlyRentalExpense to label_MonthlyRentalExpense"/>
    <label xlink:type="resource" xlink:label="label_MonthlyRentalExpense_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MonthlyRentalExpense" xml:lang="en-US" id="label_MonthlyRentalExpense_2">Monthly rental expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonthlyRentalExpense" xlink:to="label_MonthlyRentalExpense_3" xlink:title="label: MonthlyRentalExpense to label_MonthlyRentalExpense"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NonExecutiveDirectorsMember" xlink:label="NonExecutiveDirectorsMember" xlink:title="NonExecutiveDirectorsMember"/>
    <label xlink:type="resource" xlink:label="label_NonExecutiveDirectorsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonExecutiveDirectorsMember" xml:lang="en-US" id="label_NonExecutiveDirectorsMember_3">Non Executive Directors [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonExecutiveDirectorsMember" xlink:to="label_NonExecutiveDirectorsMember_2" xlink:title="label: NonExecutiveDirectorsMember to label_NonExecutiveDirectorsMember"/>
    <label xlink:type="resource" xlink:label="label_NonExecutiveDirectorsMember_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonExecutiveDirectorsMember" xml:lang="en-US" id="label_NonExecutiveDirectorsMember">Non-Executive Directors</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonExecutiveDirectorsMember" xlink:to="label_NonExecutiveDirectorsMember_3" xlink:title="label: NonExecutiveDirectorsMember to label_NonExecutiveDirectorsMember"/>
    <label xlink:type="resource" xlink:label="label_NonExecutiveDirectorsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NonExecutiveDirectorsMember" xml:lang="en-US" id="label_NonExecutiveDirectorsMember_2">Non-executive directors' payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonExecutiveDirectorsMember" xlink:to="label_NonExecutiveDirectorsMember" xlink:title="label: NonExecutiveDirectorsMember to label_NonExecutiveDirectorsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NumberOfOperatingSegments" xlink:label="NumberOfOperatingSegments" xlink:title="NumberOfOperatingSegments"/>
    <label xlink:type="resource" xlink:label="label_NumberOfOperatingSegments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfOperatingSegments" xml:lang="en-US" id="label_NumberOfOperatingSegments">Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingSegments" xlink:to="label_NumberOfOperatingSegments" xlink:title="label: NumberOfOperatingSegments to label_NumberOfOperatingSegments"/>
    <label xlink:type="resource" xlink:label="label_NumberOfOperatingSegments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfOperatingSegments" xml:lang="en-US" id="label_NumberOfOperatingSegments_2">Number Of Operating Segments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingSegments" xlink:to="label_NumberOfOperatingSegments_2" xlink:title="label: NumberOfOperatingSegments to label_NumberOfOperatingSegments"/>
    <label xlink:type="resource" xlink:label="label_NumberOfOperatingSegments_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfOperatingSegments" xml:lang="en-US" id="label_NumberOfOperatingSegments_3">Number of Operating Segments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingSegments" xlink:to="label_NumberOfOperatingSegments_3" xlink:title="label: NumberOfOperatingSegments to label_NumberOfOperatingSegments"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NumberOfSharesCalledByWarrants" xlink:label="NumberOfSharesCalledByWarrants" xlink:title="NumberOfSharesCalledByWarrants"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesCalledByWarrants" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesCalledByWarrants" xml:lang="en-US" id="label_NumberOfSharesCalledByWarrants_3">Number of shares into which the warrants may be converted.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesCalledByWarrants" xlink:to="label_NumberOfSharesCalledByWarrants" xlink:title="label: NumberOfSharesCalledByWarrants to label_NumberOfSharesCalledByWarrants"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesCalledByWarrants_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesCalledByWarrants" xml:lang="en-US" id="label_NumberOfSharesCalledByWarrants">Number Of Shares Called By Warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesCalledByWarrants" xlink:to="label_NumberOfSharesCalledByWarrants_2" xlink:title="label: NumberOfSharesCalledByWarrants to label_NumberOfSharesCalledByWarrants"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesCalledByWarrants_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesCalledByWarrants" xml:lang="en-US" id="label_NumberOfSharesCalledByWarrants_2">Number of shares called by warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesCalledByWarrants" xlink:to="label_NumberOfSharesCalledByWarrants_3" xlink:title="label: NumberOfSharesCalledByWarrants to label_NumberOfSharesCalledByWarrants"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NumberOfSharesHeldByControllingParty" xlink:label="NumberOfSharesHeldByControllingParty" xlink:title="NumberOfSharesHeldByControllingParty"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesHeldByControllingParty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesHeldByControllingParty" xml:lang="en-US" id="label_NumberOfSharesHeldByControllingParty_3">The number of common shares held by the controlling party.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesHeldByControllingParty" xlink:to="label_NumberOfSharesHeldByControllingParty" xlink:title="label: NumberOfSharesHeldByControllingParty to label_NumberOfSharesHeldByControllingParty"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesHeldByControllingParty_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesHeldByControllingParty" xml:lang="en-US" id="label_NumberOfSharesHeldByControllingParty">Number Of Shares Held By Controlling Party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesHeldByControllingParty" xlink:to="label_NumberOfSharesHeldByControllingParty_2" xlink:title="label: NumberOfSharesHeldByControllingParty to label_NumberOfSharesHeldByControllingParty"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesHeldByControllingParty_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesHeldByControllingParty" xml:lang="en-US" id="label_NumberOfSharesHeldByControllingParty_2">Number of common shares held by the controlling party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesHeldByControllingParty" xlink:to="label_NumberOfSharesHeldByControllingParty_3" xlink:title="label: NumberOfSharesHeldByControllingParty to label_NumberOfSharesHeldByControllingParty"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_OtherAccruals" xlink:label="OtherAccruals" xlink:title="OtherAccruals"/>
    <label xlink:type="resource" xlink:label="label_OtherAccruals" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherAccruals" xml:lang="en-US" id="label_OtherAccruals">The amount of accruals payable classified as other.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAccruals" xlink:to="label_OtherAccruals" xlink:title="label: OtherAccruals to label_OtherAccruals"/>
    <label xlink:type="resource" xlink:label="label_OtherAccruals_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAccruals" xml:lang="en-US" id="label_OtherAccruals_2">Other Accruals</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAccruals" xlink:to="label_OtherAccruals_2" xlink:title="label: OtherAccruals to label_OtherAccruals"/>
    <label xlink:type="resource" xlink:label="label_OtherAccruals_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherAccruals" xml:lang="en-US" id="label_OtherAccruals_3">Other accruals</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAccruals" xlink:to="label_OtherAccruals_3" xlink:title="label: OtherAccruals to label_OtherAccruals"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_PanamaxMember" xlink:label="PanamaxMember" xlink:title="PanamaxMember"/>
    <label xlink:type="resource" xlink:label="label_PanamaxMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PanamaxMember" xml:lang="en-US" id="label_PanamaxMember">Panamax [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PanamaxMember" xlink:to="label_PanamaxMember" xlink:title="label: PanamaxMember to label_PanamaxMember"/>
    <label xlink:type="resource" xlink:label="label_PanamaxMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PanamaxMember" xml:lang="en-US" id="label_PanamaxMember_2">Panamax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PanamaxMember" xlink:to="label_PanamaxMember_2" xlink:title="label: PanamaxMember to label_PanamaxMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_PaymentsOfDeferredDryDockingCosts" xlink:label="PaymentsOfDeferredDryDockingCosts" xlink:title="PaymentsOfDeferredDryDockingCosts"/>
    <label xlink:type="resource" xlink:label="label_PaymentsOfDeferredDryDockingCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsOfDeferredDryDockingCosts" xml:lang="en-US" id="label_PaymentsOfDeferredDryDockingCosts">The cash outflow for deferred dry-docking costs.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDeferredDryDockingCosts" xlink:to="label_PaymentsOfDeferredDryDockingCosts" xlink:title="label: PaymentsOfDeferredDryDockingCosts to label_PaymentsOfDeferredDryDockingCosts"/>
    <label xlink:type="resource" xlink:label="label_PaymentsOfDeferredDryDockingCosts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsOfDeferredDryDockingCosts" xml:lang="en-US" id="label_PaymentsOfDeferredDryDockingCosts_2">Payments Of Deferred Dry Docking Costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDeferredDryDockingCosts" xlink:to="label_PaymentsOfDeferredDryDockingCosts_2" xlink:title="label: PaymentsOfDeferredDryDockingCosts to label_PaymentsOfDeferredDryDockingCosts"/>
    <label xlink:type="resource" xlink:label="label_PaymentsOfDeferredDryDockingCosts_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsOfDeferredDryDockingCosts" xml:lang="en-US" id="label_PaymentsOfDeferredDryDockingCosts_3">Payment of deferred dry-docking costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDeferredDryDockingCosts" xlink:to="label_PaymentsOfDeferredDryDockingCosts_3" xlink:title="label: PaymentsOfDeferredDryDockingCosts to label_PaymentsOfDeferredDryDockingCosts"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ProportionOfOwnershipInterestsHeldByControllingParty" xlink:label="ProportionOfOwnershipInterestsHeldByControllingParty" xlink:title="ProportionOfOwnershipInterestsHeldByControllingParty"/>
    <label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestsHeldByControllingParty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProportionOfOwnershipInterestsHeldByControllingParty" xml:lang="en-US" id="label_ProportionOfOwnershipInterestsHeldByControllingParty_3">The proportion of ownership interests held by the controlling party.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByControllingParty" xlink:to="label_ProportionOfOwnershipInterestsHeldByControllingParty" xlink:title="label: ProportionOfOwnershipInterestsHeldByControllingParty to label_ProportionOfOwnershipInterestsHeldByControllingParty"/>
    <label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestsHeldByControllingParty_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestsHeldByControllingParty" xml:lang="en-US" id="label_ProportionOfOwnershipInterestsHeldByControllingParty">Proportion Of Ownership Interests Held By Controlling Party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByControllingParty" xlink:to="label_ProportionOfOwnershipInterestsHeldByControllingParty_2" xlink:title="label: ProportionOfOwnershipInterestsHeldByControllingParty to label_ProportionOfOwnershipInterestsHeldByControllingParty"/>
    <label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestsHeldByControllingParty_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestsHeldByControllingParty" xml:lang="en-US" id="label_ProportionOfOwnershipInterestsHeldByControllingParty_2">Proportion of ownership interests held by the controlling party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByControllingParty" xlink:to="label_ProportionOfOwnershipInterestsHeldByControllingParty_3" xlink:title="label: ProportionOfOwnershipInterestsHeldByControllingParty to label_ProportionOfOwnershipInterestsHeldByControllingParty"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_RentalAnnualIncreaseRateAboveInflation" xlink:label="RentalAnnualIncreaseRateAboveInflation" xlink:title="RentalAnnualIncreaseRateAboveInflation"/>
    <label xlink:type="resource" xlink:label="label_RentalAnnualIncreaseRateAboveInflation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RentalAnnualIncreaseRateAboveInflation" xml:lang="en-US" id="label_RentalAnnualIncreaseRateAboveInflation_3">The annual increase of the rental rate, above the rate of inflation as set by the Bank of Greece, according to the relevant rental agreement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentalAnnualIncreaseRateAboveInflation" xlink:to="label_RentalAnnualIncreaseRateAboveInflation" xlink:title="label: RentalAnnualIncreaseRateAboveInflation to label_RentalAnnualIncreaseRateAboveInflation"/>
    <label xlink:type="resource" xlink:label="label_RentalAnnualIncreaseRateAboveInflation_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RentalAnnualIncreaseRateAboveInflation" xml:lang="en-US" id="label_RentalAnnualIncreaseRateAboveInflation">Rental Annual Increase Rate Above Inflation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentalAnnualIncreaseRateAboveInflation" xlink:to="label_RentalAnnualIncreaseRateAboveInflation_2" xlink:title="label: RentalAnnualIncreaseRateAboveInflation to label_RentalAnnualIncreaseRateAboveInflation"/>
    <label xlink:type="resource" xlink:label="label_RentalAnnualIncreaseRateAboveInflation_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RentalAnnualIncreaseRateAboveInflation" xml:lang="en-US" id="label_RentalAnnualIncreaseRateAboveInflation_2">Rental annual increase rate above inflation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentalAnnualIncreaseRateAboveInflation" xlink:to="label_RentalAnnualIncreaseRateAboveInflation_3" xlink:title="label: RentalAnnualIncreaseRateAboveInflation to label_RentalAnnualIncreaseRateAboveInflation"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:label="RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:title="RestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedCashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_RestrictedCashAndCashEquivalentsFairValueDisclosure">The fair value of cash and cash equivalent items which are restricted as to withdrawal or usage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="label_RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:title="label: RestrictedCashAndCashEquivalentsFairValueDisclosure to label_RestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_RestrictedCashAndCashEquivalentsFairValueDisclosure_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedCashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_RestrictedCashAndCashEquivalentsFairValueDisclosure_2">Restricted Cash And Cash Equivalents Fair Value Disclosure</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="label_RestrictedCashAndCashEquivalentsFairValueDisclosure_2" xlink:title="label: RestrictedCashAndCashEquivalentsFairValueDisclosure to label_RestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_RestrictedCashAndCashEquivalentsFairValueDisclosure_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedCashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_RestrictedCashAndCashEquivalentsFairValueDisclosure_3">Fair value of restricted cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="label_RestrictedCashAndCashEquivalentsFairValueDisclosure_3" xlink:title="label: RestrictedCashAndCashEquivalentsFairValueDisclosure to label_RestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ReverseStockSplitConversionRatio" xlink:label="ReverseStockSplitConversionRatio" xlink:title="ReverseStockSplitConversionRatio"/>
    <label xlink:type="resource" xlink:label="label_ReverseStockSplitConversionRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReverseStockSplitConversionRatio" xml:lang="en-US" id="label_ReverseStockSplitConversionRatio">Ratio applied to the conversion of a reverse stock split, for example two shares converted to one.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReverseStockSplitConversionRatio" xlink:to="label_ReverseStockSplitConversionRatio" xlink:title="label: ReverseStockSplitConversionRatio to label_ReverseStockSplitConversionRatio"/>
    <label xlink:type="resource" xlink:label="label_ReverseStockSplitConversionRatio_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReverseStockSplitConversionRatio" xml:lang="en-US" id="label_ReverseStockSplitConversionRatio_2">Reverse Stock Split Conversion Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReverseStockSplitConversionRatio" xlink:to="label_ReverseStockSplitConversionRatio_2" xlink:title="label: ReverseStockSplitConversionRatio to label_ReverseStockSplitConversionRatio"/>
    <label xlink:type="resource" xlink:label="label_ReverseStockSplitConversionRatio_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReverseStockSplitConversionRatio" xml:lang="en-US" id="label_ReverseStockSplitConversionRatio_3">Reverse stock split, Conversion ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReverseStockSplitConversionRatio" xlink:to="label_ReverseStockSplitConversionRatio_3" xlink:title="label: ReverseStockSplitConversionRatio to label_ReverseStockSplitConversionRatio"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_SeriesaPreferredSharesMember" xlink:label="SeriesaPreferredSharesMember" xlink:title="SeriesaPreferredSharesMember"/>
    <label xlink:type="resource" xlink:label="label_SeriesaPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeriesaPreferredSharesMember" xml:lang="en-US" id="label_SeriesaPreferredSharesMember">Seriesa Preferred Shares [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesaPreferredSharesMember" xlink:to="label_SeriesaPreferredSharesMember" xlink:title="label: SeriesaPreferredSharesMember to label_SeriesaPreferredSharesMember"/>
    <label xlink:type="resource" xlink:label="label_SeriesaPreferredSharesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SeriesaPreferredSharesMember" xml:lang="en-US" id="label_SeriesaPreferredSharesMember_2">Series A Preferred Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesaPreferredSharesMember" xlink:to="label_SeriesaPreferredSharesMember_2" xlink:title="label: SeriesaPreferredSharesMember to label_SeriesaPreferredSharesMember"/>
    <label xlink:type="resource" xlink:label="label_SeriesaPreferredSharesMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_SeriesaPreferredSharesMember" xml:lang="en-US" id="label_SeriesaPreferredSharesMember_3">Series A Preferred Shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesaPreferredSharesMember" xlink:to="label_SeriesaPreferredSharesMember_3" xlink:title="label: SeriesaPreferredSharesMember to label_SeriesaPreferredSharesMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_SilanerInvestmentsLimitedMember" xlink:label="SilanerInvestmentsLimitedMember" xlink:title="SilanerInvestmentsLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_SilanerInvestmentsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SilanerInvestmentsLimitedMember" xml:lang="en-US" id="label_SilanerInvestmentsLimitedMember">Silaner Investments Limited [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SilanerInvestmentsLimitedMember" xlink:to="label_SilanerInvestmentsLimitedMember" xlink:title="label: SilanerInvestmentsLimitedMember to label_SilanerInvestmentsLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_SilanerInvestmentsLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SilanerInvestmentsLimitedMember" xml:lang="en-US" id="label_SilanerInvestmentsLimitedMember_2">Silaner Investments Limited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SilanerInvestmentsLimitedMember" xlink:to="label_SilanerInvestmentsLimitedMember_2" xlink:title="label: SilanerInvestmentsLimitedMember to label_SilanerInvestmentsLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_SilanerInvestmentsLimitedMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_SilanerInvestmentsLimitedMember" xml:lang="en-US" id="label_SilanerInvestmentsLimitedMember_3">Globus Maritime Limited-Silaner Credit Facility (note 4)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SilanerInvestmentsLimitedMember" xlink:to="label_SilanerInvestmentsLimitedMember_3" xlink:title="label: SilanerInvestmentsLimitedMember to label_SilanerInvestmentsLimitedMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_StockRedeemedDuringPeriodShares" xlink:label="StockRedeemedDuringPeriodShares" xlink:title="StockRedeemedDuringPeriodShares"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRedeemedDuringPeriodShares" xml:lang="en-US" id="label_StockRedeemedDuringPeriodShares">Stock Redeemed During Period Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodShares" xlink:to="label_StockRedeemedDuringPeriodShares" xlink:title="label: StockRedeemedDuringPeriodShares to label_StockRedeemedDuringPeriodShares"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockRedeemedDuringPeriodShares" xml:lang="en-US" id="label_StockRedeemedDuringPeriodShares_2">Number of shares redeemed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodShares" xlink:to="label_StockRedeemedDuringPeriodShares_2" xlink:title="label: StockRedeemedDuringPeriodShares to label_StockRedeemedDuringPeriodShares"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodShares_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_StockRedeemedDuringPeriodShares" xml:lang="en-US" id="label_StockRedeemedDuringPeriodShares_3">Shares redeemed by the issuer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodShares" xlink:to="label_StockRedeemedDuringPeriodShares_3" xlink:title="label: StockRedeemedDuringPeriodShares to label_StockRedeemedDuringPeriodShares"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodShares_4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockRedeemedDuringPeriodShares" xml:lang="en-US" id="label_StockRedeemedDuringPeriodShares_4">Number of stock bought back by the entity at the redemption price.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodShares" xlink:to="label_StockRedeemedDuringPeriodShares_4" xlink:title="label: StockRedeemedDuringPeriodShares to label_StockRedeemedDuringPeriodShares"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodShares_5" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_StockRedeemedDuringPeriodShares" xml:lang="en-US" id="label_StockRedeemedDuringPeriodShares_5">Shares redeemed by the issuer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodShares" xlink:to="label_StockRedeemedDuringPeriodShares_5" xlink:title="label: StockRedeemedDuringPeriodShares to label_StockRedeemedDuringPeriodShares"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_StockRedeemedDuringPeriodValue" xlink:label="StockRedeemedDuringPeriodValue" xlink:title="StockRedeemedDuringPeriodValue"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockRedeemedDuringPeriodValue" xml:lang="en-US" id="label_StockRedeemedDuringPeriodValue_3">Value of stock bought back by the entity at the redemption price.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodValue" xlink:to="label_StockRedeemedDuringPeriodValue" xlink:title="label: StockRedeemedDuringPeriodValue to label_StockRedeemedDuringPeriodValue"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRedeemedDuringPeriodValue" xml:lang="en-US" id="label_StockRedeemedDuringPeriodValue">Stock Redeemed During Period Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodValue" xlink:to="label_StockRedeemedDuringPeriodValue_2" xlink:title="label: StockRedeemedDuringPeriodValue to label_StockRedeemedDuringPeriodValue"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodValue_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockRedeemedDuringPeriodValue" xml:lang="en-US" id="label_StockRedeemedDuringPeriodValue_2">Value of shares redeemed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodValue" xlink:to="label_StockRedeemedDuringPeriodValue_3" xlink:title="label: StockRedeemedDuringPeriodValue to label_StockRedeemedDuringPeriodValue"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodValue_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_StockRedeemedDuringPeriodValue" xml:lang="en-US" id="label_StockRedeemedDuringPeriodValue_4">Shares redeemed by the issuer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodValue" xlink:to="label_StockRedeemedDuringPeriodValue_4" xlink:title="label: StockRedeemedDuringPeriodValue to label_StockRedeemedDuringPeriodValue"/>
    <label xlink:type="resource" xlink:label="label_StockRedeemedDuringPeriodValue_5" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_StockRedeemedDuringPeriodValue" xml:lang="en-US" id="label_StockRedeemedDuringPeriodValue_5">Shares redeemed by the issuer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodValue" xlink:to="label_StockRedeemedDuringPeriodValue_5" xlink:title="label: StockRedeemedDuringPeriodValue to label_StockRedeemedDuringPeriodValue"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_SunGlobeMember" xlink:label="SunGlobeMember" xlink:title="SunGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_SunGlobeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SunGlobeMember" xml:lang="en-US" id="label_SunGlobeMember">Sun Globe [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SunGlobeMember" xlink:to="label_SunGlobeMember" xlink:title="label: SunGlobeMember to label_SunGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_SunGlobeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SunGlobeMember" xml:lang="en-US" id="label_SunGlobeMember_2">Sun Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SunGlobeMember" xlink:to="label_SunGlobeMember_2" xlink:title="label: SunGlobeMember to label_SunGlobeMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_SupramaxMember" xlink:label="SupramaxMember" xlink:title="SupramaxMember"/>
    <label xlink:type="resource" xlink:label="label_SupramaxMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SupramaxMember" xml:lang="en-US" id="label_SupramaxMember">Supramax [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SupramaxMember" xlink:to="label_SupramaxMember" xlink:title="label: SupramaxMember to label_SupramaxMember"/>
    <label xlink:type="resource" xlink:label="label_SupramaxMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SupramaxMember" xml:lang="en-US" id="label_SupramaxMember_2">Supramax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SupramaxMember" xlink:to="label_SupramaxMember_2" xlink:title="label: SupramaxMember to label_SupramaxMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TiaraGlobeMember" xlink:label="TiaraGlobeMember" xlink:title="TiaraGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_TiaraGlobeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TiaraGlobeMember" xml:lang="en-US" id="label_TiaraGlobeMember">Tiara Globe [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TiaraGlobeMember" xlink:to="label_TiaraGlobeMember" xlink:title="label: TiaraGlobeMember to label_TiaraGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_TiaraGlobeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TiaraGlobeMember" xml:lang="en-US" id="label_TiaraGlobeMember_2">Tiara Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TiaraGlobeMember" xlink:to="label_TiaraGlobeMember_2" xlink:title="label: TiaraGlobeMember to label_TiaraGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_TiaraGlobeMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TiaraGlobeMember" xml:lang="en-US" id="label_TiaraGlobeMember_3">m/v Tiara Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TiaraGlobeMember" xlink:to="label_TiaraGlobeMember_3" xlink:title="label: TiaraGlobeMember to label_TiaraGlobeMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ValueOfSharesAuthorised" xlink:label="ValueOfSharesAuthorised" xlink:title="ValueOfSharesAuthorised"/>
    <label xlink:type="resource" xlink:label="label_ValueOfSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValueOfSharesAuthorised" xml:lang="en-US" id="label_ValueOfSharesAuthorised">The nominal value of shares authorised.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueOfSharesAuthorised" xlink:to="label_ValueOfSharesAuthorised" xlink:title="label: ValueOfSharesAuthorised to label_ValueOfSharesAuthorised"/>
    <label xlink:type="resource" xlink:label="label_ValueOfSharesAuthorised_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValueOfSharesAuthorised" xml:lang="en-US" id="label_ValueOfSharesAuthorised_2">Value Of Shares Authorised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueOfSharesAuthorised" xlink:to="label_ValueOfSharesAuthorised_2" xlink:title="label: ValueOfSharesAuthorised to label_ValueOfSharesAuthorised"/>
    <label xlink:type="resource" xlink:label="label_ValueOfSharesAuthorised_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ValueOfSharesAuthorised" xml:lang="en-US" id="label_ValueOfSharesAuthorised_3">Value of shares authorised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueOfSharesAuthorised" xlink:to="label_ValueOfSharesAuthorised_3" xlink:title="label: ValueOfSharesAuthorised to label_ValueOfSharesAuthorised"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ValueOfSharesIssuedAbstract" xlink:label="ValueOfSharesIssuedAbstract" xlink:title="ValueOfSharesIssuedAbstract"/>
    <label xlink:type="resource" xlink:label="label_ValueOfSharesIssuedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValueOfSharesIssuedAbstract" xml:lang="en-US" id="label_ValueOfSharesIssuedAbstract">Value Of Shares Issued [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueOfSharesIssuedAbstract" xlink:to="label_ValueOfSharesIssuedAbstract" xlink:title="label: ValueOfSharesIssuedAbstract to label_ValueOfSharesIssuedAbstract"/>
    <label xlink:type="resource" xlink:label="label_ValueOfSharesIssuedAbstract_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ValueOfSharesIssuedAbstract" xml:lang="en-US" id="label_ValueOfSharesIssuedAbstract_2">USD</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueOfSharesIssuedAbstract" xlink:to="label_ValueOfSharesIssuedAbstract_2" xlink:title="label: ValueOfSharesIssuedAbstract to label_ValueOfSharesIssuedAbstract"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_VesselCapacity" xlink:label="VesselCapacity" xlink:title="VesselCapacity"/>
    <label xlink:type="resource" xlink:label="label_VesselCapacity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VesselCapacity" xml:lang="en-US" id="label_VesselCapacity">The vessel's capacity in deadweight tonnage ("dwt").</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselCapacity" xlink:to="label_VesselCapacity" xlink:title="label: VesselCapacity to label_VesselCapacity"/>
    <label xlink:type="resource" xlink:label="label_VesselCapacity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VesselCapacity" xml:lang="en-US" id="label_VesselCapacity_2">Vessel Capacity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselCapacity" xlink:to="label_VesselCapacity_2" xlink:title="label: VesselCapacity to label_VesselCapacity"/>
    <label xlink:type="resource" xlink:label="label_VesselCapacity_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VesselCapacity" xml:lang="en-US" id="label_VesselCapacity_3">Vessel capacity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselCapacity" xlink:to="label_VesselCapacity_3" xlink:title="label: VesselCapacity to label_VesselCapacity"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_VesselDeliveryDate" xlink:label="VesselDeliveryDate" xlink:title="VesselDeliveryDate"/>
    <label xlink:type="resource" xlink:label="label_VesselDeliveryDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VesselDeliveryDate" xml:lang="en-US" id="label_VesselDeliveryDate">The date of the vessel delivery to the Company.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselDeliveryDate" xlink:to="label_VesselDeliveryDate" xlink:title="label: VesselDeliveryDate to label_VesselDeliveryDate"/>
    <label xlink:type="resource" xlink:label="label_VesselDeliveryDate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VesselDeliveryDate" xml:lang="en-US" id="label_VesselDeliveryDate_2">Vessel Delivery Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselDeliveryDate" xlink:to="label_VesselDeliveryDate_2" xlink:title="label: VesselDeliveryDate to label_VesselDeliveryDate"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_VesselsScrapRatePerTon" xlink:label="VesselsScrapRatePerTon" xlink:title="VesselsScrapRatePerTon"/>
    <label xlink:type="resource" xlink:label="label_VesselsScrapRatePerTon" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VesselsScrapRatePerTon" xml:lang="en-US" id="label_VesselsScrapRatePerTon">The estimated vessels' scrap rate per ton.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsScrapRatePerTon" xlink:to="label_VesselsScrapRatePerTon" xlink:title="label: VesselsScrapRatePerTon to label_VesselsScrapRatePerTon"/>
    <label xlink:type="resource" xlink:label="label_VesselsScrapRatePerTon_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VesselsScrapRatePerTon" xml:lang="en-US" id="label_VesselsScrapRatePerTon_2">Vessels Scrap Rate Per Ton</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsScrapRatePerTon" xlink:to="label_VesselsScrapRatePerTon_2" xlink:title="label: VesselsScrapRatePerTon to label_VesselsScrapRatePerTon"/>
    <label xlink:type="resource" xlink:label="label_VesselsScrapRatePerTon_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VesselsScrapRatePerTon" xml:lang="en-US" id="label_VesselsScrapRatePerTon_3">Vessels scrap rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsScrapRatePerTon" xlink:to="label_VesselsScrapRatePerTon_3" xlink:title="label: VesselsScrapRatePerTon to label_VesselsScrapRatePerTon"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:label="AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:title="AccumulatedDepreciationAmortisationAndImpairmentMember"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xml:lang="en-US" id="label_AccumulatedDepreciationAmortisationAndImpairmentMember">Accumulated depreciation, amortisation and impairment [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:title="label: AccumulatedDepreciationAmortisationAndImpairmentMember to label_AccumulatedDepreciationAmortisationAndImpairmentMember"/>
    <label xlink:type="resource" xlink:label="label_AccumulatedDepreciationAmortisationAndImpairmentMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xml:lang="en-US" id="label_AccumulatedDepreciationAmortisationAndImpairmentMember_2">Accumulated depreciation, amortisation and impairment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="label_AccumulatedDepreciationAmortisationAndImpairmentMember_2" xlink:title="label: AccumulatedDepreciationAmortisationAndImpairmentMember to label_AccumulatedDepreciationAmortisationAndImpairmentMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:title="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill"/>
    <label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">Additions other than through business combinations, intangible assets other than goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:title="label: AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill to label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill"/>
    <label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_2">Additions of time charters at above market rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_2" xlink:title="label: AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill to label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">Additions other than through business combinations, property, plant and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="label: AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2">Additions/ (Dry Docking Component)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2" xlink:title="label: AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForAmortisationExpense" xlink:label="AdjustmentsForAmortisationExpense" xlink:title="AdjustmentsForAmortisationExpense"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForAmortisationExpense" xml:lang="en-US" id="label_AdjustmentsForAmortisationExpense">Amortization of fair value of time charter attached to vessels</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForAmortisationExpense" xlink:to="label_AdjustmentsForAmortisationExpense" xlink:title="label: AdjustmentsForAmortisationExpense to label_AdjustmentsForAmortisationExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="AdjustmentsForDecreaseIncreaseInInventories" xlink:title="AdjustmentsForDecreaseIncreaseInInventories"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInInventories" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInInventories">Adjustments For Decrease Increase In Inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInInventories" xlink:to="label_AdjustmentsForDecreaseIncreaseInInventories" xlink:title="label: AdjustmentsForDecreaseIncreaseInInventories to label_AdjustmentsForDecreaseIncreaseInInventories"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInInventories_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForDecreaseIncreaseInInventories" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInInventories_2">Inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInInventories" xlink:to="label_AdjustmentsForDecreaseIncreaseInInventories_2" xlink:title="label: AdjustmentsForDecreaseIncreaseInInventories to label_AdjustmentsForDecreaseIncreaseInInventories"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:label="AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:title="AdjustmentsForDecreaseIncreaseInOtherAssets"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInOtherAssets" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInOtherAssets">Adjustments For Decrease Increase In Other Assets</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDepreciationExpense" xlink:label="AdjustmentsForDepreciationExpense" xlink:title="AdjustmentsForDepreciationExpense"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="AdjustmentsForFinanceCosts" xlink:title="AdjustmentsForFinanceCosts"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:title="AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="label: AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss to label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:title="AdjustmentsForIncreaseDecreaseInTradeAccountPayable"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="label_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:title="label: AdjustmentsForIncreaseDecreaseInTradeAccountPayable to label_AdjustmentsForIncreaseDecreaseInTradeAccountPayable"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_2">Trade accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="label_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_2" xlink:title="label: AdjustmentsForIncreaseDecreaseInTradeAccountPayable to label_AdjustmentsForIncreaseDecreaseInTradeAccountPayable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForInterestIncome" xlink:label="AdjustmentsForInterestIncome" xlink:title="AdjustmentsForInterestIncome"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForInterestIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForInterestIncome" xml:lang="en-US" id="label_AdjustmentsForInterestIncome">Interest income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestIncome" xlink:to="label_AdjustmentsForInterestIncome" xlink:title="label: AdjustmentsForInterestIncome to label_AdjustmentsForInterestIncome"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForInterestIncome_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdjustmentsForInterestIncome" xml:lang="en-US" id="label_AdjustmentsForInterestIncome_2">Interest income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestIncome" xlink:to="label_AdjustmentsForInterestIncome_2" xlink:title="label: AdjustmentsForInterestIncome to label_AdjustmentsForInterestIncome"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForProvisions" xlink:label="AdjustmentsForProvisions" xlink:title="AdjustmentsForProvisions"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForProvisions" xml:lang="en-US" id="label_AdjustmentsForProvisions">Adjustments For Provisions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisions" xlink:to="label_AdjustmentsForProvisions" xlink:title="label: AdjustmentsForProvisions to label_AdjustmentsForProvisions"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForProvisions_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForProvisions" xml:lang="en-US" id="label_AdjustmentsForProvisions_2">Provision for staff retirement indemnities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisions" xlink:to="label_AdjustmentsForProvisions_2" xlink:title="label: AdjustmentsForProvisions to label_AdjustmentsForProvisions"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="AdjustmentsForReconcileProfitLossAbstract" xlink:title="AdjustmentsForReconcileProfitLossAbstract"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForSharebasedPayments" xlink:label="AdjustmentsForSharebasedPayments" xlink:title="AdjustmentsForSharebasedPayments"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForSharebasedPayments" xlink:to="label_AdjustmentsForSharebasedPayments" xlink:title="label: AdjustmentsForSharebasedPayments to label_AdjustmentsForSharebasedPayments"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:title="AdjustmentsForUnrealisedForeignExchangeLossesGains"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdministrativeExpense" xlink:label="AdministrativeExpense" xlink:title="AdministrativeExpense"/>
    <label xlink:type="resource" xlink:label="label_AdministrativeExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdministrativeExpense" xml:lang="en-US" id="label_AdministrativeExpense_2">Administrative Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeExpense" xlink:to="label_AdministrativeExpense_2" xlink:title="label: AdministrativeExpense to label_AdministrativeExpense"/>
    <label xlink:type="resource" xlink:label="label_AdministrativeExpense_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdministrativeExpense" xml:lang="en-US" id="label_AdministrativeExpense_3">Administrative expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeExpense" xlink:to="label_AdministrativeExpense_3" xlink:title="label: AdministrativeExpense to label_AdministrativeExpense"/>
    <label xlink:type="resource" xlink:label="label_AdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AdministrativeExpense" xml:lang="en-US" id="label_AdministrativeExpense">Total</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmortisationExpense" xlink:label="AmortisationExpense" xlink:title="AmortisationExpense"/>
    <label xlink:type="resource" xlink:label="label_AmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortisationExpense" xml:lang="en-US" id="label_AmortisationExpense">Amortisation Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationExpense" xlink:to="label_AmortisationExpense" xlink:title="label: AmortisationExpense to label_AmortisationExpense"/>
    <label xlink:type="resource" xlink:label="label_AmortisationExpense_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AmortisationExpense" xml:lang="en-US" id="label_AmortisationExpense_2">Amortization of fair value of time charter attached to vessels</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationExpense" xlink:to="label_AmortisationExpense_2" xlink:title="label: AmortisationExpense to label_AmortisationExpense"/>
    <label xlink:type="resource" xlink:label="label_AmortisationExpense_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_AmortisationExpense" xml:lang="en-US" id="label_AmortisationExpense_3">Depreciation &amp; Amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationExpense" xlink:to="label_AmortisationExpense_3" xlink:title="label: AmortisationExpense to label_AmortisationExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill" xlink:label="AmortisationMethodIntangibleAssetsOtherThanGoodwill" xlink:title="AmortisationMethodIntangibleAssetsOtherThanGoodwill"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsPayableRelatedPartyTransactions" xlink:to="label_AmountsPayableRelatedPartyTransactions_2" xlink:title="label: AmountsPayableRelatedPartyTransactions to label_AmountsPayableRelatedPartyTransactions"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BalancesWithBanks" xlink:label="BalancesWithBanks" xlink:title="BalancesWithBanks"/>
    <label xlink:type="resource" xlink:label="label_BalancesWithBanks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BalancesWithBanks" xml:lang="en-US" id="label_BalancesWithBanks">Balances with banks</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalancesWithBanks" xlink:to="label_BalancesWithBanks" xlink:title="label: BalancesWithBanks to label_BalancesWithBanks"/>
    <label xlink:type="resource" xlink:label="label_BalancesWithBanks_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BalancesWithBanks" xml:lang="en-US" id="label_BalancesWithBanks_2">Cash at banks</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalancesWithBanks" xlink:to="label_BalancesWithBanks_2" xlink:title="label: BalancesWithBanks to label_BalancesWithBanks"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:label="BasicAndDilutedEarningsLossPerShare" xlink:title="BasicAndDilutedEarningsLossPerShare"/>
    <label xlink:type="resource" xlink:label="label_BasicAndDilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BasicAndDilutedEarningsLossPerShare" xml:lang="en-US" id="label_BasicAndDilutedEarningsLossPerShare">- Basic and Diluted loss per share for the year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicAndDilutedEarningsLossPerShare" xlink:to="label_BasicAndDilutedEarningsLossPerShare" xlink:title="label: BasicAndDilutedEarningsLossPerShare to label_BasicAndDilutedEarningsLossPerShare"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:label="BasicAndDilutedEarningsPerShareAbstract" xlink:title="BasicAndDilutedEarningsPerShareAbstract"/>
    <label xlink:type="resource" xlink:label="label_BasicAndDilutedEarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BasicAndDilutedEarningsPerShareAbstract" xml:lang="en-US" id="label_BasicAndDilutedEarningsPerShareAbstract">Loss per share (U.S.$):</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicAndDilutedEarningsPerShareAbstract" xlink:to="label_BasicAndDilutedEarningsPerShareAbstract" xlink:title="label: BasicAndDilutedEarningsPerShareAbstract to label_BasicAndDilutedEarningsPerShareAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingCostsCapitalised" xlink:label="BorrowingCostsCapitalised" xlink:title="BorrowingCostsCapitalised"/>
    <label xlink:type="resource" xlink:label="label_BorrowingCostsCapitalised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingCostsCapitalised" xml:lang="en-US" id="label_BorrowingCostsCapitalised">Borrowing costs capitalised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingCostsCapitalised" xlink:to="label_BorrowingCostsCapitalised" xlink:title="label: BorrowingCostsCapitalised to label_BorrowingCostsCapitalised"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsAbstract" xlink:label="BorrowingsAbstract" xlink:title="BorrowingsAbstract"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsAbstract" xml:lang="en-US" id="label_BorrowingsAbstract">Borrowings [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAbstract" xlink:to="label_BorrowingsAbstract" xlink:title="label: BorrowingsAbstract to label_BorrowingsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="BorrowingsInterestRate" xlink:title="BorrowingsInterestRate"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsInterestRate" xml:lang="en-US" id="label_BorrowingsInterestRate">Borrowings Interest Rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRate" xlink:to="label_BorrowingsInterestRate" xlink:title="label: BorrowingsInterestRate to label_BorrowingsInterestRate"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsInterestRate" xml:lang="en-US" id="label_BorrowingsInterestRate_2">Interest rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRate" xlink:to="label_BorrowingsInterestRate_2" xlink:title="label: BorrowingsInterestRate to label_BorrowingsInterestRate"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsMaturity" xlink:label="BorrowingsMaturity" xlink:title="BorrowingsMaturity"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsMaturity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsMaturity" xml:lang="en-US" id="label_BorrowingsMaturity">Borrowings Maturity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturity" xlink:to="label_BorrowingsMaturity_2" xlink:title="label: BorrowingsMaturity to label_BorrowingsMaturity"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsMaturity_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsMaturity" xml:lang="en-US" id="label_BorrowingsMaturity_2">Maturity date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturity" xlink:to="label_BorrowingsMaturity_3" xlink:title="label: BorrowingsMaturity to label_BorrowingsMaturity"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsMaturity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsMaturity" xml:lang="en-US" id="label_BorrowingsMaturity_3">Borrowings, maturity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturity" xlink:to="label_BorrowingsMaturity" xlink:title="label: BorrowingsMaturity to label_BorrowingsMaturity"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Borrowings" xlink:label="Borrowings" xlink:title="Borrowings"/>
    <label xlink:type="resource" xlink:label="label_Borrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings">Borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings" xlink:title="label: Borrowings to label_Borrowings"/>
    <label xlink:type="resource" xlink:label="label_Borrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings_2">Total Borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_2" xlink:title="label: Borrowings to label_Borrowings"/>
    <label xlink:type="resource" xlink:label="label_Borrowings_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings_3">Long-term debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_3" xlink:title="label: Borrowings to label_Borrowings"/>
    <label xlink:type="resource" xlink:label="label_Borrowings_4" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings_4">Debt in accordance with IFRS (long and short-term borrowings)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_4" xlink:title="label: Borrowings to label_Borrowings"/>
    <label xlink:type="resource" xlink:label="label_Borrowings_5" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings_5">Long-term borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_5" xlink:title="label: Borrowings to label_Borrowings"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis"/>
    <label xlink:type="resource" xlink:label="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xml:lang="en-US" id="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="label: CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis to label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CarryingAmountMember" xlink:label="CarryingAmountMember" xlink:title="CarryingAmountMember"/>
    <label xlink:type="resource" xlink:label="label_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountMember" xml:lang="en-US" id="label_CarryingAmountMember">Carrying amount [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountMember" xlink:to="label_CarryingAmountMember" xlink:title="label: CarryingAmountMember to label_CarryingAmountMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="CashAndCashEquivalentsAbstract" xlink:title="CashAndCashEquivalentsAbstract"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsAbstract" xml:lang="en-US" id="label_CashAndCashEquivalentsAbstract">Cash and cash equivalents [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAbstract" xlink:to="label_CashAndCashEquivalentsAbstract" xlink:title="label: CashAndCashEquivalentsAbstract to label_CashAndCashEquivalentsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="CashAndCashEquivalents" xlink:title="CashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CashAndCashEquivalents" xml:lang="en-US" id="label_CashAndCashEquivalents">Cash and cash equivalents at the end of the year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents" xlink:title="label: CashAndCashEquivalents to label_CashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CashAndCashEquivalents" xml:lang="en-US" id="label_CashAndCashEquivalents_2">Cash and cash equivalents at the beginning of the year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_2" xlink:title="label: CashAndCashEquivalents to label_CashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalents" xml:lang="en-US" id="label_CashAndCashEquivalents_3">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_3" xlink:title="label: CashAndCashEquivalents to label_CashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashAndCashEquivalents" xml:lang="en-US" id="label_CashAndCashEquivalents_4">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_4" xlink:title="label: CashAndCashEquivalents to label_CashAndCashEquivalents"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:title="CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xml:lang="en-US" id="label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_2">Net proceeds from sale of vessel/subsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_2" xlink:title="label: CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities to label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xml:lang="en-US" id="label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">Proceeds from sale of a subsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:title="label: CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities to label_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:label="CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:title="CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xml:lang="en-US" id="label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents">Pledged bank deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:to="label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:title="label: CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents to label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xml:lang="en-US" id="label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents_2">Increase in restricted cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:to="label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents_2" xlink:title="label: CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents to label_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:title="CashFlowsFromUsedInFinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInFinancingActivitiesAbstract" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivitiesAbstract">Cash flows from financing activities:</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="CashFlowsFromUsedInFinancingActivities" xlink:title="CashFlowsFromUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashFlowsFromUsedInFinancingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivities">Net cash generated from/(used in) financing activities</label>
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    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInFinancingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivities_2">Cash flows from (used in) financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInFinancingActivities" xlink:to="label_CashFlowsFromUsedInFinancingActivities_2" xlink:title="label: CashFlowsFromUsedInFinancingActivities to label_CashFlowsFromUsedInFinancingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:title="CashFlowsFromUsedInInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInInvestingActivitiesAbstract" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivitiesAbstract">Cash flows from investing activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:title="label: CashFlowsFromUsedInInvestingActivitiesAbstract to label_CashFlowsFromUsedInInvestingActivitiesAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="CashFlowsFromUsedInInvestingActivities" xlink:title="CashFlowsFromUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashFlowsFromUsedInInvestingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivities">Net cash used in investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivities" xlink:to="label_CashFlowsFromUsedInInvestingActivities" xlink:title="label: CashFlowsFromUsedInInvestingActivities to label_CashFlowsFromUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInInvestingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivities_2">Cash flows from (used in) investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivities" xlink:to="label_CashFlowsFromUsedInInvestingActivities_2" xlink:title="label: CashFlowsFromUsedInInvestingActivities to label_CashFlowsFromUsedInInvestingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:title="CashFlowsFromUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInOperatingActivitiesAbstract" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivitiesAbstract">Operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:title="label: CashFlowsFromUsedInOperatingActivitiesAbstract to label_CashFlowsFromUsedInOperatingActivitiesAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="CashFlowsFromUsedInOperatingActivities" xlink:title="CashFlowsFromUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashFlowsFromUsedInOperatingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivities">Net cash generated from operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivities" xlink:to="label_CashFlowsFromUsedInOperatingActivities" xlink:title="label: CashFlowsFromUsedInOperatingActivities to label_CashFlowsFromUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInOperatingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivities_2">Cash flows from (used in) operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivities" xlink:to="label_CashFlowsFromUsedInOperatingActivities_2" xlink:title="label: CashFlowsFromUsedInOperatingActivities to label_CashFlowsFromUsedInOperatingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashOnHand" xlink:label="CashOnHand" xlink:title="CashOnHand"/>
    <label xlink:type="resource" xlink:label="label_CashOnHand" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashOnHand" xml:lang="en-US" id="label_CashOnHand">Cash on hand</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashOnHand" xlink:to="label_CashOnHand" xlink:title="label: CashOnHand to label_CashOnHand"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="CategoriesOfRelatedPartiesAxis" xlink:title="CategoriesOfRelatedPartiesAxis"/>
    <label xlink:type="resource" xlink:label="label_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfRelatedPartiesAxis" xml:lang="en-US" id="label_CategoriesOfRelatedPartiesAxis">Categories of related parties [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfRelatedPartiesAxis" xlink:to="label_CategoriesOfRelatedPartiesAxis" xlink:title="label: CategoriesOfRelatedPartiesAxis to label_CategoriesOfRelatedPartiesAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfInventoriesAbstract" xlink:label="ClassesOfInventoriesAbstract" xlink:title="ClassesOfInventoriesAbstract"/>
    <label xlink:type="resource" xlink:label="label_ClassesOfInventoriesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfInventoriesAbstract" xml:lang="en-US" id="label_ClassesOfInventoriesAbstract">Inventories [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfInventoriesAbstract" xlink:to="label_ClassesOfInventoriesAbstract" xlink:title="label: ClassesOfInventoriesAbstract to label_ClassesOfInventoriesAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ClassesOfPropertyPlantAndEquipmentAxis" xlink:title="ClassesOfPropertyPlantAndEquipmentAxis"/>
    <label xlink:type="resource" xlink:label="label_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfPropertyPlantAndEquipmentAxis" xml:lang="en-US" id="label_ClassesOfPropertyPlantAndEquipmentAxis">Classes of property, plant and equipment [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="label_ClassesOfPropertyPlantAndEquipmentAxis" xlink:title="label: ClassesOfPropertyPlantAndEquipmentAxis to label_ClassesOfPropertyPlantAndEquipmentAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ClassesOfShareCapitalAxis" xlink:title="ClassesOfShareCapitalAxis"/>
    <label xlink:type="resource" xlink:label="label_ClassesOfShareCapitalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfShareCapitalAxis" xml:lang="en-US" id="label_ClassesOfShareCapitalAxis">Classes of share capital [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfShareCapitalAxis" xlink:to="label_ClassesOfShareCapitalAxis" xlink:title="label: ClassesOfShareCapitalAxis to label_ClassesOfShareCapitalAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="ClassesOfShareCapitalMember" xlink:title="ClassesOfShareCapitalMember"/>
    <label xlink:type="resource" xlink:label="label_ClassesOfShareCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfShareCapitalMember" xml:lang="en-US" id="label_ClassesOfShareCapitalMember">Share capital [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfShareCapitalMember" xlink:to="label_ClassesOfShareCapitalMember" xlink:title="label: ClassesOfShareCapitalMember to label_ClassesOfShareCapitalMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ComponentsOfEquityAxis" xlink:title="ComponentsOfEquityAxis"/>
    <label xlink:type="resource" xlink:label="label_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComponentsOfEquityAxis" xml:lang="en-US" id="label_ComponentsOfEquityAxis">Components of Equity [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfEquityAxis" xlink:to="label_ComponentsOfEquityAxis" xlink:title="label: ComponentsOfEquityAxis to label_ComponentsOfEquityAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ComprehensiveIncome" xlink:title="ComprehensiveIncome"/>
    <label xlink:type="resource" xlink:label="label_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncome" xml:lang="en-US" id="label_ComprehensiveIncome">Comprehensive Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome" xlink:title="label: ComprehensiveIncome to label_ComprehensiveIncome"/>
    <label xlink:type="resource" xlink:label="label_ComprehensiveIncome_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ComprehensiveIncome" xml:lang="en-US" id="label_ComprehensiveIncome_2">TOTAL COMPREHENSIVE LOSS FOR THE YEAR</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome_2" xlink:title="label: ComprehensiveIncome to label_ComprehensiveIncome"/>
    <label xlink:type="resource" xlink:label="label_ComprehensiveIncome_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComprehensiveIncome" xml:lang="en-US" id="label_ComprehensiveIncome_3">Total comprehensive loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome_3" xlink:title="label: ComprehensiveIncome to label_ComprehensiveIncome"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xlink:label="CountryOfIncorporationOrResidenceOfSubsidiary" xlink:title="CountryOfIncorporationOrResidenceOfSubsidiary"/>
    <label xlink:type="resource" xlink:label="label_CountryOfIncorporationOrResidenceOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CountryOfIncorporationOrResidenceOfSubsidiary" xml:lang="en-US" id="label_CountryOfIncorporationOrResidenceOfSubsidiary">Country of Incorporation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CountryOfIncorporationOrResidenceOfSubsidiary" xlink:to="label_CountryOfIncorporationOrResidenceOfSubsidiary" xlink:title="label: CountryOfIncorporationOrResidenceOfSubsidiary to label_CountryOfIncorporationOrResidenceOfSubsidiary"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:label="CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:title="CurrentAccruedExpensesAndOtherCurrentLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US" id="label_CurrentAccruedExpensesAndOtherCurrentLiabilities">Current accrued expenses and other current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="label_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:title="label: CurrentAccruedExpensesAndOtherCurrentLiabilities to label_CurrentAccruedExpensesAndOtherCurrentLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentAccruedExpensesAndOtherCurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US" id="label_CurrentAccruedExpensesAndOtherCurrentLiabilities_2">Accrued liabilities and other payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="label_CurrentAccruedExpensesAndOtherCurrentLiabilities_2" xlink:title="label: CurrentAccruedExpensesAndOtherCurrentLiabilities to label_CurrentAccruedExpensesAndOtherCurrentLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentAccruedExpensesAndOtherCurrentLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentAccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US" id="label_CurrentAccruedExpensesAndOtherCurrentLiabilities_3">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="label_CurrentAccruedExpensesAndOtherCurrentLiabilities_3" xlink:title="label: CurrentAccruedExpensesAndOtherCurrentLiabilities to label_CurrentAccruedExpensesAndOtherCurrentLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAdvancesToSuppliers" xlink:label="CurrentAdvancesToSuppliers" xlink:title="CurrentAdvancesToSuppliers"/>
    <label xlink:type="resource" xlink:label="label_CurrentAdvancesToSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAdvancesToSuppliers" xml:lang="en-US" id="label_CurrentAdvancesToSuppliers">Current advances to suppliers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAdvancesToSuppliers" xlink:to="label_CurrentAdvancesToSuppliers" xlink:title="label: CurrentAdvancesToSuppliers to label_CurrentAdvancesToSuppliers"/>
    <label xlink:type="resource" xlink:label="label_CurrentAdvancesToSuppliers_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAdvancesToSuppliers" xml:lang="en-US" id="label_CurrentAdvancesToSuppliers_2">Bunkers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAdvancesToSuppliers" xlink:to="label_CurrentAdvancesToSuppliers_2" xlink:title="label: CurrentAdvancesToSuppliers to label_CurrentAdvancesToSuppliers"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="CurrentAssetsAbstract" xlink:title="CurrentAssetsAbstract"/>
    <label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssetsAbstract" xml:lang="en-US" id="label_CurrentAssetsAbstract">CURRENT ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract" xlink:title="label: CurrentAssetsAbstract to label_CurrentAssetsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAssetsLiabilities" xlink:label="CurrentAssetsLiabilities" xlink:title="CurrentAssetsLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentAssetsLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssetsLiabilities" xml:lang="en-US" id="label_CurrentAssetsLiabilities">Current Assets Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsLiabilities" xlink:to="label_CurrentAssetsLiabilities" xlink:title="label: CurrentAssetsLiabilities to label_CurrentAssetsLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentAssetsLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAssetsLiabilities" xml:lang="en-US" id="label_CurrentAssetsLiabilities_2">Working capital deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsLiabilities" xlink:to="label_CurrentAssetsLiabilities_2" xlink:title="label: CurrentAssetsLiabilities to label_CurrentAssetsLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAssets" xlink:label="CurrentAssets" xlink:title="CurrentAssets"/>
    <label xlink:type="resource" xlink:label="label_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssets" xml:lang="en-US" id="label_CurrentAssets">Current Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets" xlink:title="label: CurrentAssets to label_CurrentAssets"/>
    <label xlink:type="resource" xlink:label="label_CurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentAssets" xml:lang="en-US" id="label_CurrentAssets_2">Total current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_2" xlink:title="label: CurrentAssets to label_CurrentAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentDividendPayables" xlink:label="CurrentDividendPayables" xlink:title="CurrentDividendPayables"/>
    <label xlink:type="resource" xlink:label="label_CurrentDividendPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDividendPayables" xml:lang="en-US" id="label_CurrentDividendPayables">Current Dividend Payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDividendPayables" xlink:to="label_CurrentDividendPayables" xlink:title="label: CurrentDividendPayables to label_CurrentDividendPayables"/>
    <label xlink:type="resource" xlink:label="label_CurrentDividendPayables_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentDividendPayables" xml:lang="en-US" id="label_CurrentDividendPayables_2">Dividend payable on Preferred Shares (note 17)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDividendPayables" xlink:to="label_CurrentDividendPayables_2" xlink:title="label: CurrentDividendPayables to label_CurrentDividendPayables"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentInterestPayable" xlink:label="CurrentInterestPayable" xlink:title="CurrentInterestPayable"/>
    <label xlink:type="resource" xlink:label="label_CurrentInterestPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentInterestPayable" xml:lang="en-US" id="label_CurrentInterestPayable">Current interest payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInterestPayable" xlink:to="label_CurrentInterestPayable" xlink:title="label: CurrentInterestPayable to label_CurrentInterestPayable"/>
    <label xlink:type="resource" xlink:label="label_CurrentInterestPayable_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentInterestPayable" xml:lang="en-US" id="label_CurrentInterestPayable_2">Accrued interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInterestPayable" xlink:to="label_CurrentInterestPayable_2" xlink:title="label: CurrentInterestPayable to label_CurrentInterestPayable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentInterestReceivable" xlink:label="CurrentInterestReceivable" xlink:title="CurrentInterestReceivable"/>
    <label xlink:type="resource" xlink:label="label_CurrentInterestReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentInterestReceivable" xml:lang="en-US" id="label_CurrentInterestReceivable">Current interest receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInterestReceivable" xlink:to="label_CurrentInterestReceivable" xlink:title="label: CurrentInterestReceivable to label_CurrentInterestReceivable"/>
    <label xlink:type="resource" xlink:label="label_CurrentInterestReceivable_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentInterestReceivable" xml:lang="en-US" id="label_CurrentInterestReceivable_2">Interest receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInterestReceivable" xlink:to="label_CurrentInterestReceivable_2" xlink:title="label: CurrentInterestReceivable to label_CurrentInterestReceivable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="CurrentLiabilitiesAbstract" xlink:title="CurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilitiesAbstract" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract">CURRENT LIABILITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract" xlink:title="label: CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLiabilitiesAbstract" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract_2">Trade accounts payable [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract_2" xlink:title="label: CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLiabilities" xlink:label="CurrentLiabilities" xlink:title="CurrentLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilities" xml:lang="en-US" id="label_CurrentLiabilities">Current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities" xlink:title="label: CurrentLiabilities to label_CurrentLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentLiabilities" xml:lang="en-US" id="label_CurrentLiabilities_2">Total current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities_2" xlink:title="label: CurrentLiabilities to label_CurrentLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:label="CurrentPortionOfLongtermBorrowings" xlink:title="CurrentPortionOfLongtermBorrowings"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfLongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPortionOfLongtermBorrowings" xml:lang="en-US" id="label_CurrentPortionOfLongtermBorrowings_2">Current portion of long-term borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfLongtermBorrowings" xlink:to="label_CurrentPortionOfLongtermBorrowings_2" xlink:title="label: CurrentPortionOfLongtermBorrowings to label_CurrentPortionOfLongtermBorrowings"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfLongtermBorrowings_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentPortionOfLongtermBorrowings" xml:lang="en-US" id="label_CurrentPortionOfLongtermBorrowings_3">Total Borrowings - Current Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfLongtermBorrowings" xlink:to="label_CurrentPortionOfLongtermBorrowings_3" xlink:title="label: CurrentPortionOfLongtermBorrowings to label_CurrentPortionOfLongtermBorrowings"/>
    <label xlink:type="resource" xlink:label="label_CurrentPortionOfLongtermBorrowings" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentPortionOfLongtermBorrowings" xml:lang="en-US" id="label_CurrentPortionOfLongtermBorrowings">Total Borrowings - Current Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPortionOfLongtermBorrowings" xlink:to="label_CurrentPortionOfLongtermBorrowings" xlink:title="label: CurrentPortionOfLongtermBorrowings to label_CurrentPortionOfLongtermBorrowings"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" xlink:label="CurrentPrepaymentsAndOtherCurrentAssets" xlink:title="CurrentPrepaymentsAndOtherCurrentAssets"/>
    <label xlink:type="resource" xlink:label="label_CurrentPrepaymentsAndOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepaymentsAndOtherCurrentAssets" xml:lang="en-US" id="label_CurrentPrepaymentsAndOtherCurrentAssets">Current prepayments and other current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaymentsAndOtherCurrentAssets" xlink:to="label_CurrentPrepaymentsAndOtherCurrentAssets" xlink:title="label: CurrentPrepaymentsAndOtherCurrentAssets to label_CurrentPrepaymentsAndOtherCurrentAssets"/>
    <label xlink:type="resource" xlink:label="label_CurrentPrepaymentsAndOtherCurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentPrepaymentsAndOtherCurrentAssets" xml:lang="en-US" id="label_CurrentPrepaymentsAndOtherCurrentAssets_2">Prepayments and other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaymentsAndOtherCurrentAssets" xlink:to="label_CurrentPrepaymentsAndOtherCurrentAssets_2" xlink:title="label: CurrentPrepaymentsAndOtherCurrentAssets to label_CurrentPrepaymentsAndOtherCurrentAssets"/>
    <label xlink:type="resource" xlink:label="label_CurrentPrepaymentsAndOtherCurrentAssets_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentPrepaymentsAndOtherCurrentAssets" xml:lang="en-US" id="label_CurrentPrepaymentsAndOtherCurrentAssets_3">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaymentsAndOtherCurrentAssets" xlink:to="label_CurrentPrepaymentsAndOtherCurrentAssets_3" xlink:title="label: CurrentPrepaymentsAndOtherCurrentAssets to label_CurrentPrepaymentsAndOtherCurrentAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentPrepayments" xlink:label="CurrentPrepayments" xlink:title="CurrentPrepayments"/>
    <label xlink:type="resource" xlink:label="label_CurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepayments" xml:lang="en-US" id="label_CurrentPrepayments">Current Prepayments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepayments" xlink:to="label_CurrentPrepayments" xlink:title="label: CurrentPrepayments to label_CurrentPrepayments"/>
    <label xlink:type="resource" xlink:label="label_CurrentPrepayments_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentPrepayments" xml:lang="en-US" id="label_CurrentPrepayments_2">Other prepayments and other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepayments" xlink:to="label_CurrentPrepayments_2" xlink:title="label: CurrentPrepayments to label_CurrentPrepayments"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:label="DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:title="DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xml:lang="en-US" id="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment">Decrease through loss of control of subsidiary, property, plant and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:to="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:title="label: DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment to label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xml:lang="en-US" id="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment_2">Sale of subsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:to="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment_2" xlink:title="label: DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment to label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredIncome" xlink:label="DeferredIncome" xlink:title="DeferredIncome"/>
    <label xlink:type="resource" xlink:label="label_DeferredIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncome" xml:lang="en-US" id="label_DeferredIncome">Deferred income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncome" xlink:to="label_DeferredIncome" xlink:title="label: DeferredIncome to label_DeferredIncome"/>
    <label xlink:type="resource" xlink:label="label_DeferredIncome_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredIncome" xml:lang="en-US" id="label_DeferredIncome_2">Deferred revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncome" xlink:to="label_DeferredIncome_2" xlink:title="label: DeferredIncome to label_DeferredIncome"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="DepreciationAndAmortisationExpense" xlink:title="DepreciationAndAmortisationExpense"/>
    <label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationAndAmortisationExpense" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense">Depreciation and amortisation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense" xlink:title="label: DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense"/>
    <label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DepreciationAndAmortisationExpense" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense_2">Depreciation &amp; Amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense_2" xlink:title="label: DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense"/>
    <label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_DepreciationAndAmortisationExpense" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense_3">Depreciation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense_3" xlink:title="label: DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationExpense" xlink:label="DepreciationExpense" xlink:title="DepreciationExpense"/>
    <label xlink:type="resource" xlink:label="label_DepreciationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationExpense" xml:lang="en-US" id="label_DepreciationExpense">Depreciation Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationExpense" xlink:to="label_DepreciationExpense" xlink:title="label: DepreciationExpense to label_DepreciationExpense"/>
    <label xlink:type="resource" xlink:label="label_DepreciationExpense_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_DepreciationExpense" xml:lang="en-US" id="label_DepreciationExpense_2">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationExpense" xlink:to="label_DepreciationExpense_2" xlink:title="label: DepreciationExpense to label_DepreciationExpense"/>
    <label xlink:type="resource" xlink:label="label_DepreciationExpense_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DepreciationExpense" xml:lang="en-US" id="label_DepreciationExpense_3">Depreciation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationExpense" xlink:to="label_DepreciationExpense_3" xlink:title="label: DepreciationExpense to label_DepreciationExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationMethodPropertyPlantAndEquipment" xlink:label="DepreciationMethodPropertyPlantAndEquipment" xlink:title="DepreciationMethodPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DepreciationMethodPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationMethodPropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationMethodPropertyPlantAndEquipment">Depreciation method, property, plant and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationMethodPropertyPlantAndEquipment" xlink:to="label_DepreciationMethodPropertyPlantAndEquipment" xlink:title="label: DepreciationMethodPropertyPlantAndEquipment to label_DepreciationMethodPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DepreciationMethodPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationMethodPropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationMethodPropertyPlantAndEquipment_2">Depreciation method</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationMethodPropertyPlantAndEquipment" xlink:to="label_DepreciationMethodPropertyPlantAndEquipment_2" xlink:title="label: DepreciationMethodPropertyPlantAndEquipment to label_DepreciationMethodPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="DepreciationPropertyPlantAndEquipment" xlink:title="DepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment">Depreciation, property, plant and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment" xlink:title="label: DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment_2">Vessels depreciation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment_2" xlink:title="label: DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment_3">Depreciation &amp; Amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment_3" xlink:title="label: DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan" xlink:label="DescriptionOfNatureOfBenefitsProvidedByPlan" xlink:title="DescriptionOfNatureOfBenefitsProvidedByPlan"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfNatureOfBenefitsProvidedByPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfNatureOfBenefitsProvidedByPlan" xml:lang="en-US" id="label_DescriptionOfNatureOfBenefitsProvidedByPlan">Description Of Nature Of Benefits Provided By Plan</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfNatureOfBenefitsProvidedByPlan" xlink:to="label_DescriptionOfNatureOfBenefitsProvidedByPlan" xlink:title="label: DescriptionOfNatureOfBenefitsProvidedByPlan to label_DescriptionOfNatureOfBenefitsProvidedByPlan"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfNatureOfBenefitsProvidedByPlan_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfNatureOfBenefitsProvidedByPlan" xml:lang="en-US" id="label_DescriptionOfNatureOfBenefitsProvidedByPlan_2">Description of the nature of the benefits provided by the defined benefit plan</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfNatureOfBenefitsProvidedByPlan" xlink:to="label_DescriptionOfNatureOfBenefitsProvidedByPlan_2" xlink:title="label: DescriptionOfNatureOfBenefitsProvidedByPlan to label_DescriptionOfNatureOfBenefitsProvidedByPlan"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DirectorsRemunerationExpense" xlink:label="DirectorsRemunerationExpense" xlink:title="DirectorsRemunerationExpense"/>
    <label xlink:type="resource" xlink:label="label_DirectorsRemunerationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DirectorsRemunerationExpense" xml:lang="en-US" id="label_DirectorsRemunerationExpense">Directors' remuneration expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsRemunerationExpense" xlink:to="label_DirectorsRemunerationExpense" xlink:title="label: DirectorsRemunerationExpense to label_DirectorsRemunerationExpense"/>
    <label xlink:type="resource" xlink:label="label_DirectorsRemunerationExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DirectorsRemunerationExpense" xml:lang="en-US" id="label_DirectorsRemunerationExpense_2">Director's remuneration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsRemunerationExpense" xlink:to="label_DirectorsRemunerationExpense_2" xlink:title="label: DirectorsRemunerationExpense to label_DirectorsRemunerationExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:label="DisclosureOfClassesOfShareCapitalAbstract" xlink:title="DisclosureOfClassesOfShareCapitalAbstract"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfClassesOfShareCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfClassesOfShareCapitalAbstract" xml:lang="en-US" id="label_DisclosureOfClassesOfShareCapitalAbstract">Disclosure of classes of share capital [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClassesOfShareCapitalAbstract" xlink:to="label_DisclosureOfClassesOfShareCapitalAbstract" xlink:title="label: DisclosureOfClassesOfShareCapitalAbstract to label_DisclosureOfClassesOfShareCapitalAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:label="DisclosureOfClassesOfShareCapitalLineItems" xlink:title="DisclosureOfClassesOfShareCapitalLineItems"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:label="DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:title="DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:title="DisclosureOfPropertyPlantAndEquipmentAbstract"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentAbstract" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentAbstract">Vessels, net [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:title="DisclosureOfPropertyPlantAndEquipmentLineItems"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:title="label: DisclosureOfPropertyPlantAndEquipmentLineItems to label_DisclosureOfPropertyPlantAndEquipmentLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="DisclosureOfPropertyPlantAndEquipmentTable" xlink:title="DisclosureOfPropertyPlantAndEquipmentTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentTable" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentTable">Disclosure of detailed information about property, plant and equipment [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentTable" xlink:title="label: DisclosureOfPropertyPlantAndEquipmentTable to label_DisclosureOfPropertyPlantAndEquipmentTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesAbstract"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract">Disclosure of subsidiaries [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:title="label: DisclosureOfSignificantInvestmentsInSubsidiariesAbstract to label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">Disclosure of subsidiaries [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:title="label: DisclosureOfSignificantInvestmentsInSubsidiariesLineItems to label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_2">Disclosure of subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_2" xlink:title="label: DisclosureOfSignificantInvestmentsInSubsidiariesLineItems to label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesTable">Disclosure of subsidiaries [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:title="label: DisclosureOfSignificantInvestmentsInSubsidiariesTable to label_DisclosureOfSignificantInvestmentsInSubsidiariesTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract">Disclosure of transactions between related parties [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:title="label: DisclosureOfTransactionsBetweenRelatedPartiesAbstract to label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">Disclosure of transactions between related parties [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:title="label: DisclosureOfTransactionsBetweenRelatedPartiesLineItems to label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesTable" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesTable">Disclosure of transactions between related parties [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:title="label: DisclosureOfTransactionsBetweenRelatedPartiesTable to label_DisclosureOfTransactionsBetweenRelatedPartiesTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:label="DisposalsPropertyPlantAndEquipment" xlink:title="DisposalsPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsPropertyPlantAndEquipment" xml:lang="en-US" id="label_DisposalsPropertyPlantAndEquipment">Disposals, property, plant and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsPropertyPlantAndEquipment" xlink:to="label_DisposalsPropertyPlantAndEquipment" xlink:title="label: DisposalsPropertyPlantAndEquipment to label_DisposalsPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DisposalsPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisposalsPropertyPlantAndEquipment" xml:lang="en-US" id="label_DisposalsPropertyPlantAndEquipment_2">Sale of vessel</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsPropertyPlantAndEquipment" xlink:to="label_DisposalsPropertyPlantAndEquipment_2" xlink:title="label: DisposalsPropertyPlantAndEquipment to label_DisposalsPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="DividendsPaidClassifiedAsFinancingActivities" xlink:title="DividendsPaidClassifiedAsFinancingActivities"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidClassifiedAsFinancingActivities" xml:lang="en-US" id="label_DividendsPaidClassifiedAsFinancingActivities">Dividends paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidClassifiedAsFinancingActivities" xlink:to="label_DividendsPaidClassifiedAsFinancingActivities" xlink:title="label: DividendsPaidClassifiedAsFinancingActivities to label_DividendsPaidClassifiedAsFinancingActivities"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaidClassifiedAsFinancingActivities_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsPaidClassifiedAsFinancingActivities" xml:lang="en-US" id="label_DividendsPaidClassifiedAsFinancingActivities_2">Dividends paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidClassifiedAsFinancingActivities" xlink:to="label_DividendsPaidClassifiedAsFinancingActivities_2" xlink:title="label: DividendsPaidClassifiedAsFinancingActivities to label_DividendsPaidClassifiedAsFinancingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsPaid" xlink:label="DividendsPaid" xlink:title="DividendsPaid"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaid" xml:lang="en-US" id="label_DividendsPaid">Dividends Paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid" xlink:title="label: DividendsPaid to label_DividendsPaid"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaid_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaid" xml:lang="en-US" id="label_DividendsPaid_2">Dividends paid (note 17)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_2" xlink:title="label: DividendsPaid to label_DividendsPaid"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaid_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DividendsPaid" xml:lang="en-US" id="label_DividendsPaid_3">Less: Dividends on preferred shares (note 17)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_3" xlink:title="label: DividendsPaid to label_DividendsPaid"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaid_4" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsPaid" xml:lang="en-US" id="label_DividendsPaid_4">Dividends paid (note 17)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_4" xlink:title="label: DividendsPaid to label_DividendsPaid"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaid_5" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:title="label_DividendsPaid" xml:lang="en-US" id="label_DividendsPaid_5">Less: Dividends on preferred shares (note 17)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_5" xlink:title="label: DividendsPaid to label_DividendsPaid"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract"/>
    <label xlink:type="resource" xlink:label="label_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareAbstract" xml:lang="en-US" id="label_EarningsPerShareAbstract">Loss per share [abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FeeAndCommissionIncome" xlink:label="FeeAndCommissionIncome" xlink:title="FeeAndCommissionIncome"/>
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    <label xlink:type="resource" xlink:label="label_FinanceCosts_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinanceCosts" xml:lang="en-US" id="label_FinanceCosts_3">Interest expense and finance costs</label>
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    <label xlink:type="resource" xlink:label="label_FinanceCosts" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceCosts" xml:lang="en-US" id="label_FinanceCosts">Total</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:title="IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">Net increase/(decrease) in cash and cash equivalents</label>
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    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2">Increase (decrease) in cash and cash equivalents before effect of exchange rate changes</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:label="IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:title="IncreaseDecreaseInNumberOfOrdinarySharesIssued"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:to="label_IncreaseDecreaseInNumberOfOrdinarySharesIssued_3" xlink:title="label: IncreaseDecreaseInNumberOfOrdinarySharesIssued to label_IncreaseDecreaseInNumberOfOrdinarySharesIssued"/>
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    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInNumberOfSharesOutstanding" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfSharesOutstanding">Increase Decrease In Number Of Shares Outstanding</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:label="IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:title="IncreaseDecreaseThroughSharebasedPaymentTransactions"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughSharebasedPaymentTransactions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughSharebasedPaymentTransactions" xml:lang="en-US" id="label_IncreaseDecreaseThroughSharebasedPaymentTransactions_2">Increase (decrease) through share-based payment transactions, equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:to="label_IncreaseDecreaseThroughSharebasedPaymentTransactions_2" xlink:title="label: IncreaseDecreaseThroughSharebasedPaymentTransactions to label_IncreaseDecreaseThroughSharebasedPaymentTransactions"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:to="label_IncreaseDecreaseThroughSharebasedPaymentTransactions_4" xlink:title="label: IncreaseDecreaseThroughSharebasedPaymentTransactions to label_IncreaseDecreaseThroughSharebasedPaymentTransactions"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_IncreaseDecreaseThroughSharebasedPaymentTransactions" xml:lang="en-US" id="label_IncreaseDecreaseThroughSharebasedPaymentTransactions">Stock issued during the year (value) - Share based compensation</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="IntangibleAssetsOtherThanGoodwill" xlink:title="IntangibleAssetsOtherThanGoodwill"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOtherThanGoodwill" xlink:to="label_IntangibleAssetsOtherThanGoodwill_2" xlink:title="label: IntangibleAssetsOtherThanGoodwill to label_IntangibleAssetsOtherThanGoodwill"/>
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    <label xlink:type="resource" xlink:label="label_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestExpense" xml:lang="en-US" id="label_InterestExpense_2">Interest payable on long-term borrowings</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:label="InterestPaidClassifiedAsFinancingActivities" xlink:title="InterestPaidClassifiedAsFinancingActivities"/>
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    <label xlink:type="resource" xlink:label="label_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_IssuedCapital" xml:lang="en-US" id="label_IssuedCapital">As at December 31</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital" xlink:title="label: IssuedCapital to label_IssuedCapital"/>
    <label xlink:type="resource" xlink:label="label_IssuedCapital_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_IssuedCapital" xml:lang="en-US" id="label_IssuedCapital_2">As at December 31</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital_2" xlink:title="label: IssuedCapital to label_IssuedCapital"/>
    <label xlink:type="resource" xlink:label="label_IssuedCapital_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuedCapital" xml:lang="en-US" id="label_IssuedCapital_3">Issued Capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital_3" xlink:title="label: IssuedCapital to label_IssuedCapital"/>
    <label xlink:type="resource" xlink:label="label_IssuedCapital_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuedCapital" xml:lang="en-US" id="label_IssuedCapital_4">Issued share capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital_4" xlink:title="label: IssuedCapital to label_IssuedCapital"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:label="KeyManagementPersonnelCompensationSharebasedPayment" xlink:title="KeyManagementPersonnelCompensationSharebasedPayment"/>
    <label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationSharebasedPayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensationSharebasedPayment" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationSharebasedPayment">Key management personnel compensation, share-based payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="label_KeyManagementPersonnelCompensationSharebasedPayment" xlink:title="label: KeyManagementPersonnelCompensationSharebasedPayment to label_KeyManagementPersonnelCompensationSharebasedPayment"/>
    <label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationSharebasedPayment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeyManagementPersonnelCompensationSharebasedPayment" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationSharebasedPayment_2">Share-based payments (note 13)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="label_KeyManagementPersonnelCompensationSharebasedPayment_2" xlink:title="label: KeyManagementPersonnelCompensationSharebasedPayment to label_KeyManagementPersonnelCompensationSharebasedPayment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:title="KeyManagementPersonnelCompensationShorttermEmployeeBenefits"/>
    <label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">Key management personnel compensation, short-term employee benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:title="label: KeyManagementPersonnelCompensationShorttermEmployeeBenefits to label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits"/>
    <label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_2">Short-term employee benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_2" xlink:title="label: KeyManagementPersonnelCompensationShorttermEmployeeBenefits to label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="KeyManagementPersonnelCompensation" xlink:title="KeyManagementPersonnelCompensation"/>
    <label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensation" xml:lang="en-US" id="label_KeyManagementPersonnelCompensation">Key management personnel compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensation" xlink:to="label_KeyManagementPersonnelCompensation" xlink:title="label: KeyManagementPersonnelCompensation to label_KeyManagementPersonnelCompensation"/>
    <label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensation_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeyManagementPersonnelCompensation" xml:lang="en-US" id="label_KeyManagementPersonnelCompensation_2">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensation" xlink:to="label_KeyManagementPersonnelCompensation_2" xlink:title="label: KeyManagementPersonnelCompensation to label_KeyManagementPersonnelCompensation"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:label="KeyManagementPersonnelOfEntityOrParentMember" xlink:title="KeyManagementPersonnelOfEntityOrParentMember"/>
    <label xlink:type="resource" xlink:label="label_KeyManagementPersonnelOfEntityOrParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelOfEntityOrParentMember" xml:lang="en-US" id="label_KeyManagementPersonnelOfEntityOrParentMember">Key management personnel of entity or parent [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelOfEntityOrParentMember" xlink:to="label_KeyManagementPersonnelOfEntityOrParentMember" xlink:title="label: KeyManagementPersonnelOfEntityOrParentMember to label_KeyManagementPersonnelOfEntityOrParentMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LeasesAsLesseeRelatedPartyTransactions" xlink:label="LeasesAsLesseeRelatedPartyTransactions" xlink:title="LeasesAsLesseeRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:label="label_LeasesAsLesseeRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeasesAsLesseeRelatedPartyTransactions" xml:lang="en-US" id="label_LeasesAsLesseeRelatedPartyTransactions">Leases As Lessee Related Party Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasesAsLesseeRelatedPartyTransactions" xlink:to="label_LeasesAsLesseeRelatedPartyTransactions" xlink:title="label: LeasesAsLesseeRelatedPartyTransactions to label_LeasesAsLesseeRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:label="label_LeasesAsLesseeRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeasesAsLesseeRelatedPartyTransactions" xml:lang="en-US" id="label_LeasesAsLesseeRelatedPartyTransactions_2">Rental expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasesAsLesseeRelatedPartyTransactions" xlink:to="label_LeasesAsLesseeRelatedPartyTransactions_2" xlink:title="label: LeasesAsLesseeRelatedPartyTransactions to label_LeasesAsLesseeRelatedPartyTransactions"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities"/>
    <label xlink:type="resource" xlink:label="label_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Liabilities" xml:lang="en-US" id="label_Liabilities">Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities" xlink:title="label: Liabilities to label_Liabilities"/>
    <label xlink:type="resource" xlink:label="label_Liabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Liabilities" xml:lang="en-US" id="label_Liabilities_2">TOTAL LIABILITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities_2" xlink:title="label: Liabilities to label_Liabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="LiabilityAssetOfDefinedBenefitPlans" xlink:title="LiabilityAssetOfDefinedBenefitPlans"/>
    <label xlink:type="resource" xlink:label="label_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans">Net defined benefit liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityAssetOfDefinedBenefitPlans" xlink:to="label_LiabilityAssetOfDefinedBenefitPlans" xlink:title="label: LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LongtermBorrowings" xlink:label="LongtermBorrowings" xlink:title="LongtermBorrowings"/>
    <label xlink:type="resource" xlink:label="label_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongtermBorrowings" xml:lang="en-US" id="label_LongtermBorrowings_2">Total Borrowings - Long-Term Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings" xlink:title="label: LongtermBorrowings to label_LongtermBorrowings"/>
    <label xlink:type="resource" xlink:label="label_LongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongtermBorrowings" xml:lang="en-US" id="label_LongtermBorrowings_3">Long-term borrowings, net of current portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_2" xlink:title="label: LongtermBorrowings to label_LongtermBorrowings"/>
    <label xlink:type="resource" xlink:label="label_LongtermBorrowings_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LongtermBorrowings" xml:lang="en-US" id="label_LongtermBorrowings">Long-term borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_3" xlink:title="label: LongtermBorrowings to label_LongtermBorrowings"/>
    <label xlink:type="resource" xlink:label="label_LongtermBorrowings_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LongtermBorrowings" xml:lang="en-US" id="label_LongtermBorrowings_4">Total Borrowings - Long-Term Portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_4" xlink:title="label: LongtermBorrowings to label_LongtermBorrowings"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MaterialIncomeAndExpenseAbstract" xlink:label="MaterialIncomeAndExpenseAbstract" xlink:title="MaterialIncomeAndExpenseAbstract"/>
    <label xlink:type="resource" xlink:label="label_MaterialIncomeAndExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaterialIncomeAndExpenseAbstract" xml:lang="en-US" id="label_MaterialIncomeAndExpenseAbstract">EXPENSES &amp; OTHER OPERATING INCOME:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaterialIncomeAndExpenseAbstract" xlink:to="label_MaterialIncomeAndExpenseAbstract" xlink:title="label: MaterialIncomeAndExpenseAbstract to label_MaterialIncomeAndExpenseAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MiscellaneousCurrentAssetsAbstract" xlink:label="MiscellaneousCurrentAssetsAbstract" xlink:title="MiscellaneousCurrentAssetsAbstract"/>
    <label xlink:type="resource" xlink:label="label_MiscellaneousCurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousCurrentAssetsAbstract" xml:lang="en-US" id="label_MiscellaneousCurrentAssetsAbstract">Prepayments and other assets [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousCurrentAssetsAbstract" xlink:to="label_MiscellaneousCurrentAssetsAbstract" xlink:title="label: MiscellaneousCurrentAssetsAbstract to label_MiscellaneousCurrentAssetsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MiscellaneousCurrentLiabilitiesAbstract" xlink:label="MiscellaneousCurrentLiabilitiesAbstract" xlink:title="MiscellaneousCurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_MiscellaneousCurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousCurrentLiabilitiesAbstract" xml:lang="en-US" id="label_MiscellaneousCurrentLiabilitiesAbstract">Accrued liabilities and other payables [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousCurrentLiabilitiesAbstract" xlink:to="label_MiscellaneousCurrentLiabilitiesAbstract" xlink:title="label: MiscellaneousCurrentLiabilitiesAbstract to label_MiscellaneousCurrentLiabilitiesAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NameOfSubsidiary" xlink:label="NameOfSubsidiary" xlink:title="NameOfSubsidiary"/>
    <label xlink:type="resource" xlink:label="label_NameOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NameOfSubsidiary" xml:lang="en-US" id="label_NameOfSubsidiary">Name Of Subsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NameOfSubsidiary" xlink:to="label_NameOfSubsidiary" xlink:title="label: NameOfSubsidiary to label_NameOfSubsidiary"/>
    <label xlink:type="resource" xlink:label="label_NameOfSubsidiary_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NameOfSubsidiary" xml:lang="en-US" id="label_NameOfSubsidiary_2">Vessel Owned</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NameOfSubsidiary" xlink:to="label_NameOfSubsidiary_2" xlink:title="label: NameOfSubsidiary to label_NameOfSubsidiary"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="NoncurrentAssetsAbstract" xlink:title="NoncurrentAssetsAbstract"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssetsAbstract" xml:lang="en-US" id="label_NoncurrentAssetsAbstract">Non-current assets [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract" xlink:title="label: NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentAssetsAbstract" xml:lang="en-US" id="label_NoncurrentAssetsAbstract_2">NON-CURRENT ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract_2" xlink:title="label: NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentAssets" xlink:label="NoncurrentAssets" xlink:title="NoncurrentAssets"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssets" xml:lang="en-US" id="label_NoncurrentAssets">Non-current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets" xlink:title="label: NoncurrentAssets to label_NoncurrentAssets"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentAssets" xml:lang="en-US" id="label_NoncurrentAssets_2">Total non-current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets_2" xlink:title="label: NoncurrentAssets to label_NoncurrentAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="NoncurrentLiabilitiesAbstract" xlink:title="NoncurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilitiesAbstract" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract">Noncurrent Liabilities [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract" xlink:title="label: NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLiabilitiesAbstract" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract_2">NON-CURRENT LIABILITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract_2" xlink:title="label: NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="NoncurrentLiabilities" xlink:title="NoncurrentLiabilities"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilities" xml:lang="en-US" id="label_NoncurrentLiabilities">Non current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities" xlink:title="label: NoncurrentLiabilities to label_NoncurrentLiabilities"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentLiabilities" xml:lang="en-US" id="label_NoncurrentLiabilities_2">Total non-current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities_2" xlink:title="label: NoncurrentLiabilities to label_NoncurrentLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:label="NoncurrentProvisionsForEmployeeBenefits" xlink:title="NoncurrentProvisionsForEmployeeBenefits"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentProvisionsForEmployeeBenefits" xml:lang="en-US" id="label_NoncurrentProvisionsForEmployeeBenefits">Non current Provisions For Employee Benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisionsForEmployeeBenefits" xlink:to="label_NoncurrentProvisionsForEmployeeBenefits" xlink:title="label: NoncurrentProvisionsForEmployeeBenefits to label_NoncurrentProvisionsForEmployeeBenefits"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentProvisionsForEmployeeBenefits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentProvisionsForEmployeeBenefits" xml:lang="en-US" id="label_NoncurrentProvisionsForEmployeeBenefits_2">Provision for staff retirement indemnities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisionsForEmployeeBenefits" xlink:to="label_NoncurrentProvisionsForEmployeeBenefits_2" xlink:title="label: NoncurrentProvisionsForEmployeeBenefits to label_NoncurrentProvisionsForEmployeeBenefits"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfSharesAuthorised" xlink:label="NumberOfSharesAuthorised" xlink:title="NumberOfSharesAuthorised"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesAuthorised" xml:lang="en-US" id="label_NumberOfSharesAuthorised">Number Of Shares Authorised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesAuthorised" xlink:to="label_NumberOfSharesAuthorised" xlink:title="label: NumberOfSharesAuthorised to label_NumberOfSharesAuthorised"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesAuthorised_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesAuthorised" xml:lang="en-US" id="label_NumberOfSharesAuthorised_2">Number of shares authorised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesAuthorised" xlink:to="label_NumberOfSharesAuthorised_2" xlink:title="label: NumberOfSharesAuthorised to label_NumberOfSharesAuthorised"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfSharesIssuedAbstract" xlink:label="NumberOfSharesIssuedAbstract" xlink:title="NumberOfSharesIssuedAbstract"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesIssuedAbstract" xml:lang="en-US" id="label_NumberOfSharesIssuedAbstract">Number of shares issued [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedAbstract" xlink:to="label_NumberOfSharesIssuedAbstract" xlink:title="label: NumberOfSharesIssuedAbstract to label_NumberOfSharesIssuedAbstract"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedAbstract_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesIssuedAbstract" xml:lang="en-US" id="label_NumberOfSharesIssuedAbstract_2">Number of shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedAbstract" xlink:to="label_NumberOfSharesIssuedAbstract_2" xlink:title="label: NumberOfSharesIssuedAbstract to label_NumberOfSharesIssuedAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:label="NumberOfSharesIssuedAndFullyPaid" xlink:title="NumberOfSharesIssuedAndFullyPaid"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedAndFullyPaid" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_NumberOfSharesIssuedAndFullyPaid" xml:lang="en-US" id="label_NumberOfSharesIssuedAndFullyPaid">As at December 31</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedAndFullyPaid" xlink:to="label_NumberOfSharesIssuedAndFullyPaid" xlink:title="label: NumberOfSharesIssuedAndFullyPaid to label_NumberOfSharesIssuedAndFullyPaid"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedAndFullyPaid_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_NumberOfSharesIssuedAndFullyPaid" xml:lang="en-US" id="label_NumberOfSharesIssuedAndFullyPaid_2">As at December 31</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedAndFullyPaid" xlink:to="label_NumberOfSharesIssuedAndFullyPaid_2" xlink:title="label: NumberOfSharesIssuedAndFullyPaid to label_NumberOfSharesIssuedAndFullyPaid"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedAndFullyPaid_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesIssuedAndFullyPaid" xml:lang="en-US" id="label_NumberOfSharesIssuedAndFullyPaid_3">Number of shares issued and fully paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedAndFullyPaid" xlink:to="label_NumberOfSharesIssuedAndFullyPaid_3" xlink:title="label: NumberOfSharesIssuedAndFullyPaid to label_NumberOfSharesIssuedAndFullyPaid"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="NumberOfSharesIssued" xlink:title="NumberOfSharesIssued"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesIssued" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_NumberOfSharesIssued" xml:lang="en-US" id="label_NumberOfSharesIssued">As at December 31,</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssued" xlink:to="label_NumberOfSharesIssued" xlink:title="label: NumberOfSharesIssued to label_NumberOfSharesIssued"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesIssued_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_NumberOfSharesIssued" xml:lang="en-US" id="label_NumberOfSharesIssued_2">As at December 31,</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssued" xlink:to="label_NumberOfSharesIssued_2" xlink:title="label: NumberOfSharesIssued to label_NumberOfSharesIssued"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesIssued_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesIssued" xml:lang="en-US" id="label_NumberOfSharesIssued_3">Number of shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssued" xlink:to="label_NumberOfSharesIssued_3" xlink:title="label: NumberOfSharesIssued to label_NumberOfSharesIssued"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesIssued_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesIssued" xml:lang="en-US" id="label_NumberOfSharesIssued_4">Number of shares issued |$ / shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssued" xlink:to="label_NumberOfSharesIssued_4" xlink:title="label: NumberOfSharesIssued to label_NumberOfSharesIssued"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="NumberOfSharesOutstanding" xlink:title="NumberOfSharesOutstanding"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesOutstanding" xml:lang="en-US" id="label_NumberOfSharesOutstanding">Number Of Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding" xlink:title="label: NumberOfSharesOutstanding to label_NumberOfSharesOutstanding"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesOutstanding" xml:lang="en-US" id="label_NumberOfSharesOutstanding_2">Number of shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding_2" xlink:title="label: NumberOfSharesOutstanding to label_NumberOfSharesOutstanding"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OfficeEquipment" xlink:label="OfficeEquipment" xlink:title="OfficeEquipment"/>
    <label xlink:type="resource" xlink:label="label_OfficeEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OfficeEquipment" xml:lang="en-US" id="label_OfficeEquipment">Office Equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OfficeEquipment" xlink:to="label_OfficeEquipment" xlink:title="label: OfficeEquipment to label_OfficeEquipment"/>
    <label xlink:type="resource" xlink:label="label_OfficeEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OfficeEquipment" xml:lang="en-US" id="label_OfficeEquipment_2">Office furniture and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OfficeEquipment" xlink:to="label_OfficeEquipment_2" xlink:title="label: OfficeEquipment to label_OfficeEquipment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OperatingExpense" xlink:label="OperatingExpense" xlink:title="OperatingExpense"/>
    <label xlink:type="resource" xlink:label="label_OperatingExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingExpense" xml:lang="en-US" id="label_OperatingExpense_2">Operating Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpense" xlink:to="label_OperatingExpense_2" xlink:title="label: OperatingExpense to label_OperatingExpense"/>
    <label xlink:type="resource" xlink:label="label_OperatingExpense_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OperatingExpense" xml:lang="en-US" id="label_OperatingExpense_3">Vessel operating expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpense" xlink:to="label_OperatingExpense_3" xlink:title="label: OperatingExpense to label_OperatingExpense"/>
    <label xlink:type="resource" xlink:label="label_OperatingExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OperatingExpense" xml:lang="en-US" id="label_OperatingExpense">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpense" xlink:to="label_OperatingExpense" xlink:title="label: OperatingExpense to label_OperatingExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OrdinarySharesMember" xlink:label="OrdinarySharesMember" xlink:title="OrdinarySharesMember"/>
    <label xlink:type="resource" xlink:label="label_OrdinarySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OrdinarySharesMember" xml:lang="en-US" id="label_OrdinarySharesMember">Ordinary shares [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrdinarySharesMember" xlink:to="label_OrdinarySharesMember" xlink:title="label: OrdinarySharesMember to label_OrdinarySharesMember"/>
    <label xlink:type="resource" xlink:label="label_OrdinarySharesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OrdinarySharesMember" xml:lang="en-US" id="label_OrdinarySharesMember_2">Common shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrdinarySharesMember" xlink:to="label_OrdinarySharesMember_2" xlink:title="label: OrdinarySharesMember to label_OrdinarySharesMember"/>
    <label xlink:type="resource" xlink:label="label_OrdinarySharesMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OrdinarySharesMember" xml:lang="en-US" id="label_OrdinarySharesMember_3">Common Shares issued and fully paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrdinarySharesMember" xlink:to="label_OrdinarySharesMember_3" xlink:title="label: OrdinarySharesMember to label_OrdinarySharesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="OtherComprehensiveIncome" xlink:title="OtherComprehensiveIncome"/>
    <label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncome" xml:lang="en-US" id="label_OtherComprehensiveIncome">Other Comprehensive Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome" xlink:title="label: OtherComprehensiveIncome to label_OtherComprehensiveIncome"/>
    <label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncome" xml:lang="en-US" id="label_OtherComprehensiveIncome_2">Other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome_2" xlink:title="label: OtherComprehensiveIncome to label_OtherComprehensiveIncome"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherCurrentPayables" xlink:label="OtherCurrentPayables" xlink:title="OtherCurrentPayables"/>
    <label xlink:type="resource" xlink:label="label_OtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentPayables" xml:lang="en-US" id="label_OtherCurrentPayables">Other Current Payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentPayables" xlink:to="label_OtherCurrentPayables" xlink:title="label: OtherCurrentPayables to label_OtherCurrentPayables"/>
    <label xlink:type="resource" xlink:label="label_OtherCurrentPayables_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrentPayables" xml:lang="en-US" id="label_OtherCurrentPayables_2">Other payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentPayables" xlink:to="label_OtherCurrentPayables_2" xlink:title="label: OtherCurrentPayables to label_OtherCurrentPayables"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:label="OtherNoncurrentNonfinancialAssets" xlink:title="OtherNoncurrentNonfinancialAssets"/>
    <label xlink:type="resource" xlink:label="label_OtherNoncurrentNonfinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentNonfinancialAssets" xml:lang="en-US" id="label_OtherNoncurrentNonfinancialAssets">Other Noncurrent Nonfinancial Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentNonfinancialAssets" xlink:to="label_OtherNoncurrentNonfinancialAssets" xlink:title="label: OtherNoncurrentNonfinancialAssets to label_OtherNoncurrentNonfinancialAssets"/>
    <label xlink:type="resource" xlink:label="label_OtherNoncurrentNonfinancialAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherNoncurrentNonfinancialAssets" xml:lang="en-US" id="label_OtherNoncurrentNonfinancialAssets_2">Other non-current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentNonfinancialAssets" xlink:to="label_OtherNoncurrentNonfinancialAssets_2" xlink:title="label: OtherNoncurrentNonfinancialAssets to label_OtherNoncurrentNonfinancialAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="OtherOperatingIncomeExpense" xlink:title="OtherOperatingIncomeExpense"/>
    <label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeExpense" xml:lang="en-US" id="label_OtherOperatingIncomeExpense">Other Operating Income Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense" xlink:title="label: OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense"/>
    <label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherOperatingIncomeExpense" xml:lang="en-US" id="label_OtherOperatingIncomeExpense_2">Other income, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense_2" xlink:title="label: OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherRelatedPartiesMember" xlink:label="OtherRelatedPartiesMember" xlink:title="OtherRelatedPartiesMember"/>
    <label xlink:type="resource" xlink:label="label_OtherRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherRelatedPartiesMember" xml:lang="en-US" id="label_OtherRelatedPartiesMember">Other related parties [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRelatedPartiesMember" xlink:to="label_OtherRelatedPartiesMember" xlink:title="label: OtherRelatedPartiesMember to label_OtherRelatedPartiesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ParValuePerShare" xlink:label="ParValuePerShare" xlink:title="ParValuePerShare"/>
    <label xlink:type="resource" xlink:label="label_ParValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ParValuePerShare" xml:lang="en-US" id="label_ParValuePerShare">Par Value Per Share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParValuePerShare" xlink:to="label_ParValuePerShare" xlink:title="label: ParValuePerShare to label_ParValuePerShare"/>
    <label xlink:type="resource" xlink:label="label_ParValuePerShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ParValuePerShare" xml:lang="en-US" id="label_ParValuePerShare_2">Par value per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParValuePerShare" xlink:to="label_ParValuePerShare_2" xlink:title="label: ParValuePerShare to label_ParValuePerShare"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PreferenceSharesMember" xlink:label="PreferenceSharesMember" xlink:title="PreferenceSharesMember"/>
    <label xlink:type="resource" xlink:label="label_PreferenceSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferenceSharesMember" xml:lang="en-US" id="label_PreferenceSharesMember">Preference shares [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferenceSharesMember" xlink:to="label_PreferenceSharesMember" xlink:title="label: PreferenceSharesMember to label_PreferenceSharesMember"/>
    <label xlink:type="resource" xlink:label="label_PreferenceSharesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreferenceSharesMember" xml:lang="en-US" id="label_PreferenceSharesMember_2">Preferred shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferenceSharesMember" xlink:to="label_PreferenceSharesMember_2" xlink:title="label: PreferenceSharesMember to label_PreferenceSharesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:title="ProceedsFromBorrowingsClassifiedAsFinancingActivities"/>
    <label xlink:type="resource" xlink:label="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US" id="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities_2">Proceeds from loans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities_2" xlink:title="label: ProceedsFromBorrowingsClassifiedAsFinancingActivities to label_ProceedsFromBorrowingsClassifiedAsFinancingActivities"/>
    <label xlink:type="resource" xlink:label="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US" id="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities">Proceeds from borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:title="label: ProceedsFromBorrowingsClassifiedAsFinancingActivities to label_ProceedsFromBorrowingsClassifiedAsFinancingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfessionalFeesExpense" xlink:label="ProfessionalFeesExpense" xlink:title="ProfessionalFeesExpense"/>
    <label xlink:type="resource" xlink:label="label_ProfessionalFeesExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfessionalFeesExpense" xml:lang="en-US" id="label_ProfessionalFeesExpense">Professional Fees Expense</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:title="PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RelatedPartiesMember" xlink:label="RelatedPartiesMember" xlink:title="RelatedPartiesMember"/>
    <label xlink:type="resource" xlink:label="label_RelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatedPartiesMember" xml:lang="en-US" id="label_RelatedPartiesMember">Related parties [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesMember" xlink:to="label_RelatedPartiesMember" xlink:title="label: RelatedPartiesMember to label_RelatedPartiesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RelatedPartyTransactionsAbstract" xlink:label="RelatedPartyTransactionsAbstract" xlink:title="RelatedPartyTransactionsAbstract"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsAbstract" xlink:to="label_RelatedPartyTransactionsAbstract" xlink:title="label: RelatedPartyTransactionsAbstract to label_RelatedPartyTransactionsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:title="RepaymentsOfBorrowingsClassifiedAsFinancingActivities"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RestrictedCashAndCashEquivalents" xlink:label="RestrictedCashAndCashEquivalents" xlink:title="RestrictedCashAndCashEquivalents"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember" xlink:title="label: RetainedEarningsMember to label_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:label="label_RetainedEarningsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetainedEarningsMember" xml:lang="en-US" id="label_RetainedEarningsMember_2">(Accumulated Deficit)</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueFromRenderingOfInformationTechnologyConsultingServices" xlink:label="RevenueFromRenderingOfInformationTechnologyConsultingServices" xlink:title="RevenueFromRenderingOfInformationTechnologyConsultingServices"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServices" xlink:to="label_RevenueFromRenderingOfServices" xlink:title="label: RevenueFromRenderingOfServices to label_RevenueFromRenderingOfServices"/>
    <label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServices_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueFromRenderingOfServices" xml:lang="en-US" id="label_RevenueFromRenderingOfServices_2">Voyage revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServices" xlink:to="label_RevenueFromRenderingOfServices_2" xlink:title="label: RevenueFromRenderingOfServices to label_RevenueFromRenderingOfServices"/>
    <label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServices_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueFromRenderingOfServices" xml:lang="en-US" id="label_RevenueFromRenderingOfServices_3">Revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServices" xlink:to="label_RevenueFromRenderingOfServices_3" xlink:title="label: RevenueFromRenderingOfServices to label_RevenueFromRenderingOfServices"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Revenue" xlink:label="Revenue" xlink:title="Revenue"/>
    <label xlink:type="resource" xlink:label="label_Revenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Revenue" xml:lang="en-US" id="label_Revenue">Revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue" xlink:title="label: Revenue to label_Revenue"/>
    <label xlink:type="resource" xlink:label="label_Revenue_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Revenue" xml:lang="en-US" id="label_Revenue_2">Total Revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_2" xlink:title="label: Revenue to label_Revenue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:title="ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xml:lang="en-US" id="label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">Reversal of impairment loss recognised in profit or loss, property, plant and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:title="label: ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment to label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xml:lang="en-US" id="label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_2">Reversal of impairment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_2" xlink:title="label: ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment to label_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SharePremiumMember" xlink:label="SharePremiumMember" xlink:title="SharePremiumMember"/>
    <label xlink:type="resource" xlink:label="label_SharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharePremiumMember" xml:lang="en-US" id="label_SharePremiumMember">Share premium [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumMember" xlink:to="label_SharePremiumMember" xlink:title="label: SharePremiumMember to label_SharePremiumMember"/>
    <label xlink:type="resource" xlink:label="label_SharePremiumMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharePremiumMember" xml:lang="en-US" id="label_SharePremiumMember_2">Share Premium</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumMember" xlink:to="label_SharePremiumMember_2" xlink:title="label: SharePremiumMember to label_SharePremiumMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SharePremium" xlink:label="SharePremium" xlink:title="SharePremium"/>
    <label xlink:type="resource" xlink:label="label_SharePremium" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharePremium" xml:lang="en-US" id="label_SharePremium">Share Premium</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremium" xlink:to="label_SharePremium" xlink:title="label: SharePremium to label_SharePremium"/>
    <label xlink:type="resource" xlink:label="label_SharePremium_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharePremium" xml:lang="en-US" id="label_SharePremium_2">Share premium</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremium" xlink:to="label_SharePremium_2" xlink:title="label: SharePremium to label_SharePremium"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShipsMember" xlink:label="ShipsMember" xlink:title="ShipsMember"/>
    <label xlink:type="resource" xlink:label="label_ShipsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShipsMember" xml:lang="en-US" id="label_ShipsMember">Ships [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShipsMember" xlink:to="label_ShipsMember" xlink:title="label: ShipsMember to label_ShipsMember"/>
    <label xlink:type="resource" xlink:label="label_ShipsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShipsMember" xml:lang="en-US" id="label_ShipsMember_2">Vessels</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShipsMember" xlink:to="label_ShipsMember_2" xlink:title="label: ShipsMember to label_ShipsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Ships" xlink:label="Ships" xlink:title="Ships"/>
    <label xlink:type="resource" xlink:label="label_Ships" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_Ships" xml:lang="en-US" id="label_Ships">Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Ships" xlink:to="label_Ships" xlink:title="label: Ships to label_Ships"/>
    <label xlink:type="resource" xlink:label="label_Ships_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_Ships" xml:lang="en-US" id="label_Ships_2">Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Ships" xlink:to="label_Ships_2" xlink:title="label: Ships to label_Ships"/>
    <label xlink:type="resource" xlink:label="label_Ships_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Ships" xml:lang="en-US" id="label_Ships_3">Ships</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Ships" xlink:to="label_Ships_3" xlink:title="label: Ships to label_Ships"/>
    <label xlink:type="resource" xlink:label="label_Ships_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Ships" xml:lang="en-US" id="label_Ships_4">Vessels, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Ships" xlink:to="label_Ships_4" xlink:title="label: Ships to label_Ships"/>
    <label xlink:type="resource" xlink:label="label_Ships_5" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Ships" xml:lang="en-US" id="label_Ships_5">Vessels (see also note 5)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Ships" xlink:to="label_Ships_5" xlink:title="label: Ships to label_Ships"/>
    <label xlink:type="resource" xlink:label="label_Ships_6" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_Ships" xml:lang="en-US" id="label_Ships_6">Recoverable amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Ships" xlink:to="label_Ships_6" xlink:title="label: Ships to label_Ships"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShorttermBorrowings" xlink:label="ShorttermBorrowings" xlink:title="ShorttermBorrowings"/>
    <label xlink:type="resource" xlink:label="label_ShorttermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermBorrowings" xml:lang="en-US" id="label_ShorttermBorrowings">Short term Borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermBorrowings" xlink:to="label_ShorttermBorrowings" xlink:title="label: ShorttermBorrowings to label_ShorttermBorrowings"/>
    <label xlink:type="resource" xlink:label="label_ShorttermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShorttermBorrowings" xml:lang="en-US" id="label_ShorttermBorrowings_2">Short-term borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermBorrowings" xlink:to="label_ShorttermBorrowings_2" xlink:title="label: ShorttermBorrowings to label_ShorttermBorrowings"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:label="ShorttermDepositsClassifiedAsCashEquivalents" xlink:title="ShorttermDepositsClassifiedAsCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_ShorttermDepositsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermDepositsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_ShorttermDepositsClassifiedAsCashEquivalents">Short-term deposits, classified as cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="label_ShorttermDepositsClassifiedAsCashEquivalents" xlink:title="label: ShorttermDepositsClassifiedAsCashEquivalents to label_ShorttermDepositsClassifiedAsCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_ShorttermDepositsClassifiedAsCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShorttermDepositsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_ShorttermDepositsClassifiedAsCashEquivalents_2">Bank deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="label_ShorttermDepositsClassifiedAsCashEquivalents_2" xlink:title="label: ShorttermDepositsClassifiedAsCashEquivalents to label_ShorttermDepositsClassifiedAsCashEquivalents"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:label="label_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfCashFlowsAbstract" xml:lang="en-US" id="label_StatementOfCashFlowsAbstract">Statement Of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfCashFlowsAbstract" xlink:to="label_StatementOfCashFlowsAbstract" xlink:title="label: StatementOfCashFlowsAbstract to label_StatementOfCashFlowsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="StatementOfChangesInEquityAbstract" xlink:title="StatementOfChangesInEquityAbstract"/>
    <label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityAbstract" xml:lang="en-US" id="label_StatementOfChangesInEquityAbstract">Consolidated Statement of Changes in Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityAbstract" xlink:to="label_StatementOfChangesInEquityAbstract" xlink:title="label: StatementOfChangesInEquityAbstract to label_StatementOfChangesInEquityAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="StatementOfChangesInEquityLineItems" xlink:title="StatementOfChangesInEquityLineItems"/>
    <label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityLineItems" xml:lang="en-US" id="label_StatementOfChangesInEquityLineItems">Statement of changes in equity [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityLineItems" xlink:to="label_StatementOfChangesInEquityLineItems" xlink:title="label: StatementOfChangesInEquityLineItems to label_StatementOfChangesInEquityLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="StatementOfChangesInEquityTable" xlink:title="StatementOfChangesInEquityTable"/>
    <label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityTable" xml:lang="en-US" id="label_StatementOfChangesInEquityTable">Consolidated Statement of Changes in Equity [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityTable" xlink:to="label_StatementOfChangesInEquityTable" xlink:title="label: StatementOfChangesInEquityTable to label_StatementOfChangesInEquityTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:label="label_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfFinancialPositionAbstract" xml:lang="en-US" id="label_StatementOfFinancialPositionAbstract">Statement Of Financial Position [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="label_StatementOfFinancialPositionAbstract" xlink:title="label: StatementOfFinancialPositionAbstract to label_StatementOfFinancialPositionAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SubsidiariesMember" xlink:label="SubsidiariesMember" xlink:title="SubsidiariesMember"/>
    <label xlink:type="resource" xlink:label="label_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsidiariesMember" xml:lang="en-US" id="label_SubsidiariesMember">Subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesMember" xlink:to="label_SubsidiariesMember" xlink:title="label: SubsidiariesMember to label_SubsidiariesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="TradeAndOtherCurrentPayables" xlink:title="TradeAndOtherCurrentPayables"/>
    <label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentPayables" xml:lang="en-US" id="label_TradeAndOtherCurrentPayables">Trade And Other Current Payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayables" xlink:to="label_TradeAndOtherCurrentPayables" xlink:title="label: TradeAndOtherCurrentPayables to label_TradeAndOtherCurrentPayables"/>
    <label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayables_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherCurrentPayables" xml:lang="en-US" id="label_TradeAndOtherCurrentPayables_2">Trade accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayables" xlink:to="label_TradeAndOtherCurrentPayables_2" xlink:title="label: TradeAndOtherCurrentPayables to label_TradeAndOtherCurrentPayables"/>
    <label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayables_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TradeAndOtherCurrentPayables" xml:lang="en-US" id="label_TradeAndOtherCurrentPayables_3">Trade payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayables" xlink:to="label_TradeAndOtherCurrentPayables_3" xlink:title="label: TradeAndOtherCurrentPayables to label_TradeAndOtherCurrentPayables"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherCurrentReceivables" xlink:label="TradeAndOtherCurrentReceivables" xlink:title="TradeAndOtherCurrentReceivables"/>
    <label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentReceivables" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivables">Trade And Other Current Receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivables" xlink:to="label_TradeAndOtherCurrentReceivables" xlink:title="label: TradeAndOtherCurrentReceivables to label_TradeAndOtherCurrentReceivables"/>
    <label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivables_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherCurrentReceivables" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivables_2">Trade receivables, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivables" xlink:to="label_TradeAndOtherCurrentReceivables_2" xlink:title="label: TradeAndOtherCurrentReceivables to label_TradeAndOtherCurrentReceivables"/>
    <label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivables_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TradeAndOtherCurrentReceivables" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivables_3">Trade accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivables" xlink:to="label_TradeAndOtherCurrentReceivables_3" xlink:title="label: TradeAndOtherCurrentReceivables to label_TradeAndOtherCurrentReceivables"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherPayablesAbstract" xlink:label="TradeAndOtherPayablesAbstract" xlink:title="TradeAndOtherPayablesAbstract"/>
    <label xlink:type="resource" xlink:label="label_TradeAndOtherPayablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherPayablesAbstract" xml:lang="en-US" id="label_TradeAndOtherPayablesAbstract">Trade accounts payable [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherPayablesAbstract" xlink:to="label_TradeAndOtherPayablesAbstract" xlink:title="label: TradeAndOtherPayablesAbstract to label_TradeAndOtherPayablesAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TransportationExpense" xlink:label="TransportationExpense" xlink:title="TransportationExpense"/>
    <label xlink:type="resource" xlink:label="label_TransportationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransportationExpense" xml:lang="en-US" id="label_TransportationExpense">Transportation Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportationExpense" xlink:to="label_TransportationExpense" xlink:title="label: TransportationExpense to label_TransportationExpense"/>
    <label xlink:type="resource" xlink:label="label_TransportationExpense_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TransportationExpense" xml:lang="en-US" id="label_TransportationExpense_2">Voyage expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportationExpense" xlink:to="label_TransportationExpense_2" xlink:title="label: TransportationExpense to label_TransportationExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UndrawnBorrowingFacilities" xlink:label="UndrawnBorrowingFacilities" xlink:title="UndrawnBorrowingFacilities"/>
    <label xlink:type="resource" xlink:label="label_UndrawnBorrowingFacilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UndrawnBorrowingFacilities" xml:lang="en-US" id="label_UndrawnBorrowingFacilities_2">Undrawn borrowing facilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UndrawnBorrowingFacilities" xlink:to="label_UndrawnBorrowingFacilities_2" xlink:title="label: UndrawnBorrowingFacilities to label_UndrawnBorrowingFacilities"/>
    <label xlink:type="resource" xlink:label="label_UndrawnBorrowingFacilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UndrawnBorrowingFacilities" xml:lang="en-US" id="label_UndrawnBorrowingFacilities">Credit Facility, Remaining borrowing capacity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UndrawnBorrowingFacilities" xlink:to="label_UndrawnBorrowingFacilities" xlink:title="label: UndrawnBorrowingFacilities to label_UndrawnBorrowingFacilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageShares" xlink:label="WeightedAverageShares" xlink:title="WeightedAverageShares"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageShares" xml:lang="en-US" id="label_WeightedAverageShares">Weighted average number of ordinary shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageShares" xlink:to="label_WeightedAverageShares" xlink:title="label: WeightedAverageShares to label_WeightedAverageShares"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageShares" xml:lang="en-US" id="label_WeightedAverageShares_2">Weighted average number of shares for basic and diluted LPS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageShares" xlink:to="label_WeightedAverageShares_2" xlink:title="label: WeightedAverageShares to label_WeightedAverageShares"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentPaymentPeriodFourMember" xlink:label="DebtInstrumentPaymentPeriodFourMember" xlink:title="DebtInstrumentPaymentPeriodFourMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentPaymentPeriodFourMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodFourMember">Debt Instrument Payment Reriod Four [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodFourMember" xlink:to="label_DebtInstrumentPaymentPeriodFourMember" xlink:title="label: DebtInstrumentPaymentPeriodFourMember to label_DebtInstrumentPaymentPeriodFourMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodFourMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentPaymentPeriodFourMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodFourMember_2">Later than three years and not later than four years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodFourMember" xlink:to="label_DebtInstrumentPaymentPeriodFourMember_2" xlink:title="label: DebtInstrumentPaymentPeriodFourMember to label_DebtInstrumentPaymentPeriodFourMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentPaymentPeriodFiveMember" xlink:label="DebtInstrumentPaymentPeriodFiveMember" xlink:title="DebtInstrumentPaymentPeriodFiveMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentPaymentPeriodFiveMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodFiveMember">Debt Instrument Payment Period Five [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodFiveMember" xlink:to="label_DebtInstrumentPaymentPeriodFiveMember" xlink:title="label: DebtInstrumentPaymentPeriodFiveMember to label_DebtInstrumentPaymentPeriodFiveMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodFiveMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentPaymentPeriodFiveMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodFiveMember_2">Later than four years and not later than five years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodFiveMember" xlink:to="label_DebtInstrumentPaymentPeriodFiveMember_2" xlink:title="label: DebtInstrumentPaymentPeriodFiveMember to label_DebtInstrumentPaymentPeriodFiveMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentPaymentPeriodSixMember" xlink:label="DebtInstrumentPaymentPeriodSixMember" xlink:title="DebtInstrumentPaymentPeriodSixMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodSixMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentPaymentPeriodSixMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodSixMember">Debt Instrument Payment Period Six [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodSixMember" xlink:to="label_DebtInstrumentPaymentPeriodSixMember" xlink:title="label: DebtInstrumentPaymentPeriodSixMember to label_DebtInstrumentPaymentPeriodSixMember"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentPaymentPeriodSixMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentPaymentPeriodSixMember" xml:lang="en-US" id="label_DebtInstrumentPaymentPeriodSixMember_2">Later than five years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPaymentPeriodSixMember" xlink:to="label_DebtInstrumentPaymentPeriodSixMember_2" xlink:title="label: DebtInstrumentPaymentPeriodSixMember to label_DebtInstrumentPaymentPeriodSixMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="BorrowingsByNameAxis" xlink:title="BorrowingsByNameAxis"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameAxis" xml:lang="en-US" id="label_BorrowingsByNameAxis">Borrowings by name [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameAxis" xlink:to="label_BorrowingsByNameAxis" xlink:title="label: BorrowingsByNameAxis to label_BorrowingsByNameAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="BorrowingsByNameMember" xlink:title="BorrowingsByNameMember"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameMember" xml:lang="en-US" id="label_BorrowingsByNameMember">Borrowings by name [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameMember" xlink:to="label_BorrowingsByNameMember" xlink:title="label: BorrowingsByNameMember to label_BorrowingsByNameMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_HSHNordbankAGLoanAgreementMember" xlink:label="HSHNordbankAGLoanAgreementMember" xlink:title="HSHNordbankAGLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_HSHNordbankAGLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HSHNordbankAGLoanAgreementMember" xml:lang="en-US" id="label_HSHNordbankAGLoanAgreementMember">HSH Nordbank AG Loan Agreement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HSHNordbankAGLoanAgreementMember" xlink:to="label_HSHNordbankAGLoanAgreementMember" xlink:title="label: HSHNordbankAGLoanAgreementMember to label_HSHNordbankAGLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_HSHNordbankAGLoanAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HSHNordbankAGLoanAgreementMember" xml:lang="en-US" id="label_HSHNordbankAGLoanAgreementMember_2">HSH Bank</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HSHNordbankAGLoanAgreementMember" xlink:to="label_HSHNordbankAGLoanAgreementMember_2" xlink:title="label: HSHNordbankAGLoanAgreementMember to label_HSHNordbankAGLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_HSHNordbankAGLoanAgreementMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_HSHNordbankAGLoanAgreementMember" xml:lang="en-US" id="label_HSHNordbankAGLoanAgreementMember_3">HSH Nordbank AG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HSHNordbankAGLoanAgreementMember" xlink:to="label_HSHNordbankAGLoanAgreementMember_3" xlink:title="label: HSHNordbankAGLoanAgreementMember to label_HSHNordbankAGLoanAgreementMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CommerzbankLoanAgreementMember" xlink:label="CommerzbankLoanAgreementMember" xlink:title="CommerzbankLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_CommerzbankLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommerzbankLoanAgreementMember" xml:lang="en-US" id="label_CommerzbankLoanAgreementMember">Commerzbank Loan Agreement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommerzbankLoanAgreementMember" xlink:to="label_CommerzbankLoanAgreementMember" xlink:title="label: CommerzbankLoanAgreementMember to label_CommerzbankLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_CommerzbankLoanAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommerzbankLoanAgreementMember" xml:lang="en-US" id="label_CommerzbankLoanAgreementMember_2">Commerzbank</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommerzbankLoanAgreementMember" xlink:to="label_CommerzbankLoanAgreementMember_2" xlink:title="label: CommerzbankLoanAgreementMember to label_CommerzbankLoanAgreementMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_FirmentTradingLimitedLoanAgreementMember" xlink:label="FirmentTradingLimitedLoanAgreementMember" xlink:title="FirmentTradingLimitedLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentTradingLimitedLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FirmentTradingLimitedLoanAgreementMember" xml:lang="en-US" id="label_FirmentTradingLimitedLoanAgreementMember">Firment Trading Limited Loan Agreement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentTradingLimitedLoanAgreementMember" xlink:to="label_FirmentTradingLimitedLoanAgreementMember" xlink:title="label: FirmentTradingLimitedLoanAgreementMember to label_FirmentTradingLimitedLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentTradingLimitedLoanAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FirmentTradingLimitedLoanAgreementMember" xml:lang="en-US" id="label_FirmentTradingLimitedLoanAgreementMember_2">Firment Trading Limited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentTradingLimitedLoanAgreementMember" xlink:to="label_FirmentTradingLimitedLoanAgreementMember_2" xlink:title="label: FirmentTradingLimitedLoanAgreementMember to label_FirmentTradingLimitedLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentTradingLimitedLoanAgreementMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FirmentTradingLimitedLoanAgreementMember" xml:lang="en-US" id="label_FirmentTradingLimitedLoanAgreementMember_3">(b) Firment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentTradingLimitedLoanAgreementMember" xlink:to="label_FirmentTradingLimitedLoanAgreementMember_3" xlink:title="label: FirmentTradingLimitedLoanAgreementMember to label_FirmentTradingLimitedLoanAgreementMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_SilanerInvestmentsLimitedLoanAgreementMember" xlink:label="SilanerInvestmentsLimitedLoanAgreementMember" xlink:title="SilanerInvestmentsLimitedLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_SilanerInvestmentsLimitedLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SilanerInvestmentsLimitedLoanAgreementMember" xml:lang="en-US" id="label_SilanerInvestmentsLimitedLoanAgreementMember">Silaner Investments Limited Loan Agreement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SilanerInvestmentsLimitedLoanAgreementMember" xlink:to="label_SilanerInvestmentsLimitedLoanAgreementMember" xlink:title="label: SilanerInvestmentsLimitedLoanAgreementMember to label_SilanerInvestmentsLimitedLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_SilanerInvestmentsLimitedLoanAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SilanerInvestmentsLimitedLoanAgreementMember" xml:lang="en-US" id="label_SilanerInvestmentsLimitedLoanAgreementMember_2">Silaner Investments Limited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SilanerInvestmentsLimitedLoanAgreementMember" xlink:to="label_SilanerInvestmentsLimitedLoanAgreementMember_2" xlink:title="label: SilanerInvestmentsLimitedLoanAgreementMember to label_SilanerInvestmentsLimitedLoanAgreementMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MaturityAxis" xlink:label="MaturityAxis" xlink:title="MaturityAxis"/>
    <label xlink:type="resource" xlink:label="label_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityAxis" xml:lang="en-US" id="label_MaturityAxis">Maturity [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityAxis" xlink:to="label_MaturityAxis" xlink:title="label: MaturityAxis to label_MaturityAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="AggregatedTimeBandsMember" xlink:title="AggregatedTimeBandsMember"/>
    <label xlink:type="resource" xlink:label="label_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AggregatedTimeBandsMember" xml:lang="en-US" id="label_AggregatedTimeBandsMember">Aggregated Time Bands [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregatedTimeBandsMember" xlink:to="label_AggregatedTimeBandsMember" xlink:title="label: AggregatedTimeBandsMember to label_AggregatedTimeBandsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="NotLaterThanOneYearMember" xlink:title="NotLaterThanOneYearMember"/>
    <label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotLaterThanOneYearMember" xml:lang="en-US" id="label_NotLaterThanOneYearMember">Not later than one year [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember" xlink:title="label: NotLaterThanOneYearMember to label_NotLaterThanOneYearMember"/>
    <label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotLaterThanOneYearMember" xml:lang="en-US" id="label_NotLaterThanOneYearMember_2">Not later than one year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember_2" xlink:title="label: NotLaterThanOneYearMember to label_NotLaterThanOneYearMember"/>
    <label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NotLaterThanOneYearMember" xml:lang="en-US" id="label_NotLaterThanOneYearMember_3">Within one year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember_3" xlink:title="label: NotLaterThanOneYearMember to label_NotLaterThanOneYearMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember">Later than one year and not later than two years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="label: LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2">Later than one year and not later than two years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" xlink:title="label: LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_3">2019</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_3" xlink:title="label: LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="LaterThanTwoYearsAndNotLaterThanThreeYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">Later than two years and not later than three years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="label: LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2">Later than two years and not later than three years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" xlink:title="label: LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_3">2020</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_3" xlink:title="label: LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:label="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember">Later than three years and not later than four years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="label: LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_2">Later than three years and not later than four years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_2" xlink:title="label: LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_3">2021</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_3" xlink:title="label: LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:label="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:title="LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember">Later than four years and not later than five years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:title="label: LaterThanFourYearsAndNotLaterThanFiveYearsMember to label_LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember_2">Later than four years and not later than five years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember_2" xlink:title="label: LaterThanFourYearsAndNotLaterThanFiveYearsMember to label_LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember_3">2022</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember_3" xlink:title="label: LaterThanFourYearsAndNotLaterThanFiveYearsMember to label_LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="LaterThanFiveYearsMember" xlink:title="LaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFiveYearsMember">Later than five years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsMember" xlink:to="label_LaterThanFiveYearsMember" xlink:title="label: LaterThanFiveYearsMember to label_LaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanFiveYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFiveYearsMember_2">More than 5 years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsMember" xlink:to="label_LaterThanFiveYearsMember_2" xlink:title="label: LaterThanFiveYearsMember to label_LaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanFiveYearsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFiveYearsMember_3">More than five years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsMember" xlink:to="label_LaterThanFiveYearsMember_3" xlink:title="label: LaterThanFiveYearsMember to label_LaterThanFiveYearsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_PeriodOfInterestRatesAxis" xlink:label="PeriodOfInterestRatesAxis" xlink:title="PeriodOfInterestRatesAxis"/>
    <label xlink:type="resource" xlink:label="label_PeriodOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfInterestRatesAxis" xml:lang="en-US" id="label_PeriodOfInterestRatesAxis">Period Of Interest Rates [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfInterestRatesAxis" xlink:to="label_PeriodOfInterestRatesAxis" xlink:title="label: PeriodOfInterestRatesAxis to label_PeriodOfInterestRatesAxis"/>
    <label xlink:type="resource" xlink:label="label_PeriodOfInterestRatesAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfInterestRatesAxis" xml:lang="en-US" id="label_PeriodOfInterestRatesAxis_2">Information about the period of the interest rates.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfInterestRatesAxis" xlink:to="label_PeriodOfInterestRatesAxis_2" xlink:title="label: PeriodOfInterestRatesAxis to label_PeriodOfInterestRatesAxis"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_PeriodOfInterestRatesMember" xlink:label="PeriodOfInterestRatesMember" xlink:title="PeriodOfInterestRatesMember"/>
    <label xlink:type="resource" xlink:label="label_PeriodOfInterestRatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfInterestRatesMember" xml:lang="en-US" id="label_PeriodOfInterestRatesMember">Period Of Interest Rates [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfInterestRatesMember" xlink:to="label_PeriodOfInterestRatesMember" xlink:title="label: PeriodOfInterestRatesMember to label_PeriodOfInterestRatesMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_InterestPeriodThreeMonthsMember" xlink:label="InterestPeriodThreeMonthsMember" xlink:title="InterestPeriodThreeMonthsMember"/>
    <label xlink:type="resource" xlink:label="label_InterestPeriodThreeMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestPeriodThreeMonthsMember" xml:lang="en-US" id="label_InterestPeriodThreeMonthsMember">Interest periods of 3 months</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPeriodThreeMonthsMember" xlink:to="label_InterestPeriodThreeMonthsMember" xlink:title="label: InterestPeriodThreeMonthsMember to label_InterestPeriodThreeMonthsMember"/>
    <label xlink:type="resource" xlink:label="label_InterestPeriodThreeMonthsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestPeriodThreeMonthsMember" xml:lang="en-US" id="label_InterestPeriodThreeMonthsMember_2">Interest Period Three Months [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPeriodThreeMonthsMember" xlink:to="label_InterestPeriodThreeMonthsMember_2" xlink:title="label: InterestPeriodThreeMonthsMember to label_InterestPeriodThreeMonthsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_InterestPeriodOneMonthMember" xlink:label="InterestPeriodOneMonthMember" xlink:title="InterestPeriodOneMonthMember"/>
    <label xlink:type="resource" xlink:label="label_InterestPeriodOneMonthMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestPeriodOneMonthMember" xml:lang="en-US" id="label_InterestPeriodOneMonthMember">Interest Period One Month [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPeriodOneMonthMember" xlink:to="label_InterestPeriodOneMonthMember" xlink:title="label: InterestPeriodOneMonthMember to label_InterestPeriodOneMonthMember"/>
    <label xlink:type="resource" xlink:label="label_InterestPeriodOneMonthMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestPeriodOneMonthMember" xml:lang="en-US" id="label_InterestPeriodOneMonthMember_2">Interest periods of 1 month</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPeriodOneMonthMember" xlink:to="label_InterestPeriodOneMonthMember_2" xlink:title="label: InterestPeriodOneMonthMember to label_InterestPeriodOneMonthMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsInterestRateBasis" xlink:label="BorrowingsInterestRateBasis" xlink:title="BorrowingsInterestRateBasis"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsInterestRateBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsInterestRateBasis" xml:lang="en-US" id="label_BorrowingsInterestRateBasis">Borrowings Interest Rate Basis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRateBasis" xlink:to="label_BorrowingsInterestRateBasis" xlink:title="label: BorrowingsInterestRateBasis to label_BorrowingsInterestRateBasis"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsInterestRateBasis_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsInterestRateBasis" xml:lang="en-US" id="label_BorrowingsInterestRateBasis_2">Borrowings, interest rate basis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRateBasis" xlink:to="label_BorrowingsInterestRateBasis_2" xlink:title="label: BorrowingsInterestRateBasis to label_BorrowingsInterestRateBasis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:label="BorrowingsAdjustmentToInterestRateBasis" xlink:title="BorrowingsAdjustmentToInterestRateBasis"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsAdjustmentToInterestRateBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsAdjustmentToInterestRateBasis" xml:lang="en-US" id="label_BorrowingsAdjustmentToInterestRateBasis">Borrowings, adjustment to interest rate basis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAdjustmentToInterestRateBasis" xlink:to="label_BorrowingsAdjustmentToInterestRateBasis" xlink:title="label: BorrowingsAdjustmentToInterestRateBasis to label_BorrowingsAdjustmentToInterestRateBasis"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowingsNumberOfPeriodicPayments" xlink:label="BorrowingsNumberOfPeriodicPayments" xlink:title="BorrowingsNumberOfPeriodicPayments"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsNumberOfPeriodicPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsNumberOfPeriodicPayments" xml:lang="en-US" id="label_BorrowingsNumberOfPeriodicPayments">The number of periodic payments.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsNumberOfPeriodicPayments" xlink:to="label_BorrowingsNumberOfPeriodicPayments" xlink:title="label: BorrowingsNumberOfPeriodicPayments to label_BorrowingsNumberOfPeriodicPayments"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsNumberOfPeriodicPayments_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsNumberOfPeriodicPayments" xml:lang="en-US" id="label_BorrowingsNumberOfPeriodicPayments_2">Number of periodic payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsNumberOfPeriodicPayments" xlink:to="label_BorrowingsNumberOfPeriodicPayments_2" xlink:title="label: BorrowingsNumberOfPeriodicPayments to label_BorrowingsNumberOfPeriodicPayments"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsNumberOfPeriodicPayments_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsNumberOfPeriodicPayments" xml:lang="en-US" id="label_BorrowingsNumberOfPeriodicPayments_3">Borrowings Number Of Periodic Payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsNumberOfPeriodicPayments" xlink:to="label_BorrowingsNumberOfPeriodicPayments_3" xlink:title="label: BorrowingsNumberOfPeriodicPayments to label_BorrowingsNumberOfPeriodicPayments"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowingsFrequencyOfPeriodicPayment" xlink:label="BorrowingsFrequencyOfPeriodicPayment" xlink:title="BorrowingsFrequencyOfPeriodicPayment"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsFrequencyOfPeriodicPayment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsFrequencyOfPeriodicPayment" xml:lang="en-US" id="label_BorrowingsFrequencyOfPeriodicPayment">Frequency of periodic payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsFrequencyOfPeriodicPayment" xlink:to="label_BorrowingsFrequencyOfPeriodicPayment" xlink:title="label: BorrowingsFrequencyOfPeriodicPayment to label_BorrowingsFrequencyOfPeriodicPayment"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsFrequencyOfPeriodicPayment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsFrequencyOfPeriodicPayment" xml:lang="en-US" id="label_BorrowingsFrequencyOfPeriodicPayment_2">Description of the frequency of periodic payments (monthly, quarterly, annual).</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsFrequencyOfPeriodicPayment" xlink:to="label_BorrowingsFrequencyOfPeriodicPayment_2" xlink:title="label: BorrowingsFrequencyOfPeriodicPayment to label_BorrowingsFrequencyOfPeriodicPayment"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsFrequencyOfPeriodicPayment_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsFrequencyOfPeriodicPayment" xml:lang="en-US" id="label_BorrowingsFrequencyOfPeriodicPayment_3">Borrowings Frequency Of Periodic Payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsFrequencyOfPeriodicPayment" xlink:to="label_BorrowingsFrequencyOfPeriodicPayment_3" xlink:title="label: BorrowingsFrequencyOfPeriodicPayment to label_BorrowingsFrequencyOfPeriodicPayment"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowingsPeriodicPayment" xlink:label="BorrowingsPeriodicPayment" xlink:title="BorrowingsPeriodicPayment"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsPeriodicPayment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsPeriodicPayment" xml:lang="en-US" id="label_BorrowingsPeriodicPayment">Amount of the required periodic payments including both interest and principal payments.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsPeriodicPayment" xlink:to="label_BorrowingsPeriodicPayment" xlink:title="label: BorrowingsPeriodicPayment to label_BorrowingsPeriodicPayment"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsPeriodicPayment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsPeriodicPayment" xml:lang="en-US" id="label_BorrowingsPeriodicPayment_2">Periodic payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsPeriodicPayment" xlink:to="label_BorrowingsPeriodicPayment_2" xlink:title="label: BorrowingsPeriodicPayment to label_BorrowingsPeriodicPayment"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:label="BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:title="BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xml:lang="en-US" id="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid">Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:to="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:title="label: BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid to label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xml:lang="en-US" id="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_2">Balloon Payment to be Paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:to="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_2" xlink:title="label: BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid to label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xml:lang="en-US" id="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_3">Borrowings Periodic Payment Terms Balloon Payment To Be Paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:to="label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_3" xlink:title="label: BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid to label_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xlink:label="FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xlink:title="FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio"/>
    <label xlink:type="resource" xlink:label="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xml:lang="en-US" id="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio">The ratio of the aggregate fair market value of the mortgaged vessels to the loan outstanding balance.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xlink:to="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xlink:title="label: FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio to label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio"/>
    <label xlink:type="resource" xlink:label="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xml:lang="en-US" id="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio_2">Fair Value Of Mortgaged Vessels To Loan Outstanding Balance Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xlink:to="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio_2" xlink:title="label: FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio to label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio"/>
    <label xlink:type="resource" xlink:label="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xml:lang="en-US" id="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio_3">Fair value of mortgaged vessels to loan outstanding balance ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xlink:to="label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio_3" xlink:title="label: FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio to label_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xlink:label="TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xlink:title="TotalLiabilitiesToMarketAdjustedTotalAssetsRatio"/>
    <label xlink:type="resource" xlink:label="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xml:lang="en-US" id="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio">Total Liabilities To Market Adjusted Total Assets Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xlink:to="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xlink:title="label: TotalLiabilitiesToMarketAdjustedTotalAssetsRatio to label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio"/>
    <label xlink:type="resource" xlink:label="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xml:lang="en-US" id="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio_2">Total liabilities to market adjusted total assets ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xlink:to="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio_2" xlink:title="label: TotalLiabilitiesToMarketAdjustedTotalAssetsRatio to label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio"/>
    <label xlink:type="resource" xlink:label="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xml:lang="en-US" id="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio_3">The ratio of the company's total liabilities to its market adjusted total assets, as required by loan agreement covenants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xlink:to="label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio_3" xlink:title="label: TotalLiabilitiesToMarketAdjustedTotalAssetsRatio to label_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MarketAdjustedNetWorth" xlink:label="MarketAdjustedNetWorth" xlink:title="MarketAdjustedNetWorth"/>
    <label xlink:type="resource" xlink:label="label_MarketAdjustedNetWorth" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MarketAdjustedNetWorth" xml:lang="en-US" id="label_MarketAdjustedNetWorth">Market adjusted net worth</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketAdjustedNetWorth" xlink:to="label_MarketAdjustedNetWorth" xlink:title="label: MarketAdjustedNetWorth to label_MarketAdjustedNetWorth"/>
    <label xlink:type="resource" xlink:label="label_MarketAdjustedNetWorth_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MarketAdjustedNetWorth" xml:lang="en-US" id="label_MarketAdjustedNetWorth_2">Market Adjusted Net Worth</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketAdjustedNetWorth" xlink:to="label_MarketAdjustedNetWorth_2" xlink:title="label: MarketAdjustedNetWorth to label_MarketAdjustedNetWorth"/>
    <label xlink:type="resource" xlink:label="label_MarketAdjustedNetWorth_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MarketAdjustedNetWorth" xml:lang="en-US" id="label_MarketAdjustedNetWorth_3">The company's market adjusted net worth.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketAdjustedNetWorth" xlink:to="label_MarketAdjustedNetWorth_3" xlink:title="label: MarketAdjustedNetWorth to label_MarketAdjustedNetWorth"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CompensatingBalanceAmountPerVessel" xlink:label="CompensatingBalanceAmountPerVessel" xlink:title="CompensatingBalanceAmountPerVessel"/>
    <label xlink:type="resource" xlink:label="label_CompensatingBalanceAmountPerVessel" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CompensatingBalanceAmountPerVessel" xml:lang="en-US" id="label_CompensatingBalanceAmountPerVessel">Compensating Balance Amount Per Vessel</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalanceAmountPerVessel" xlink:to="label_CompensatingBalanceAmountPerVessel" xlink:title="label: CompensatingBalanceAmountPerVessel to label_CompensatingBalanceAmountPerVessel"/>
    <label xlink:type="resource" xlink:label="label_CompensatingBalanceAmountPerVessel_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CompensatingBalanceAmountPerVessel" xml:lang="en-US" id="label_CompensatingBalanceAmountPerVessel_2">Compensating Balance, Amount per vessel</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalanceAmountPerVessel" xlink:to="label_CompensatingBalanceAmountPerVessel_2" xlink:title="label: CompensatingBalanceAmountPerVessel to label_CompensatingBalanceAmountPerVessel"/>
    <label xlink:type="resource" xlink:label="label_CompensatingBalanceAmountPerVessel_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CompensatingBalanceAmountPerVessel" xml:lang="en-US" id="label_CompensatingBalanceAmountPerVessel_3">The amount of a specific compensating balance arrangement that is maintained per vessel, under an agreement for a bank loan.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalanceAmountPerVessel" xlink:to="label_CompensatingBalanceAmountPerVessel_3" xlink:title="label: CompensatingBalanceAmountPerVessel to label_CompensatingBalanceAmountPerVessel"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LiquidityToConsolidatedIndebtednessRatio" xlink:label="LiquidityToConsolidatedIndebtednessRatio" xlink:title="LiquidityToConsolidatedIndebtednessRatio"/>
    <label xlink:type="resource" xlink:label="label_LiquidityToConsolidatedIndebtednessRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiquidityToConsolidatedIndebtednessRatio" xml:lang="en-US" id="label_LiquidityToConsolidatedIndebtednessRatio">Liquidity To Consolidated Indebtedness Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityToConsolidatedIndebtednessRatio" xlink:to="label_LiquidityToConsolidatedIndebtednessRatio" xlink:title="label: LiquidityToConsolidatedIndebtednessRatio to label_LiquidityToConsolidatedIndebtednessRatio"/>
    <label xlink:type="resource" xlink:label="label_LiquidityToConsolidatedIndebtednessRatio_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiquidityToConsolidatedIndebtednessRatio" xml:lang="en-US" id="label_LiquidityToConsolidatedIndebtednessRatio_2">Liquidity to indebtedness ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityToConsolidatedIndebtednessRatio" xlink:to="label_LiquidityToConsolidatedIndebtednessRatio_2" xlink:title="label: LiquidityToConsolidatedIndebtednessRatio to label_LiquidityToConsolidatedIndebtednessRatio"/>
    <label xlink:type="resource" xlink:label="label_LiquidityToConsolidatedIndebtednessRatio_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiquidityToConsolidatedIndebtednessRatio" xml:lang="en-US" id="label_LiquidityToConsolidatedIndebtednessRatio_3">The ratio of the company's liquidity to its consolidated indebtedness.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityToConsolidatedIndebtednessRatio" xlink:to="label_LiquidityToConsolidatedIndebtednessRatio_3" xlink:title="label: LiquidityToConsolidatedIndebtednessRatio to label_LiquidityToConsolidatedIndebtednessRatio"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AmountOfEquityToBeRaised" xlink:label="AmountOfEquityToBeRaised" xlink:title="AmountOfEquityToBeRaised"/>
    <label xlink:type="resource" xlink:label="label_AmountOfEquityToBeRaised" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmountOfEquityToBeRaised" xml:lang="en-US" id="label_AmountOfEquityToBeRaised">The amount of new equity that the company has to raise, as required by loan agreement covenants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfEquityToBeRaised" xlink:to="label_AmountOfEquityToBeRaised" xlink:title="label: AmountOfEquityToBeRaised to label_AmountOfEquityToBeRaised"/>
    <label xlink:type="resource" xlink:label="label_AmountOfEquityToBeRaised_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountOfEquityToBeRaised" xml:lang="en-US" id="label_AmountOfEquityToBeRaised_2">Amount Of Equity To Be Raised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfEquityToBeRaised" xlink:to="label_AmountOfEquityToBeRaised_2" xlink:title="label: AmountOfEquityToBeRaised to label_AmountOfEquityToBeRaised"/>
    <label xlink:type="resource" xlink:label="label_AmountOfEquityToBeRaised_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmountOfEquityToBeRaised" xml:lang="en-US" id="label_AmountOfEquityToBeRaised_3">Amount of equity to be raised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfEquityToBeRaised" xlink:to="label_AmountOfEquityToBeRaised_3" xlink:title="label: AmountOfEquityToBeRaised to label_AmountOfEquityToBeRaised"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowingsFaceAmount" xlink:label="BorrowingsFaceAmount" xlink:title="BorrowingsFaceAmount"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsFaceAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsFaceAmount" xml:lang="en-US" id="label_BorrowingsFaceAmount">Borrowings, Face amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsFaceAmount" xlink:to="label_BorrowingsFaceAmount" xlink:title="label: BorrowingsFaceAmount to label_BorrowingsFaceAmount"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsFaceAmount_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsFaceAmount" xml:lang="en-US" id="label_BorrowingsFaceAmount_2">Borrowings Face Amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsFaceAmount" xlink:to="label_BorrowingsFaceAmount_2" xlink:title="label: BorrowingsFaceAmount to label_BorrowingsFaceAmount"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsFaceAmount_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsFaceAmount" xml:lang="en-US" id="label_BorrowingsFaceAmount_3">Face (par) amount of debt instrument at time of issuance.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsFaceAmount" xlink:to="label_BorrowingsFaceAmount_3" xlink:title="label: BorrowingsFaceAmount to label_BorrowingsFaceAmount"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MinimumLiquidAssets" xlink:label="MinimumLiquidAssets" xlink:title="MinimumLiquidAssets"/>
    <label xlink:type="resource" xlink:label="label_MinimumLiquidAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumLiquidAssets" xml:lang="en-US" id="label_MinimumLiquidAssets">The minimum liquid assets that the company should own and maintain, as required by loan agreement covenants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumLiquidAssets" xlink:to="label_MinimumLiquidAssets" xlink:title="label: MinimumLiquidAssets to label_MinimumLiquidAssets"/>
    <label xlink:type="resource" xlink:label="label_MinimumLiquidAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumLiquidAssets" xml:lang="en-US" id="label_MinimumLiquidAssets_2">Minimum Liquid Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumLiquidAssets" xlink:to="label_MinimumLiquidAssets_2" xlink:title="label: MinimumLiquidAssets to label_MinimumLiquidAssets"/>
    <label xlink:type="resource" xlink:label="label_MinimumLiquidAssets_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumLiquidAssets" xml:lang="en-US" id="label_MinimumLiquidAssets_3">Liquidity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumLiquidAssets" xlink:to="label_MinimumLiquidAssets_3" xlink:title="label: MinimumLiquidAssets to label_MinimumLiquidAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestPayable" xlink:label="InterestPayable" xlink:title="InterestPayable"/>
    <label xlink:type="resource" xlink:label="label_InterestPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestPayable" xml:lang="en-US" id="label_InterestPayable">Interest Payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPayable" xlink:to="label_InterestPayable" xlink:title="label: InterestPayable to label_InterestPayable"/>
    <label xlink:type="resource" xlink:label="label_InterestPayable_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestPayable" xml:lang="en-US" id="label_InterestPayable_2">Accrued interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPayable" xlink:to="label_InterestPayable_2" xlink:title="label: InterestPayable to label_InterestPayable"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ManagementDailyFee" xlink:label="ManagementDailyFee" xlink:title="ManagementDailyFee"/>
    <label xlink:type="resource" xlink:label="label_ManagementDailyFee" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementDailyFee" xml:lang="en-US" id="label_ManagementDailyFee">The amount of daily income recognised for the provided management services.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementDailyFee" xlink:to="label_ManagementDailyFee" xlink:title="label: ManagementDailyFee to label_ManagementDailyFee"/>
    <label xlink:type="resource" xlink:label="label_ManagementDailyFee_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementDailyFee" xml:lang="en-US" id="label_ManagementDailyFee_2">Management Daily Fee</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementDailyFee" xlink:to="label_ManagementDailyFee_2" xlink:title="label: ManagementDailyFee to label_ManagementDailyFee"/>
    <label xlink:type="resource" xlink:label="label_ManagementDailyFee_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ManagementDailyFee" xml:lang="en-US" id="label_ManagementDailyFee_3">Management daily fee</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementDailyFee" xlink:to="label_ManagementDailyFee_3" xlink:title="label: ManagementDailyFee to label_ManagementDailyFee"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MarketAdjustedNetWorthToTotalAssetsRatio" xlink:label="MarketAdjustedNetWorthToTotalAssetsRatio" xlink:title="MarketAdjustedNetWorthToTotalAssetsRatio"/>
    <label xlink:type="resource" xlink:label="label_MarketAdjustedNetWorthToTotalAssetsRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MarketAdjustedNetWorthToTotalAssetsRatio" xml:lang="en-US" id="label_MarketAdjustedNetWorthToTotalAssetsRatio">The ratio of the market adjusted net worth to total assets.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketAdjustedNetWorthToTotalAssetsRatio" xlink:to="label_MarketAdjustedNetWorthToTotalAssetsRatio" xlink:title="label: MarketAdjustedNetWorthToTotalAssetsRatio to label_MarketAdjustedNetWorthToTotalAssetsRatio"/>
    <label xlink:type="resource" xlink:label="label_MarketAdjustedNetWorthToTotalAssetsRatio_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MarketAdjustedNetWorthToTotalAssetsRatio" xml:lang="en-US" id="label_MarketAdjustedNetWorthToTotalAssetsRatio_2">Market Adjusted Net Worth To Total Assets Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketAdjustedNetWorthToTotalAssetsRatio" xlink:to="label_MarketAdjustedNetWorthToTotalAssetsRatio_2" xlink:title="label: MarketAdjustedNetWorthToTotalAssetsRatio to label_MarketAdjustedNetWorthToTotalAssetsRatio"/>
    <label xlink:type="resource" xlink:label="label_MarketAdjustedNetWorthToTotalAssetsRatio_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MarketAdjustedNetWorthToTotalAssetsRatio" xml:lang="en-US" id="label_MarketAdjustedNetWorthToTotalAssetsRatio_3">Market adjusted net worth to total assets ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketAdjustedNetWorthToTotalAssetsRatio" xlink:to="label_MarketAdjustedNetWorthToTotalAssetsRatio_3" xlink:title="label: MarketAdjustedNetWorthToTotalAssetsRatio to label_MarketAdjustedNetWorthToTotalAssetsRatio"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CompensatingBalanceAmount" xlink:label="CompensatingBalanceAmount" xlink:title="CompensatingBalanceAmount"/>
    <label xlink:type="resource" xlink:label="label_CompensatingBalanceAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CompensatingBalanceAmount" xml:lang="en-US" id="label_CompensatingBalanceAmount">The amount of a specific compensating balance arrangement that is maintained, under an agreement for a bank loan.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalanceAmount" xlink:to="label_CompensatingBalanceAmount" xlink:title="label: CompensatingBalanceAmount to label_CompensatingBalanceAmount"/>
    <label xlink:type="resource" xlink:label="label_CompensatingBalanceAmount_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CompensatingBalanceAmount" xml:lang="en-US" id="label_CompensatingBalanceAmount_2">Compensating Balance Amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalanceAmount" xlink:to="label_CompensatingBalanceAmount_2" xlink:title="label: CompensatingBalanceAmount to label_CompensatingBalanceAmount"/>
    <label xlink:type="resource" xlink:label="label_CompensatingBalanceAmount_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CompensatingBalanceAmount" xml:lang="en-US" id="label_CompensatingBalanceAmount_3">Compensating Balance, Amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalanceAmount" xlink:to="label_CompensatingBalanceAmount_3" xlink:title="label: CompensatingBalanceAmount to label_CompensatingBalanceAmount"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AmountDeferredToTheBalloonPayment" xlink:label="AmountDeferredToTheBalloonPayment" xlink:title="AmountDeferredToTheBalloonPayment"/>
    <label xlink:type="resource" xlink:label="label_AmountDeferredToTheBalloonPayment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmountDeferredToTheBalloonPayment" xml:lang="en-US" id="label_AmountDeferredToTheBalloonPayment">The amount deferred to the balloon payment after the amendment of the relevant loan agreement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountDeferredToTheBalloonPayment" xlink:to="label_AmountDeferredToTheBalloonPayment" xlink:title="label: AmountDeferredToTheBalloonPayment to label_AmountDeferredToTheBalloonPayment"/>
    <label xlink:type="resource" xlink:label="label_AmountDeferredToTheBalloonPayment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountDeferredToTheBalloonPayment" xml:lang="en-US" id="label_AmountDeferredToTheBalloonPayment_2">Amount Deferred To The Balloon Payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountDeferredToTheBalloonPayment" xlink:to="label_AmountDeferredToTheBalloonPayment_2" xlink:title="label: AmountDeferredToTheBalloonPayment to label_AmountDeferredToTheBalloonPayment"/>
    <label xlink:type="resource" xlink:label="label_AmountDeferredToTheBalloonPayment_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmountDeferredToTheBalloonPayment" xml:lang="en-US" id="label_AmountDeferredToTheBalloonPayment_3">Amount deferred to the balloon payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountDeferredToTheBalloonPayment" xlink:to="label_AmountDeferredToTheBalloonPayment_3" xlink:title="label: AmountDeferredToTheBalloonPayment to label_AmountDeferredToTheBalloonPayment"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CreditSuisseAGLoanAgreementMember" xlink:label="CreditSuisseAGLoanAgreementMember" xlink:title="CreditSuisseAGLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_CreditSuisseAGLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditSuisseAGLoanAgreementMember" xml:lang="en-US" id="label_CreditSuisseAGLoanAgreementMember">Credit Suisse AG Loan Agreement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditSuisseAGLoanAgreementMember" xlink:to="label_CreditSuisseAGLoanAgreementMember" xlink:title="label: CreditSuisseAGLoanAgreementMember to label_CreditSuisseAGLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_CreditSuisseAGLoanAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CreditSuisseAGLoanAgreementMember" xml:lang="en-US" id="label_CreditSuisseAGLoanAgreementMember_2">Credit Suisse AG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditSuisseAGLoanAgreementMember" xlink:to="label_CreditSuisseAGLoanAgreementMember_2" xlink:title="label: CreditSuisseAGLoanAgreementMember to label_CreditSuisseAGLoanAgreementMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DVBBankLoanAgreementMember" xlink:label="DVBBankLoanAgreementMember" xlink:title="DVBBankLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_DVBBankLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DVBBankLoanAgreementMember" xml:lang="en-US" id="label_DVBBankLoanAgreementMember">DVB Bank Loan Agreement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DVBBankLoanAgreementMember" xlink:to="label_DVBBankLoanAgreementMember" xlink:title="label: DVBBankLoanAgreementMember to label_DVBBankLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_DVBBankLoanAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DVBBankLoanAgreementMember" xml:lang="en-US" id="label_DVBBankLoanAgreementMember_2">DVB Bank SE</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DVBBankLoanAgreementMember" xlink:to="label_DVBBankLoanAgreementMember_2" xlink:title="label: DVBBankLoanAgreementMember to label_DVBBankLoanAgreementMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CreditFacilityAxis" xlink:label="CreditFacilityAxis" xlink:title="CreditFacilityAxis"/>
    <label xlink:type="resource" xlink:label="label_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditFacilityAxis" xml:lang="en-US" id="label_CreditFacilityAxis">Credit Facility [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditFacilityAxis" xlink:to="label_CreditFacilityAxis" xlink:title="label: CreditFacilityAxis to label_CreditFacilityAxis"/>
    <label xlink:type="resource" xlink:label="label_CreditFacilityAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CreditFacilityAxis" xml:lang="en-US" id="label_CreditFacilityAxis_2">Information by type of credit facility. Credit facilities provide capital to borrowers without the need to structure a loan for each borrowing.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditFacilityAxis" xlink:to="label_CreditFacilityAxis_2" xlink:title="label: CreditFacilityAxis to label_CreditFacilityAxis"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CreditFacilityMember" xlink:label="CreditFacilityMember" xlink:title="CreditFacilityMember"/>
    <label xlink:type="resource" xlink:label="label_CreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditFacilityMember" xml:lang="en-US" id="label_CreditFacilityMember">Credit Facility [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditFacilityMember" xlink:to="label_CreditFacilityMember" xlink:title="label: CreditFacilityMember to label_CreditFacilityMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TrancheAMember" xlink:label="TrancheAMember" xlink:title="TrancheAMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TrancheAMember" xml:lang="en-US" id="label_TrancheAMember">TrancheA [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheAMember" xlink:to="label_TrancheAMember" xlink:title="label: TrancheAMember to label_TrancheAMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TrancheAMember" xml:lang="en-US" id="label_TrancheAMember_2">Tranche A</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheAMember" xlink:to="label_TrancheAMember_2" xlink:title="label: TrancheAMember to label_TrancheAMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheAMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TrancheAMember" xml:lang="en-US" id="label_TrancheAMember_3">Tranche (A)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheAMember" xlink:to="label_TrancheAMember_3" xlink:title="label: TrancheAMember to label_TrancheAMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TrancheBMember" xlink:label="TrancheBMember" xlink:title="TrancheBMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TrancheBMember" xml:lang="en-US" id="label_TrancheBMember">Tranche B [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheBMember" xlink:to="label_TrancheBMember" xlink:title="label: TrancheBMember to label_TrancheBMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheBMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TrancheBMember" xml:lang="en-US" id="label_TrancheBMember_2">Tranche B</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheBMember" xlink:to="label_TrancheBMember_2" xlink:title="label: TrancheBMember to label_TrancheBMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheBMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TrancheBMember" xml:lang="en-US" id="label_TrancheBMember_3">Tranche (B)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheBMember" xlink:to="label_TrancheBMember_3" xlink:title="label: TrancheBMember to label_TrancheBMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TrancheCMember" xlink:label="TrancheCMember" xlink:title="TrancheCMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TrancheCMember" xml:lang="en-US" id="label_TrancheCMember">Tranche C [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheCMember" xlink:to="label_TrancheCMember" xlink:title="label: TrancheCMember to label_TrancheCMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheCMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TrancheCMember" xml:lang="en-US" id="label_TrancheCMember_2">Tranche C</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheCMember" xlink:to="label_TrancheCMember_2" xlink:title="label: TrancheCMember to label_TrancheCMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis"/>
    <label xlink:type="resource" xlink:label="label_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangeAxis" xml:lang="en-US" id="label_RangeAxis">Range [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="label_RangeAxis" xlink:title="label: RangeAxis to label_RangeAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RangesMember" xlink:label="RangesMember" xlink:title="RangesMember"/>
    <label xlink:type="resource" xlink:label="label_RangesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangesMember" xml:lang="en-US" id="label_RangesMember">Ranges [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangesMember" xlink:to="label_RangesMember" xlink:title="label: RangesMember to label_RangesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BottomOfRangeMember" xlink:label="BottomOfRangeMember" xlink:title="BottomOfRangeMember"/>
    <label xlink:type="resource" xlink:label="label_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BottomOfRangeMember" xml:lang="en-US" id="label_BottomOfRangeMember">Bottom Of Range [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember" xlink:title="label: BottomOfRangeMember to label_BottomOfRangeMember"/>
    <label xlink:type="resource" xlink:label="label_BottomOfRangeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BottomOfRangeMember" xml:lang="en-US" id="label_BottomOfRangeMember_2">Minimum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember_2" xlink:title="label: BottomOfRangeMember to label_BottomOfRangeMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_KeltyMarineLimitedMember" xlink:label="KeltyMarineLimitedMember" xlink:title="KeltyMarineLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_KeltyMarineLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeltyMarineLimitedMember" xml:lang="en-US" id="label_KeltyMarineLimitedMember">Kelty Marine Limited [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeltyMarineLimitedMember" xlink:to="label_KeltyMarineLimitedMember" xlink:title="label: KeltyMarineLimitedMember to label_KeltyMarineLimitedMember"/>
    <label xlink:type="resource" xlink:label="label_KeltyMarineLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeltyMarineLimitedMember" xml:lang="en-US" id="label_KeltyMarineLimitedMember_2">Kelty Marine Limited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeltyMarineLimitedMember" xlink:to="label_KeltyMarineLimitedMember_2" xlink:title="label: KeltyMarineLimitedMember to label_KeltyMarineLimitedMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_VesselOwningSubsidiariesMember" xlink:label="VesselOwningSubsidiariesMember" xlink:title="VesselOwningSubsidiariesMember"/>
    <label xlink:type="resource" xlink:label="label_VesselOwningSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VesselOwningSubsidiariesMember" xml:lang="en-US" id="label_VesselOwningSubsidiariesMember">Vessel Owning Subsidiaries [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselOwningSubsidiariesMember" xlink:to="label_VesselOwningSubsidiariesMember" xlink:title="label: VesselOwningSubsidiariesMember to label_VesselOwningSubsidiariesMember"/>
    <label xlink:type="resource" xlink:label="label_VesselOwningSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VesselOwningSubsidiariesMember" xml:lang="en-US" id="label_VesselOwningSubsidiariesMember_2">Vessel Owning Subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselOwningSubsidiariesMember" xlink:to="label_VesselOwningSubsidiariesMember_2" xlink:title="label: VesselOwningSubsidiariesMember to label_VesselOwningSubsidiariesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageMember" xlink:label="WeightedAverageMember" xlink:title="WeightedAverageMember"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageMember" xml:lang="en-US" id="label_WeightedAverageMember">Weighted average [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageMember" xlink:to="label_WeightedAverageMember" xlink:title="label: WeightedAverageMember to label_WeightedAverageMember"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageMember" xml:lang="en-US" id="label_WeightedAverageMember_2">Weighted average</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageMember" xlink:to="label_WeightedAverageMember_2" xlink:title="label: WeightedAverageMember to label_WeightedAverageMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:label="DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:title="DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xml:lang="en-US" id="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract">Disclosure of terms and conditions of share-based payment arrangement [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:to="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:title="label: DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract to label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:label="DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:title="DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xml:lang="en-US" id="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable">Disclosure of terms and conditions of share-based payment arrangement [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:to="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:title="label: DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable to label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NumberOfOrdinarySharesMember" xlink:label="NumberOfOrdinarySharesMember" xlink:title="NumberOfOrdinarySharesMember"/>
    <label xlink:type="resource" xlink:label="label_NumberOfOrdinarySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfOrdinarySharesMember" xml:lang="en-US" id="label_NumberOfOrdinarySharesMember">Number Of Ordinary Shares [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOrdinarySharesMember" xlink:to="label_NumberOfOrdinarySharesMember" xlink:title="label: NumberOfOrdinarySharesMember to label_NumberOfOrdinarySharesMember"/>
    <label xlink:type="resource" xlink:label="label_NumberOfOrdinarySharesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfOrdinarySharesMember" xml:lang="en-US" id="label_NumberOfOrdinarySharesMember_2">Number of common shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOrdinarySharesMember" xlink:to="label_NumberOfOrdinarySharesMember_2" xlink:title="label: NumberOfOrdinarySharesMember to label_NumberOfOrdinarySharesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:label="DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:title="DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xml:lang="en-US" id="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">Disclosure of terms and conditions of share-based payment arrangement [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:to="label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:title="label: DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems to label_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ExpenseByNatureAbstract" xlink:label="ExpenseByNatureAbstract" xlink:title="ExpenseByNatureAbstract"/>
    <label xlink:type="resource" xlink:label="label_ExpenseByNatureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseByNatureAbstract" xml:lang="en-US" id="label_ExpenseByNatureAbstract">Voyage Expenses and Vessel Operating Expenses [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNatureAbstract" xlink:to="label_ExpenseByNatureAbstract" xlink:title="label: ExpenseByNatureAbstract to label_ExpenseByNatureAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FeeAndCommissionExpense" xlink:label="FeeAndCommissionExpense" xlink:title="FeeAndCommissionExpense"/>
    <label xlink:type="resource" xlink:label="label_FeeAndCommissionExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FeeAndCommissionExpense" xml:lang="en-US" id="label_FeeAndCommissionExpense">Fee and commission expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FeeAndCommissionExpense" xlink:to="label_FeeAndCommissionExpense" xlink:title="label: FeeAndCommissionExpense to label_FeeAndCommissionExpense"/>
    <label xlink:type="resource" xlink:label="label_FeeAndCommissionExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FeeAndCommissionExpense" xml:lang="en-US" id="label_FeeAndCommissionExpense_2">Commissions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FeeAndCommissionExpense" xlink:to="label_FeeAndCommissionExpense_2" xlink:title="label: FeeAndCommissionExpense to label_FeeAndCommissionExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FuelExpense" xlink:label="FuelExpense" xlink:title="FuelExpense"/>
    <label xlink:type="resource" xlink:label="label_FuelExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FuelExpense" xml:lang="en-US" id="label_FuelExpense">Fuel Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FuelExpense" xlink:to="label_FuelExpense" xlink:title="label: FuelExpense to label_FuelExpense"/>
    <label xlink:type="resource" xlink:label="label_FuelExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FuelExpense" xml:lang="en-US" id="label_FuelExpense_2">Bunkers expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FuelExpense" xlink:to="label_FuelExpense_2" xlink:title="label: FuelExpense to label_FuelExpense"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_OtherVoyageExpense" xlink:label="OtherVoyageExpense" xlink:title="OtherVoyageExpense"/>
    <label xlink:type="resource" xlink:label="label_OtherVoyageExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherVoyageExpense" xml:lang="en-US" id="label_OtherVoyageExpense">The amount of voyage expense classified as other.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherVoyageExpense" xlink:to="label_OtherVoyageExpense" xlink:title="label: OtherVoyageExpense to label_OtherVoyageExpense"/>
    <label xlink:type="resource" xlink:label="label_OtherVoyageExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherVoyageExpense" xml:lang="en-US" id="label_OtherVoyageExpense_2">Other Voyage Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherVoyageExpense" xlink:to="label_OtherVoyageExpense_2" xlink:title="label: OtherVoyageExpense to label_OtherVoyageExpense"/>
    <label xlink:type="resource" xlink:label="label_OtherVoyageExpense_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherVoyageExpense" xml:lang="en-US" id="label_OtherVoyageExpense_3">Other voyage expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherVoyageExpense" xlink:to="label_OtherVoyageExpense_3" xlink:title="label: OtherVoyageExpense to label_OtherVoyageExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ServicesExpense" xlink:label="ServicesExpense" xlink:title="ServicesExpense"/>
    <label xlink:type="resource" xlink:label="label_ServicesExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ServicesExpense" xml:lang="en-US" id="label_ServicesExpense">Service Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServicesExpense" xlink:to="label_ServicesExpense" xlink:title="label: ServicesExpense to label_ServicesExpense"/>
    <label xlink:type="resource" xlink:label="label_ServicesExpense_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ServicesExpense" xml:lang="en-US" id="label_ServicesExpense_2">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServicesExpense" xlink:to="label_ServicesExpense_2" xlink:title="label: ServicesExpense to label_ServicesExpense"/>
    <label xlink:type="resource" xlink:label="label_ServicesExpense_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ServicesExpense" xml:lang="en-US" id="label_ServicesExpense_3">Voyage expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServicesExpense" xlink:to="label_ServicesExpense_3" xlink:title="label: ServicesExpense to label_ServicesExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShorttermEmployeeBenefitsExpense" xlink:label="ShorttermEmployeeBenefitsExpense" xlink:title="ShorttermEmployeeBenefitsExpense"/>
    <label xlink:type="resource" xlink:label="label_ShorttermEmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermEmployeeBenefitsExpense" xml:lang="en-US" id="label_ShorttermEmployeeBenefitsExpense">Short-term employee benefits expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermEmployeeBenefitsExpense" xlink:to="label_ShorttermEmployeeBenefitsExpense" xlink:title="label: ShorttermEmployeeBenefitsExpense to label_ShorttermEmployeeBenefitsExpense"/>
    <label xlink:type="resource" xlink:label="label_ShorttermEmployeeBenefitsExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShorttermEmployeeBenefitsExpense" xml:lang="en-US" id="label_ShorttermEmployeeBenefitsExpense_2">Crew wages and related costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermEmployeeBenefitsExpense" xlink:to="label_ShorttermEmployeeBenefitsExpense_2" xlink:title="label: ShorttermEmployeeBenefitsExpense to label_ShorttermEmployeeBenefitsExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InsuranceExpense" xlink:label="InsuranceExpense" xlink:title="InsuranceExpense"/>
    <label xlink:type="resource" xlink:label="label_InsuranceExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InsuranceExpense" xml:lang="en-US" id="label_InsuranceExpense">Insurance Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceExpense" xlink:to="label_InsuranceExpense" xlink:title="label: InsuranceExpense to label_InsuranceExpense"/>
    <label xlink:type="resource" xlink:label="label_InsuranceExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InsuranceExpense" xml:lang="en-US" id="label_InsuranceExpense_2">Insurance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceExpense" xlink:to="label_InsuranceExpense_2" xlink:title="label: InsuranceExpense to label_InsuranceExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RepairsAndMaintenanceExpense" xlink:label="RepairsAndMaintenanceExpense" xlink:title="RepairsAndMaintenanceExpense"/>
    <label xlink:type="resource" xlink:label="label_RepairsAndMaintenanceExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepairsAndMaintenanceExpense" xml:lang="en-US" id="label_RepairsAndMaintenanceExpense">Repairs And Maintenance Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepairsAndMaintenanceExpense" xlink:to="label_RepairsAndMaintenanceExpense" xlink:title="label: RepairsAndMaintenanceExpense to label_RepairsAndMaintenanceExpense"/>
    <label xlink:type="resource" xlink:label="label_RepairsAndMaintenanceExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RepairsAndMaintenanceExpense" xml:lang="en-US" id="label_RepairsAndMaintenanceExpense_2">Spares, repairs and maintenance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepairsAndMaintenanceExpense" xlink:to="label_RepairsAndMaintenanceExpense_2" xlink:title="label: RepairsAndMaintenanceExpense to label_RepairsAndMaintenanceExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RawMaterialsAndConsumablesUsed" xlink:label="RawMaterialsAndConsumablesUsed" xlink:title="RawMaterialsAndConsumablesUsed"/>
    <label xlink:type="resource" xlink:label="label_RawMaterialsAndConsumablesUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RawMaterialsAndConsumablesUsed" xml:lang="en-US" id="label_RawMaterialsAndConsumablesUsed">Raw materials and consumables used</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterialsAndConsumablesUsed" xlink:to="label_RawMaterialsAndConsumablesUsed" xlink:title="label: RawMaterialsAndConsumablesUsed to label_RawMaterialsAndConsumablesUsed"/>
    <label xlink:type="resource" xlink:label="label_RawMaterialsAndConsumablesUsed_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RawMaterialsAndConsumablesUsed" xml:lang="en-US" id="label_RawMaterialsAndConsumablesUsed_2">Lubricants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterialsAndConsumablesUsed" xlink:to="label_RawMaterialsAndConsumablesUsed_2" xlink:title="label: RawMaterialsAndConsumablesUsed to label_RawMaterialsAndConsumablesUsed"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_StoresExpense" xlink:label="StoresExpense" xlink:title="StoresExpense"/>
    <label xlink:type="resource" xlink:label="label_StoresExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StoresExpense" xml:lang="en-US" id="label_StoresExpense">Stores Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StoresExpense" xlink:to="label_StoresExpense" xlink:title="label: StoresExpense to label_StoresExpense"/>
    <label xlink:type="resource" xlink:label="label_StoresExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StoresExpense" xml:lang="en-US" id="label_StoresExpense_2">Stores</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StoresExpense" xlink:to="label_StoresExpense_2" xlink:title="label: StoresExpense to label_StoresExpense"/>
    <label xlink:type="resource" xlink:label="label_StoresExpense_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StoresExpense" xml:lang="en-US" id="label_StoresExpense_3">The amount of stores expense.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StoresExpense" xlink:to="label_StoresExpense_3" xlink:title="label: StoresExpense to label_StoresExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MiscellaneousOtherOperatingExpense" xlink:label="MiscellaneousOtherOperatingExpense" xlink:title="MiscellaneousOtherOperatingExpense"/>
    <label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherOperatingExpense" xml:lang="en-US" id="label_MiscellaneousOtherOperatingExpense">Miscellaneous other operating expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingExpense" xlink:to="label_MiscellaneousOtherOperatingExpense" xlink:title="label: MiscellaneousOtherOperatingExpense to label_MiscellaneousOtherOperatingExpense"/>
    <label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MiscellaneousOtherOperatingExpense" xml:lang="en-US" id="label_MiscellaneousOtherOperatingExpense_2">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingExpense" xlink:to="label_MiscellaneousOtherOperatingExpense_2" xlink:title="label: MiscellaneousOtherOperatingExpense to label_MiscellaneousOtherOperatingExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract" xlink:label="SellingGeneralAndAdministrativeExpenseAbstract" xlink:title="SellingGeneralAndAdministrativeExpenseAbstract"/>
    <label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpenseAbstract" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpenseAbstract">Administrative Expenses [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpenseAbstract" xlink:to="label_SellingGeneralAndAdministrativeExpenseAbstract" xlink:title="label: SellingGeneralAndAdministrativeExpenseAbstract to label_SellingGeneralAndAdministrativeExpenseAbstract"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_PersonnelExpense" xlink:label="PersonnelExpense" xlink:title="PersonnelExpense"/>
    <label xlink:type="resource" xlink:label="label_PersonnelExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PersonnelExpense" xml:lang="en-US" id="label_PersonnelExpense">The amount of compensation to administrative personnel.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PersonnelExpense" xlink:to="label_PersonnelExpense" xlink:title="label: PersonnelExpense to label_PersonnelExpense"/>
    <label xlink:type="resource" xlink:label="label_PersonnelExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PersonnelExpense" xml:lang="en-US" id="label_PersonnelExpense_2">Personnel Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PersonnelExpense" xlink:to="label_PersonnelExpense_2" xlink:title="label: PersonnelExpense to label_PersonnelExpense"/>
    <label xlink:type="resource" xlink:label="label_PersonnelExpense_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PersonnelExpense" xml:lang="en-US" id="label_PersonnelExpense_3">Personnel expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PersonnelExpense" xlink:to="label_PersonnelExpense_3" xlink:title="label: PersonnelExpense to label_PersonnelExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AuditorsRemuneration" xlink:label="AuditorsRemuneration" xlink:title="AuditorsRemuneration"/>
    <label xlink:type="resource" xlink:label="label_AuditorsRemuneration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemuneration" xml:lang="en-US" id="label_AuditorsRemuneration">Auditors Remuneration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemuneration" xlink:to="label_AuditorsRemuneration" xlink:title="label: AuditorsRemuneration to label_AuditorsRemuneration"/>
    <label xlink:type="resource" xlink:label="label_AuditorsRemuneration_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AuditorsRemuneration" xml:lang="en-US" id="label_AuditorsRemuneration_2">Audit fees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemuneration" xlink:to="label_AuditorsRemuneration_2" xlink:title="label: AuditorsRemuneration to label_AuditorsRemuneration"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TravelExpense" xlink:label="TravelExpense" xlink:title="TravelExpense"/>
    <label xlink:type="resource" xlink:label="label_TravelExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TravelExpense" xml:lang="en-US" id="label_TravelExpense">Travel Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TravelExpense" xlink:to="label_TravelExpense" xlink:title="label: TravelExpense to label_TravelExpense"/>
    <label xlink:type="resource" xlink:label="label_TravelExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TravelExpense" xml:lang="en-US" id="label_TravelExpense_2">Travelling expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TravelExpense" xlink:to="label_TravelExpense_2" xlink:title="label: TravelExpense to label_TravelExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CommunicationExpense" xlink:label="CommunicationExpense" xlink:title="CommunicationExpense"/>
    <label xlink:type="resource" xlink:label="label_CommunicationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommunicationExpense" xml:lang="en-US" id="label_CommunicationExpense">Communication Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommunicationExpense" xlink:to="label_CommunicationExpense" xlink:title="label: CommunicationExpense to label_CommunicationExpense"/>
    <label xlink:type="resource" xlink:label="label_CommunicationExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommunicationExpense" xml:lang="en-US" id="label_CommunicationExpense_2">Communication</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommunicationExpense" xlink:to="label_CommunicationExpense_2" xlink:title="label: CommunicationExpense to label_CommunicationExpense"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_StationeryExpense" xlink:label="StationeryExpense" xlink:title="StationeryExpense"/>
    <label xlink:type="resource" xlink:label="label_StationeryExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StationeryExpense" xml:lang="en-US" id="label_StationeryExpense">The amount of expense for writing and other office materials.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StationeryExpense" xlink:to="label_StationeryExpense" xlink:title="label: StationeryExpense to label_StationeryExpense"/>
    <label xlink:type="resource" xlink:label="label_StationeryExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StationeryExpense" xml:lang="en-US" id="label_StationeryExpense_2">Stationery Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StationeryExpense" xlink:to="label_StationeryExpense_2" xlink:title="label: StationeryExpense to label_StationeryExpense"/>
    <label xlink:type="resource" xlink:label="label_StationeryExpense_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StationeryExpense" xml:lang="en-US" id="label_StationeryExpense_3">Stationery</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StationeryExpense" xlink:to="label_StationeryExpense_3" xlink:title="label: StationeryExpense to label_StationeryExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:label="TaxExpenseOtherThanIncomeTaxExpense" xlink:title="TaxExpenseOtherThanIncomeTaxExpense"/>
    <label xlink:type="resource" xlink:label="label_TaxExpenseOtherThanIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxExpenseOtherThanIncomeTaxExpense" xml:lang="en-US" id="label_TaxExpenseOtherThanIncomeTaxExpense">Tax Expense Other Than Income Tax Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseOtherThanIncomeTaxExpense" xlink:to="label_TaxExpenseOtherThanIncomeTaxExpense" xlink:title="label: TaxExpenseOtherThanIncomeTaxExpense to label_TaxExpenseOtherThanIncomeTaxExpense"/>
    <label xlink:type="resource" xlink:label="label_TaxExpenseOtherThanIncomeTaxExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxExpenseOtherThanIncomeTaxExpense" xml:lang="en-US" id="label_TaxExpenseOtherThanIncomeTaxExpense_2">Greek tax authorities (note 19)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseOtherThanIncomeTaxExpense" xlink:to="label_TaxExpenseOtherThanIncomeTaxExpense_2" xlink:title="label: TaxExpenseOtherThanIncomeTaxExpense to label_TaxExpenseOtherThanIncomeTaxExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherExpenseByNature" xlink:label="OtherExpenseByNature" xlink:title="OtherExpenseByNature"/>
    <label xlink:type="resource" xlink:label="label_OtherExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherExpenseByNature" xml:lang="en-US" id="label_OtherExpenseByNature">Other Expense By Nature</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByNature" xlink:to="label_OtherExpenseByNature" xlink:title="label: OtherExpenseByNature to label_OtherExpenseByNature"/>
    <label xlink:type="resource" xlink:label="label_OtherExpenseByNature_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherExpenseByNature" xml:lang="en-US" id="label_OtherExpenseByNature_2">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByNature" xlink:to="label_OtherExpenseByNature_2" xlink:title="label: OtherExpenseByNature to label_OtherExpenseByNature"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestCostsAbstract" xlink:label="InterestCostsAbstract" xlink:title="InterestCostsAbstract"/>
    <label xlink:type="resource" xlink:label="label_InterestCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestCostsAbstract" xml:lang="en-US" id="label_InterestCostsAbstract">Interest Expense and Finance Costs [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestCostsAbstract" xlink:to="label_InterestCostsAbstract" xlink:title="label: InterestCostsAbstract to label_InterestCostsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BankAndSimilarCharges" xlink:label="BankAndSimilarCharges" xlink:title="BankAndSimilarCharges"/>
    <label xlink:type="resource" xlink:label="label_BankAndSimilarCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BankAndSimilarCharges" xml:lang="en-US" id="label_BankAndSimilarCharges">Bank And Similar Charges</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankAndSimilarCharges" xlink:to="label_BankAndSimilarCharges" xlink:title="label: BankAndSimilarCharges to label_BankAndSimilarCharges"/>
    <label xlink:type="resource" xlink:label="label_BankAndSimilarCharges_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BankAndSimilarCharges" xml:lang="en-US" id="label_BankAndSimilarCharges_2">Bank charges</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankAndSimilarCharges" xlink:to="label_BankAndSimilarCharges_2" xlink:title="label: BankAndSimilarCharges to label_BankAndSimilarCharges"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AmortizationOfDebtDiscount" xlink:label="AmortizationOfDebtDiscount" xlink:title="AmortizationOfDebtDiscount"/>
    <label xlink:type="resource" xlink:label="label_AmortizationOfDebtDiscount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortizationOfDebtDiscount" xml:lang="en-US" id="label_AmortizationOfDebtDiscount">Amortization Of Debt Discount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfDebtDiscount" xlink:to="label_AmortizationOfDebtDiscount" xlink:title="label: AmortizationOfDebtDiscount to label_AmortizationOfDebtDiscount"/>
    <label xlink:type="resource" xlink:label="label_AmortizationOfDebtDiscount_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmortizationOfDebtDiscount" xml:lang="en-US" id="label_AmortizationOfDebtDiscount_2">Amortization of debt discount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfDebtDiscount" xlink:to="label_AmortizationOfDebtDiscount_2" xlink:title="label: AmortizationOfDebtDiscount to label_AmortizationOfDebtDiscount"/>
    <label xlink:type="resource" xlink:label="label_AmortizationOfDebtDiscount_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmortizationOfDebtDiscount" xml:lang="en-US" id="label_AmortizationOfDebtDiscount_3">Amount of noncash expense included in finance costs to amortize debt discount associated with the related debt instruments.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfDebtDiscount" xlink:to="label_AmortizationOfDebtDiscount_3" xlink:title="label: AmortizationOfDebtDiscount to label_AmortizationOfDebtDiscount"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherFinanceCost" xlink:label="OtherFinanceCost" xlink:title="OtherFinanceCost"/>
    <label xlink:type="resource" xlink:label="label_OtherFinanceCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherFinanceCost" xml:lang="en-US" id="label_OtherFinanceCost">Other finance expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceCost" xlink:to="label_OtherFinanceCost" xlink:title="label: OtherFinanceCost to label_OtherFinanceCost"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DividendsAxis" xlink:label="DividendsAxis" xlink:title="DividendsAxis"/>
    <label xlink:type="resource" xlink:label="label_DividendsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsAxis" xml:lang="en-US" id="label_DividendsAxis">Dividends [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsAxis" xlink:to="label_DividendsAxis" xlink:title="label: DividendsAxis to label_DividendsAxis"/>
    <label xlink:type="resource" xlink:label="label_DividendsAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsAxis" xml:lang="en-US" id="label_DividendsAxis_2">Information about distribution of earnings to shareholders including, but not limited to, cash, property or capital stock.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsAxis" xlink:to="label_DividendsAxis_2" xlink:title="label: DividendsAxis to label_DividendsAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MiscellaneousLiabilitiesAbstract" xlink:label="MiscellaneousLiabilitiesAbstract" xlink:title="MiscellaneousLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:label="label_MiscellaneousLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousLiabilitiesAbstract" xml:lang="en-US" id="label_MiscellaneousLiabilitiesAbstract">Dividends [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousLiabilitiesAbstract" xlink:to="label_MiscellaneousLiabilitiesAbstract" xlink:title="label: MiscellaneousLiabilitiesAbstract to label_MiscellaneousLiabilitiesAbstract"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DividendsPayableTable" xlink:label="DividendsPayableTable" xlink:title="DividendsPayableTable"/>
    <label xlink:type="resource" xlink:label="label_DividendsPayableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayableTable" xml:lang="en-US" id="label_DividendsPayableTable">Dividends Payable [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableTable" xlink:to="label_DividendsPayableTable" xlink:title="label: DividendsPayableTable to label_DividendsPayableTable"/>
    <label xlink:type="resource" xlink:label="label_DividendsPayableTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableTable" xml:lang="en-US" id="label_DividendsPayableTable_2">A table that contains information regarding dividends that have been declared but not paid as of the financial reporting date. This information may contain the amount, amount per share, declared date, and date to be paid.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableTable" xlink:to="label_DividendsPayableTable_2" xlink:title="label: DividendsPayableTable to label_DividendsPayableTable"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DividendsMember" xlink:label="DividendsMember" xlink:title="DividendsMember"/>
    <label xlink:type="resource" xlink:label="label_DividendsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsMember" xml:lang="en-US" id="label_DividendsMember">Dividends [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsMember" xlink:to="label_DividendsMember" xlink:title="label: DividendsMember to label_DividendsMember"/>
    <label xlink:type="resource" xlink:label="label_DividendsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsMember" xml:lang="en-US" id="label_DividendsMember_2">Distributions of earnings to shareholders including but not limited to cash, property or capital stock.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsMember" xlink:to="label_DividendsMember_2" xlink:title="label: DividendsMember to label_DividendsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_FirstPreferredDividendMember" xlink:label="FirstPreferredDividendMember" xlink:title="FirstPreferredDividendMember"/>
    <label xlink:type="resource" xlink:label="label_FirstPreferredDividendMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FirstPreferredDividendMember" xml:lang="en-US" id="label_FirstPreferredDividendMember">First Preferred Dividend [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstPreferredDividendMember" xlink:to="label_FirstPreferredDividendMember" xlink:title="label: FirstPreferredDividendMember to label_FirstPreferredDividendMember"/>
    <label xlink:type="resource" xlink:label="label_FirstPreferredDividendMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FirstPreferredDividendMember" xml:lang="en-US" id="label_FirstPreferredDividendMember_2">1st Preferred dividend</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstPreferredDividendMember" xlink:to="label_FirstPreferredDividendMember_2" xlink:title="label: FirstPreferredDividendMember to label_FirstPreferredDividendMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_SecondPreferredDividendMember" xlink:label="SecondPreferredDividendMember" xlink:title="SecondPreferredDividendMember"/>
    <label xlink:type="resource" xlink:label="label_SecondPreferredDividendMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecondPreferredDividendMember" xml:lang="en-US" id="label_SecondPreferredDividendMember">Second Preferred Dividend [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondPreferredDividendMember" xlink:to="label_SecondPreferredDividendMember" xlink:title="label: SecondPreferredDividendMember to label_SecondPreferredDividendMember"/>
    <label xlink:type="resource" xlink:label="label_SecondPreferredDividendMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SecondPreferredDividendMember" xml:lang="en-US" id="label_SecondPreferredDividendMember_2">2nd Preferred dividend</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondPreferredDividendMember" xlink:to="label_SecondPreferredDividendMember_2" xlink:title="label: SecondPreferredDividendMember to label_SecondPreferredDividendMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DividendsPayableLineItems" xlink:label="DividendsPayableLineItems" xlink:title="DividendsPayableLineItems"/>
    <label xlink:type="resource" xlink:label="label_DividendsPayableLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayableLineItems" xml:lang="en-US" id="label_DividendsPayableLineItems">Dividends Payable [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableLineItems" xlink:to="label_DividendsPayableLineItems" xlink:title="label: DividendsPayableLineItems to label_DividendsPayableLineItems"/>
    <label xlink:type="resource" xlink:label="label_DividendsPayableLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableLineItems" xml:lang="en-US" id="label_DividendsPayableLineItems_2">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableLineItems" xlink:to="label_DividendsPayableLineItems_2" xlink:title="label: DividendsPayableLineItems to label_DividendsPayableLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsPaidOtherSharesPerShare" xlink:label="DividendsPaidOtherSharesPerShare" xlink:title="DividendsPaidOtherSharesPerShare"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaidOtherSharesPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidOtherSharesPerShare" xml:lang="en-US" id="label_DividendsPaidOtherSharesPerShare">Dividends paid, other shares per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOtherSharesPerShare" xlink:to="label_DividendsPaidOtherSharesPerShare" xlink:title="label: DividendsPaidOtherSharesPerShare to label_DividendsPaidOtherSharesPerShare"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaidOtherSharesPerShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaidOtherSharesPerShare" xml:lang="en-US" id="label_DividendsPaidOtherSharesPerShare_2">Dividends paid, preferred shares per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOtherSharesPerShare" xlink:to="label_DividendsPaidOtherSharesPerShare_2" xlink:title="label: DividendsPaidOtherSharesPerShare to label_DividendsPaidOtherSharesPerShare"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsPaidOtherShares" xlink:label="DividendsPaidOtherShares" xlink:title="DividendsPaidOtherShares"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaidOtherShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidOtherShares" xml:lang="en-US" id="label_DividendsPaidOtherShares">Dividends paid, other shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOtherShares" xlink:to="label_DividendsPaidOtherShares" xlink:title="label: DividendsPaidOtherShares to label_DividendsPaidOtherShares"/>
    <label xlink:type="resource" xlink:label="label_DividendsPaidOtherShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaidOtherShares" xml:lang="en-US" id="label_DividendsPaidOtherShares_2">Dividends paid, preferred shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOtherShares" xlink:to="label_DividendsPaidOtherShares_2" xlink:title="label: DividendsPaidOtherShares to label_DividendsPaidOtherShares"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="DividendsPayableDateDeclaredDayMonthAndYear" xlink:title="DividendsPayableDateDeclaredDayMonthAndYear"/>
    <label xlink:type="resource" xlink:label="label_DividendsPayableDateDeclaredDayMonthAndYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayableDateDeclaredDayMonthAndYear" xml:lang="en-US" id="label_DividendsPayableDateDeclaredDayMonthAndYear">Dividends Payable Date Declared Day Month And Year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="label_DividendsPayableDateDeclaredDayMonthAndYear" xlink:title="label: DividendsPayableDateDeclaredDayMonthAndYear to label_DividendsPayableDateDeclaredDayMonthAndYear"/>
    <label xlink:type="resource" xlink:label="label_DividendsPayableDateDeclaredDayMonthAndYear_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPayableDateDeclaredDayMonthAndYear" xml:lang="en-US" id="label_DividendsPayableDateDeclaredDayMonthAndYear_2">Dividends Payable, Date Declared</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="label_DividendsPayableDateDeclaredDayMonthAndYear_2" xlink:title="label: DividendsPayableDateDeclaredDayMonthAndYear to label_DividendsPayableDateDeclaredDayMonthAndYear"/>
    <label xlink:type="resource" xlink:label="label_DividendsPayableDateDeclaredDayMonthAndYear_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableDateDeclaredDayMonthAndYear" xml:lang="en-US" id="label_DividendsPayableDateDeclaredDayMonthAndYear_3">Date the dividend to be paid was declared, in CCYY-MM-DD format.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="label_DividendsPayableDateDeclaredDayMonthAndYear_3" xlink:title="label: DividendsPayableDateDeclaredDayMonthAndYear to label_DividendsPayableDateDeclaredDayMonthAndYear"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="DividendPayableDateToBePaidDayMonthAndYear" xlink:title="DividendPayableDateToBePaidDayMonthAndYear"/>
    <label xlink:type="resource" xlink:label="label_DividendPayableDateToBePaidDayMonthAndYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendPayableDateToBePaidDayMonthAndYear" xml:lang="en-US" id="label_DividendPayableDateToBePaidDayMonthAndYear">Date the declared dividend will be paid, in CCYY-MM-DD format.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayableDateToBePaidDayMonthAndYear" xlink:to="label_DividendPayableDateToBePaidDayMonthAndYear" xlink:title="label: DividendPayableDateToBePaidDayMonthAndYear to label_DividendPayableDateToBePaidDayMonthAndYear"/>
    <label xlink:type="resource" xlink:label="label_DividendPayableDateToBePaidDayMonthAndYear_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendPayableDateToBePaidDayMonthAndYear" xml:lang="en-US" id="label_DividendPayableDateToBePaidDayMonthAndYear_2">Dividend Payable Date To Be Paid Day Month And Year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayableDateToBePaidDayMonthAndYear" xlink:to="label_DividendPayableDateToBePaidDayMonthAndYear_2" xlink:title="label: DividendPayableDateToBePaidDayMonthAndYear to label_DividendPayableDateToBePaidDayMonthAndYear"/>
    <label xlink:type="resource" xlink:label="label_DividendPayableDateToBePaidDayMonthAndYear_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendPayableDateToBePaidDayMonthAndYear" xml:lang="en-US" id="label_DividendPayableDateToBePaidDayMonthAndYear_3">Dividends Payable, Date to be Paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayableDateToBePaidDayMonthAndYear" xlink:to="label_DividendPayableDateToBePaidDayMonthAndYear_3" xlink:title="label: DividendPayableDateToBePaidDayMonthAndYear to label_DividendPayableDateToBePaidDayMonthAndYear"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanFiveYearsMember">Later than one year and not later than five years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:title="label: LaterThanOneYearAndNotLaterThanFiveYearsMember to label_LaterThanOneYearAndNotLaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanFiveYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanFiveYearsMember_2">After one year but not more than five years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanFiveYearsMember_2" xlink:title="label: LaterThanOneYearAndNotLaterThanFiveYearsMember to label_LaterThanOneYearAndNotLaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanFiveYearsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanFiveYearsMember_3">1 to 5 years</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AverageForeignExchangeRate" xlink:label="AverageForeignExchangeRate" xlink:title="AverageForeignExchangeRate"/>
    <label xlink:type="resource" xlink:label="label_AverageForeignExchangeRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AverageForeignExchangeRate" xml:lang="en-US" id="label_AverageForeignExchangeRate">Average foreign exchange rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageForeignExchangeRate" xlink:to="label_AverageForeignExchangeRate" xlink:title="label: AverageForeignExchangeRate to label_AverageForeignExchangeRate"/>
    <label xlink:type="resource" xlink:label="label_AverageForeignExchangeRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AverageForeignExchangeRate" xml:lang="en-US" id="label_AverageForeignExchangeRate_2">Euro: US dollar exchange rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageForeignExchangeRate" xlink:to="label_AverageForeignExchangeRate_2" xlink:title="label: AverageForeignExchangeRate to label_AverageForeignExchangeRate"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="MajorComponentsOfTaxExpenseIncomeAbstract" xlink:title="MajorComponentsOfTaxExpenseIncomeAbstract"/>
    <label xlink:type="resource" xlink:label="label_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorComponentsOfTaxExpenseIncomeAbstract" xml:lang="en-US" id="label_MajorComponentsOfTaxExpenseIncomeAbstract">Income Tax [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="label_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:title="label: MajorComponentsOfTaxExpenseIncomeAbstract to label_MajorComponentsOfTaxExpenseIncomeAbstract"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DeferredDryDockingCostsMember" xlink:label="DeferredDryDockingCostsMember" xlink:title="DeferredDryDockingCostsMember"/>
    <label xlink:type="resource" xlink:label="label_DeferredDryDockingCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredDryDockingCostsMember" xml:lang="en-US" id="label_DeferredDryDockingCostsMember">Deferred Dry Docking Costs [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredDryDockingCostsMember" xlink:to="label_DeferredDryDockingCostsMember" xlink:title="label: DeferredDryDockingCostsMember to label_DeferredDryDockingCostsMember"/>
    <label xlink:type="resource" xlink:label="label_DeferredDryDockingCostsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredDryDockingCostsMember" xml:lang="en-US" id="label_DeferredDryDockingCostsMember_2">Deferred dry docking costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredDryDockingCostsMember" xlink:to="label_DeferredDryDockingCostsMember_2" xlink:title="label: DeferredDryDockingCostsMember to label_DeferredDryDockingCostsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CreationDateAxis" xlink:label="CreationDateAxis" xlink:title="CreationDateAxis"/>
    <label xlink:type="resource" xlink:label="label_CreationDateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreationDateAxis" xml:lang="en-US" id="label_CreationDateAxis">Creation Date [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreationDateAxis" xlink:to="label_CreationDateAxis" xlink:title="label: CreationDateAxis to label_CreationDateAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DefaultFinancialStatementsDateMember" xlink:label="DefaultFinancialStatementsDateMember" xlink:title="DefaultFinancialStatementsDateMember"/>
    <label xlink:type="resource" xlink:label="label_DefaultFinancialStatementsDateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefaultFinancialStatementsDateMember" xml:lang="en-US" id="label_DefaultFinancialStatementsDateMember">Default Financial Statements Date [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefaultFinancialStatementsDateMember" xlink:to="label_DefaultFinancialStatementsDateMember" xlink:title="label: DefaultFinancialStatementsDateMember to label_DefaultFinancialStatementsDateMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_JanuaryToJune2018Member" xlink:label="JanuaryToJune2018Member" xlink:title="JanuaryToJune2018Member"/>
    <label xlink:type="resource" xlink:label="label_JanuaryToJune2018Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JanuaryToJune2018Member" xml:lang="en-US" id="label_JanuaryToJune2018Member">January To June 2018 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JanuaryToJune2018Member" xlink:to="label_JanuaryToJune2018Member" xlink:title="label: JanuaryToJune2018Member to label_JanuaryToJune2018Member"/>
    <label xlink:type="resource" xlink:label="label_JanuaryToJune2018Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_JanuaryToJune2018Member" xml:lang="en-US" id="label_JanuaryToJune2018Member_2">From January 1, 2018 to June 30, 2018</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JanuaryToJune2018Member" xlink:to="label_JanuaryToJune2018Member_2" xlink:title="label: JanuaryToJune2018Member to label_JanuaryToJune2018Member"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AfterJune2018Member" xlink:label="AfterJune2018Member" xlink:title="AfterJune2018Member"/>
    <label xlink:type="resource" xlink:label="label_AfterJune2018Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AfterJune2018Member" xml:lang="en-US" id="label_AfterJune2018Member">After June 2018 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterJune2018Member" xlink:to="label_AfterJune2018Member" xlink:title="label: AfterJune2018Member to label_AfterJune2018Member"/>
    <label xlink:type="resource" xlink:label="label_AfterJune2018Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AfterJune2018Member" xml:lang="en-US" id="label_AfterJune2018Member_2">After June 30, 2018</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterJune2018Member" xlink:to="label_AfterJune2018Member_2" xlink:title="label: AfterJune2018Member to label_AfterJune2018Member"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ActualAmountMember" xlink:label="ActualAmountMember" xlink:title="ActualAmountMember"/>
    <label xlink:type="resource" xlink:label="label_ActualAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActualAmountMember" xml:lang="en-US" id="label_ActualAmountMember">Actual Amount [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActualAmountMember" xlink:to="label_ActualAmountMember" xlink:title="label: ActualAmountMember to label_ActualAmountMember"/>
    <label xlink:type="resource" xlink:label="label_ActualAmountMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActualAmountMember" xml:lang="en-US" id="label_ActualAmountMember_2">Actual Amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActualAmountMember" xlink:to="label_ActualAmountMember_2" xlink:title="label: ActualAmountMember to label_ActualAmountMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:label="DisclosureOfFinancialInstrumentsAbstract" xlink:title="DisclosureOfFinancialInstrumentsAbstract"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsAbstract" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsAbstract">Financial risk management objectives and policies [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsAbstract" xlink:to="label_DisclosureOfFinancialInstrumentsAbstract" xlink:title="label: DisclosureOfFinancialInstrumentsAbstract to label_DisclosureOfFinancialInstrumentsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:label="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:title="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xml:lang="en-US" id="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable">Disclosure of risk management strategy related to hedge accounting [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:to="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:title="label: DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable to label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="TypesOfRisksAxis" xlink:title="TypesOfRisksAxis"/>
    <label xlink:type="resource" xlink:label="label_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksAxis" xml:lang="en-US" id="label_TypesOfRisksAxis">Types of risks [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksAxis" xlink:to="label_TypesOfRisksAxis" xlink:title="label: TypesOfRisksAxis to label_TypesOfRisksAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfRisksMember" xlink:label="TypesOfRisksMember" xlink:title="TypesOfRisksMember"/>
    <label xlink:type="resource" xlink:label="label_TypesOfRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksMember" xml:lang="en-US" id="label_TypesOfRisksMember">Risks [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksMember" xlink:to="label_TypesOfRisksMember" xlink:title="label: TypesOfRisksMember to label_TypesOfRisksMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestRateRiskMember" xlink:label="InterestRateRiskMember" xlink:title="InterestRateRiskMember"/>
    <label xlink:type="resource" xlink:label="label_InterestRateRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateRiskMember" xml:lang="en-US" id="label_InterestRateRiskMember">Interest rate risk [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateRiskMember" xlink:to="label_InterestRateRiskMember" xlink:title="label: InterestRateRiskMember to label_InterestRateRiskMember"/>
    <label xlink:type="resource" xlink:label="label_InterestRateRiskMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateRiskMember" xml:lang="en-US" id="label_InterestRateRiskMember_2">Interest rate risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateRiskMember" xlink:to="label_InterestRateRiskMember_2" xlink:title="label: InterestRateRiskMember to label_InterestRateRiskMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:label="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:title="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xml:lang="en-US" id="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems">Disclosure of risk management strategy related to hedge accounting [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:to="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:title="label: DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems to label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_IncreaseInInterestRates" xlink:label="IncreaseInInterestRates" xlink:title="IncreaseInInterestRates"/>
    <label xlink:type="resource" xlink:label="label_IncreaseInInterestRates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseInInterestRates" xml:lang="en-US" id="label_IncreaseInInterestRates">Increase in market interest rates expressed in basis points. One basis point is equivalent to one hundredth of a percent.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInInterestRates" xlink:to="label_IncreaseInInterestRates" xlink:title="label: IncreaseInInterestRates to label_IncreaseInInterestRates"/>
    <label xlink:type="resource" xlink:label="label_IncreaseInInterestRates_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseInInterestRates" xml:lang="en-US" id="label_IncreaseInInterestRates_2">Increase In Interest Rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInInterestRates" xlink:to="label_IncreaseInInterestRates_2" xlink:title="label: IncreaseInInterestRates to label_IncreaseInInterestRates"/>
    <label xlink:type="resource" xlink:label="label_IncreaseInInterestRates_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseInInterestRates" xml:lang="en-US" id="label_IncreaseInInterestRates_3">Increase in Libor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInInterestRates" xlink:to="label_IncreaseInInterestRates_3" xlink:title="label: IncreaseInInterestRates to label_IncreaseInInterestRates"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DecreaseInInterestRates" xlink:label="DecreaseInInterestRates" xlink:title="DecreaseInInterestRates"/>
    <label xlink:type="resource" xlink:label="label_DecreaseInInterestRates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreaseInInterestRates" xml:lang="en-US" id="label_DecreaseInInterestRates">Decrease in market interest rates expressed in basis points. One basis point is equivalent to one hundredth of a percent.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInInterestRates" xlink:to="label_DecreaseInInterestRates" xlink:title="label: DecreaseInInterestRates to label_DecreaseInInterestRates"/>
    <label xlink:type="resource" xlink:label="label_DecreaseInInterestRates_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreaseInInterestRates" xml:lang="en-US" id="label_DecreaseInInterestRates_2">Decrease In Interest Rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInInterestRates" xlink:to="label_DecreaseInInterestRates_2" xlink:title="label: DecreaseInInterestRates to label_DecreaseInInterestRates"/>
    <label xlink:type="resource" xlink:label="label_DecreaseInInterestRates_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreaseInInterestRates" xml:lang="en-US" id="label_DecreaseInInterestRates_3">Decrease in Libor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInInterestRates" xlink:to="label_DecreaseInInterestRates_3" xlink:title="label: DecreaseInInterestRates to label_DecreaseInInterestRates"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" xlink:label="SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xlink:title="SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit"/>
    <label xlink:type="resource" xlink:label="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xml:lang="en-US" id="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit">Sensitivity Analysis For Each Type Of Market Risk Positive Effect On Profit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xlink:to="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xlink:title="label: SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit to label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit"/>
    <label xlink:type="resource" xlink:label="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xml:lang="en-US" id="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit_2">Effect on loss (Decrease in Libor)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xlink:to="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit_2" xlink:title="label: SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit to label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit"/>
    <label xlink:type="resource" xlink:label="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xml:lang="en-US" id="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit_3">Amount of the positive effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xlink:to="label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit_3" xlink:title="label: SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit to label_SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit"/>
    <label xlink:type="resource" xlink:label="label_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" xml:lang="en-US" id="label_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit">Effect on loss (Decrease in Euro exchange rate)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SensitivityAnalysisForEachTypeOfMarketRiskEffectOnProfit" xlink:to="label_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" xlink:title="label: SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit to label_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrencyRiskMember" xlink:label="CurrencyRiskMember" xlink:title="CurrencyRiskMember"/>
    <label xlink:type="resource" xlink:label="label_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyRiskMember" xml:lang="en-US" id="label_CurrencyRiskMember">Currency risk [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyRiskMember" xlink:to="label_CurrencyRiskMember" xlink:title="label: CurrencyRiskMember to label_CurrencyRiskMember"/>
    <label xlink:type="resource" xlink:label="label_CurrencyRiskMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencyRiskMember" xml:lang="en-US" id="label_CurrencyRiskMember_2">Currency risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyRiskMember" xlink:to="label_CurrencyRiskMember_2" xlink:title="label: CurrencyRiskMember to label_CurrencyRiskMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_IncreaseInExchangeRates" xlink:label="IncreaseInExchangeRates" xlink:title="IncreaseInExchangeRates"/>
    <label xlink:type="resource" xlink:label="label_IncreaseInExchangeRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseInExchangeRates" xml:lang="en-US" id="label_IncreaseInExchangeRates">Increase In Exchange Rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInExchangeRates" xlink:to="label_IncreaseInExchangeRates" xlink:title="label: IncreaseInExchangeRates to label_IncreaseInExchangeRates"/>
    <label xlink:type="resource" xlink:label="label_IncreaseInExchangeRates_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseInExchangeRates" xml:lang="en-US" id="label_IncreaseInExchangeRates_2">Increase in Euro exchange rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInExchangeRates" xlink:to="label_IncreaseInExchangeRates_2" xlink:title="label: IncreaseInExchangeRates to label_IncreaseInExchangeRates"/>
    <label xlink:type="resource" xlink:label="label_IncreaseInExchangeRates_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseInExchangeRates" xml:lang="en-US" id="label_IncreaseInExchangeRates_3">Increase in market exchange rates expressed as a percentage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInExchangeRates" xlink:to="label_IncreaseInExchangeRates_3" xlink:title="label: IncreaseInExchangeRates to label_IncreaseInExchangeRates"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DecreaseInExchangeRates" xlink:label="DecreaseInExchangeRates" xlink:title="DecreaseInExchangeRates"/>
    <label xlink:type="resource" xlink:label="label_DecreaseInExchangeRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreaseInExchangeRates" xml:lang="en-US" id="label_DecreaseInExchangeRates">Decrease In Exchange Rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInExchangeRates" xlink:to="label_DecreaseInExchangeRates" xlink:title="label: DecreaseInExchangeRates to label_DecreaseInExchangeRates"/>
    <label xlink:type="resource" xlink:label="label_DecreaseInExchangeRates_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreaseInExchangeRates" xml:lang="en-US" id="label_DecreaseInExchangeRates_2">Decrease in Euro exchange rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInExchangeRates" xlink:to="label_DecreaseInExchangeRates_2" xlink:title="label: DecreaseInExchangeRates to label_DecreaseInExchangeRates"/>
    <label xlink:type="resource" xlink:label="label_DecreaseInExchangeRates_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreaseInExchangeRates" xml:lang="en-US" id="label_DecreaseInExchangeRates_3">Decrease in market exchange rates expressed as a percentage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInExchangeRates" xlink:to="label_DecreaseInExchangeRates_3" xlink:title="label: DecreaseInExchangeRates to label_DecreaseInExchangeRates"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:label="DisclosureOfOffsettingOfFinancialAssetsTable" xlink:title="DisclosureOfOffsettingOfFinancialAssetsTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOffsettingOfFinancialAssetsTable" xml:lang="en-US" id="label_DisclosureOfOffsettingOfFinancialAssetsTable">Disclosure of offsetting of financial assets [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOffsettingOfFinancialAssetsTable" xlink:to="label_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:title="label: DisclosureOfOffsettingOfFinancialAssetsTable to label_DisclosureOfOffsettingOfFinancialAssetsTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CounterpartiesAxis" xlink:label="CounterpartiesAxis" xlink:title="CounterpartiesAxis"/>
    <label xlink:type="resource" xlink:label="label_CounterpartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartiesAxis" xml:lang="en-US" id="label_CounterpartiesAxis">Counterparties [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartiesAxis" xlink:to="label_CounterpartiesAxis" xlink:title="label: CounterpartiesAxis to label_CounterpartiesAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CounterpartiesMember" xlink:label="CounterpartiesMember" xlink:title="CounterpartiesMember"/>
    <label xlink:type="resource" xlink:label="label_CounterpartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartiesMember" xml:lang="en-US" id="label_CounterpartiesMember">Counterparties [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartiesMember" xlink:to="label_CounterpartiesMember" xlink:title="label: CounterpartiesMember to label_CounterpartiesMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MajorChartererMember" xlink:label="MajorChartererMember" xlink:title="MajorChartererMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorChartererMember" xml:lang="en-US" id="label_MajorChartererMember">Major Charterer A [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererMember" xlink:to="label_MajorChartererMember" xlink:title="label: MajorChartererMember to label_MajorChartererMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MajorChartererMember" xml:lang="en-US" id="label_MajorChartererMember_2">Major charterer A</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererMember" xlink:to="label_MajorChartererMember_2" xlink:title="label: MajorChartererMember to label_MajorChartererMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MajorChartererMember" xml:lang="en-US" id="label_MajorChartererMember_3">A</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererMember" xlink:to="label_MajorChartererMember_3" xlink:title="label: MajorChartererMember to label_MajorChartererMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MajorChartererBMember" xlink:label="MajorChartererBMember" xlink:title="MajorChartererBMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorChartererBMember" xml:lang="en-US" id="label_MajorChartererBMember">Major Charterer B [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererBMember" xlink:to="label_MajorChartererBMember" xlink:title="label: MajorChartererBMember to label_MajorChartererBMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererBMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MajorChartererBMember" xml:lang="en-US" id="label_MajorChartererBMember_2">Major charterer B</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererBMember" xlink:to="label_MajorChartererBMember_2" xlink:title="label: MajorChartererBMember to label_MajorChartererBMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererBMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MajorChartererBMember" xml:lang="en-US" id="label_MajorChartererBMember_3">B</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererBMember" xlink:to="label_MajorChartererBMember_3" xlink:title="label: MajorChartererBMember to label_MajorChartererBMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MajorChartererCMember" xlink:label="MajorChartererCMember" xlink:title="MajorChartererCMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorChartererCMember" xml:lang="en-US" id="label_MajorChartererCMember">Major Charterer C [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererCMember" xlink:to="label_MajorChartererCMember" xlink:title="label: MajorChartererCMember to label_MajorChartererCMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererCMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MajorChartererCMember" xml:lang="en-US" id="label_MajorChartererCMember_2">Major charterer C</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererCMember" xlink:to="label_MajorChartererCMember_2" xlink:title="label: MajorChartererCMember to label_MajorChartererCMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererCMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MajorChartererCMember" xml:lang="en-US" id="label_MajorChartererCMember_3">C</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererCMember" xlink:to="label_MajorChartererCMember_3" xlink:title="label: MajorChartererCMember to label_MajorChartererCMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MajorChartererDMember" xlink:label="MajorChartererDMember" xlink:title="MajorChartererDMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererDMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorChartererDMember" xml:lang="en-US" id="label_MajorChartererDMember">Major Charterer D [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererDMember" xlink:to="label_MajorChartererDMember" xlink:title="label: MajorChartererDMember to label_MajorChartererDMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererDMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MajorChartererDMember" xml:lang="en-US" id="label_MajorChartererDMember_2">Major charterer D</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererDMember" xlink:to="label_MajorChartererDMember_2" xlink:title="label: MajorChartererDMember to label_MajorChartererDMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererDMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MajorChartererDMember" xml:lang="en-US" id="label_MajorChartererDMember_3">D</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererDMember" xlink:to="label_MajorChartererDMember_3" xlink:title="label: MajorChartererDMember to label_MajorChartererDMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_OtherMajorCharterersMember" xlink:label="OtherMajorCharterersMember" xlink:title="OtherMajorCharterersMember"/>
    <label xlink:type="resource" xlink:label="label_OtherMajorCharterersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherMajorCharterersMember" xml:lang="en-US" id="label_OtherMajorCharterersMember">Other Major Charterers [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherMajorCharterersMember" xlink:to="label_OtherMajorCharterersMember" xlink:title="label: OtherMajorCharterersMember to label_OtherMajorCharterersMember"/>
    <label xlink:type="resource" xlink:label="label_OtherMajorCharterersMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherMajorCharterersMember" xml:lang="en-US" id="label_OtherMajorCharterersMember_2">Other major charterers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherMajorCharterersMember" xlink:to="label_OtherMajorCharterersMember_2" xlink:title="label: OtherMajorCharterersMember to label_OtherMajorCharterersMember"/>
    <label xlink:type="resource" xlink:label="label_OtherMajorCharterersMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherMajorCharterersMember" xml:lang="en-US" id="label_OtherMajorCharterersMember_3">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherMajorCharterersMember" xlink:to="label_OtherMajorCharterersMember_3" xlink:title="label: OtherMajorCharterersMember to label_OtherMajorCharterersMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems" xlink:label="DisclosureOfOffsettingOfFinancialAssetsLineItems" xlink:title="DisclosureOfOffsettingOfFinancialAssetsLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfOffsettingOfFinancialAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOffsettingOfFinancialAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfOffsettingOfFinancialAssetsLineItems">Disclosure of offsetting of financial assets [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOffsettingOfFinancialAssetsLineItems" xlink:to="label_DisclosureOfOffsettingOfFinancialAssetsLineItems" xlink:title="label: DisclosureOfOffsettingOfFinancialAssetsLineItems to label_DisclosureOfOffsettingOfFinancialAssetsLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PercentageOfEntitysRevenue" xlink:label="PercentageOfEntitysRevenue" xlink:title="PercentageOfEntitysRevenue"/>
    <label xlink:type="resource" xlink:label="label_PercentageOfEntitysRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEntitysRevenue" xml:lang="en-US" id="label_PercentageOfEntitysRevenue">Percentage Of Entitys Revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysRevenue" xlink:to="label_PercentageOfEntitysRevenue" xlink:title="label: PercentageOfEntitysRevenue to label_PercentageOfEntitysRevenue"/>
    <label xlink:type="resource" xlink:label="label_PercentageOfEntitysRevenue_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfEntitysRevenue" xml:lang="en-US" id="label_PercentageOfEntitysRevenue_2">Percentage of entity's revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysRevenue" xlink:to="label_PercentageOfEntitysRevenue_2" xlink:title="label: PercentageOfEntitysRevenue to label_PercentageOfEntitysRevenue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:label="DisclosureOfFinancialLiabilitiesTable" xlink:title="DisclosureOfFinancialLiabilitiesTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialLiabilitiesTable" xml:lang="en-US" id="label_DisclosureOfFinancialLiabilitiesTable">Disclosure of financial liabilities [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialLiabilitiesTable" xlink:to="label_DisclosureOfFinancialLiabilitiesTable" xlink:title="label: DisclosureOfFinancialLiabilitiesTable to label_DisclosureOfFinancialLiabilitiesTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NotLaterThanThreeMonthsMember" xlink:label="NotLaterThanThreeMonthsMember" xlink:title="NotLaterThanThreeMonthsMember"/>
    <label xlink:type="resource" xlink:label="label_NotLaterThanThreeMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotLaterThanThreeMonthsMember" xml:lang="en-US" id="label_NotLaterThanThreeMonthsMember">Not later than three months [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanThreeMonthsMember" xlink:to="label_NotLaterThanThreeMonthsMember" xlink:title="label: NotLaterThanThreeMonthsMember to label_NotLaterThanThreeMonthsMember"/>
    <label xlink:type="resource" xlink:label="label_NotLaterThanThreeMonthsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotLaterThanThreeMonthsMember" xml:lang="en-US" id="label_NotLaterThanThreeMonthsMember_2">Less than 3 months</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanThreeMonthsMember" xlink:to="label_NotLaterThanThreeMonthsMember_2" xlink:title="label: NotLaterThanThreeMonthsMember to label_NotLaterThanThreeMonthsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:label="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:title="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xml:lang="en-US" id="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember">Later than three months and not later than six months [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:to="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:title="label: LaterThanThreeMonthsAndNotLaterThanSixMonthsMember to label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xml:lang="en-US" id="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_2">3 to 12 months</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:to="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_2" xlink:title="label: LaterThanThreeMonthsAndNotLaterThanSixMonthsMember to label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanThreeMonthsAndNotLaterThanOneYearMember" xlink:label="LaterThanThreeMonthsAndNotLaterThanOneYearMember" xlink:title="LaterThanThreeMonthsAndNotLaterThanOneYearMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanThreeMonthsAndNotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeMonthsAndNotLaterThanOneYearMember" xml:lang="en-US" id="label_LaterThanThreeMonthsAndNotLaterThanOneYearMember">Later than three months and not later than one year [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeMonthsAndNotLaterThanOneYearMember" xlink:to="label_LaterThanThreeMonthsAndNotLaterThanOneYearMember" xlink:title="label: LaterThanThreeMonthsAndNotLaterThanOneYearMember to label_LaterThanThreeMonthsAndNotLaterThanOneYearMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanThreeMonthsAndNotLaterThanOneYearMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanThreeMonthsAndNotLaterThanOneYearMember" xml:lang="en-US" id="label_LaterThanThreeMonthsAndNotLaterThanOneYearMember_2">3 to 12 months</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeMonthsAndNotLaterThanOneYearMember" xlink:to="label_LaterThanThreeMonthsAndNotLaterThanOneYearMember_2" xlink:title="label: LaterThanThreeMonthsAndNotLaterThanOneYearMember to label_LaterThanThreeMonthsAndNotLaterThanOneYearMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:label="DisclosureOfFinancialLiabilitiesLineItems" xlink:title="DisclosureOfFinancialLiabilitiesLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialLiabilitiesLineItems" xml:lang="en-US" id="label_DisclosureOfFinancialLiabilitiesLineItems">Disclosure of financial liabilities [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialLiabilitiesLineItems" xlink:to="label_DisclosureOfFinancialLiabilitiesLineItems" xlink:title="label: DisclosureOfFinancialLiabilitiesLineItems to label_DisclosureOfFinancialLiabilitiesLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialLiabilities" xlink:label="FinancialLiabilities" xlink:title="FinancialLiabilities"/>
    <label xlink:type="resource" xlink:label="label_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilities" xml:lang="en-US" id="label_FinancialLiabilities">Financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities" xlink:title="label: FinancialLiabilities to label_FinancialLiabilities"/>
    <label xlink:type="resource" xlink:label="label_FinancialLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilities" xml:lang="en-US" id="label_FinancialLiabilities_2">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities_2" xlink:title="label: FinancialLiabilities to label_FinancialLiabilities"/>
    <label xlink:type="resource" xlink:label="label_FinancialLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinancialLiabilities" xml:lang="en-US" id="label_FinancialLiabilities_3">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities_3" xlink:title="label: FinancialLiabilities to label_FinancialLiabilities"/>
    <label xlink:type="resource" xlink:label="label_FinancialLiabilities_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinancialLiabilities" xml:lang="en-US" id="label_FinancialLiabilities_4">Long -term borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities_4" xlink:title="label: FinancialLiabilities to label_FinancialLiabilities"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:title="CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xml:lang="en-US" id="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:title="label: CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents to label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xml:lang="en-US" id="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_2">Cash (including restricted cash)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_2" xlink:title="label: CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents to label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xml:lang="en-US" id="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3">Amount of cash and cash equivalents including cash and cash equivalents restricted to withdrawal or usage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3" xlink:title="label: CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents to label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xml:lang="en-US" id="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_4">Less: Cash and bank balances and bank deposits (including restricted cash)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_4" xlink:title="label: CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents to label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_5" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xml:lang="en-US" id="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_5">Cash (including restricted cash)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_5" xlink:title="label: CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents to label_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NetDebt" xlink:label="NetDebt" xlink:title="NetDebt"/>
    <label xlink:type="resource" xlink:label="label_NetDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetDebt" xml:lang="en-US" id="label_NetDebt">Net Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebt" xlink:to="label_NetDebt" xlink:title="label: NetDebt to label_NetDebt"/>
    <label xlink:type="resource" xlink:label="label_NetDebt_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetDebt" xml:lang="en-US" id="label_NetDebt_2">Net debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebt" xlink:to="label_NetDebt_2" xlink:title="label: NetDebt to label_NetDebt"/>
    <label xlink:type="resource" xlink:label="label_NetDebt_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetDebt" xml:lang="en-US" id="label_NetDebt_3">Net debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebt" xlink:to="label_NetDebt_3" xlink:title="label: NetDebt to label_NetDebt"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_PropertyPlantAndEquipmentFairValueAdjustment" xlink:label="PropertyPlantAndEquipmentFairValueAdjustment" xlink:title="PropertyPlantAndEquipmentFairValueAdjustment"/>
    <label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentFairValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentFairValueAdjustment" xml:lang="en-US" id="label_PropertyPlantAndEquipmentFairValueAdjustment">Property Plant And Equipment Fair Value Adjustment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentFairValueAdjustment" xlink:to="label_PropertyPlantAndEquipmentFairValueAdjustment" xlink:title="label: PropertyPlantAndEquipmentFairValueAdjustment to label_PropertyPlantAndEquipmentFairValueAdjustment"/>
    <label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentFairValueAdjustment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipmentFairValueAdjustment" xml:lang="en-US" id="label_PropertyPlantAndEquipmentFairValueAdjustment_2">Adjustment for the market value of vessels (charter-free)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentFairValueAdjustment" xlink:to="label_PropertyPlantAndEquipmentFairValueAdjustment_2" xlink:title="label: PropertyPlantAndEquipmentFairValueAdjustment to label_PropertyPlantAndEquipmentFairValueAdjustment"/>
    <label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentFairValueAdjustment_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PropertyPlantAndEquipmentFairValueAdjustment" xml:lang="en-US" id="label_PropertyPlantAndEquipmentFairValueAdjustment_3">Amount of addition (reduction) to the property plant and equipment from carrying amount to fair value, when the fair value is materially different from the carrying amount.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentFairValueAdjustment" xlink:to="label_PropertyPlantAndEquipmentFairValueAdjustment_3" xlink:title="label: PropertyPlantAndEquipmentFairValueAdjustment to label_PropertyPlantAndEquipmentFairValueAdjustment"/>
    <label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentFairValueAdjustment_4" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PropertyPlantAndEquipmentFairValueAdjustment" xml:lang="en-US" id="label_PropertyPlantAndEquipmentFairValueAdjustment_4">Adjustment for the market value of vessels (charter-free)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentFairValueAdjustment" xlink:to="label_PropertyPlantAndEquipmentFairValueAdjustment_4" xlink:title="label: PropertyPlantAndEquipmentFairValueAdjustment to label_PropertyPlantAndEquipmentFairValueAdjustment"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AdjustedBookCapitalisation" xlink:label="AdjustedBookCapitalisation" xlink:title="AdjustedBookCapitalisation"/>
    <label xlink:type="resource" xlink:label="label_AdjustedBookCapitalisation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustedBookCapitalisation" xml:lang="en-US" id="label_AdjustedBookCapitalisation">Adjusted Book Capitalisation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedBookCapitalisation" xlink:to="label_AdjustedBookCapitalisation" xlink:title="label: AdjustedBookCapitalisation to label_AdjustedBookCapitalisation"/>
    <label xlink:type="resource" xlink:label="label_AdjustedBookCapitalisation_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustedBookCapitalisation" xml:lang="en-US" id="label_AdjustedBookCapitalisation_2">Adjusted book capitalization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedBookCapitalisation" xlink:to="label_AdjustedBookCapitalisation_2" xlink:title="label: AdjustedBookCapitalisation to label_AdjustedBookCapitalisation"/>
    <label xlink:type="resource" xlink:label="label_AdjustedBookCapitalisation_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustedBookCapitalisation" xml:lang="en-US" id="label_AdjustedBookCapitalisation_3">The adjusted amount of assets less the amount of liabilities taking into consideration all required fair value adjustments.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedBookCapitalisation" xlink:to="label_AdjustedBookCapitalisation_3" xlink:title="label: AdjustedBookCapitalisation to label_AdjustedBookCapitalisation"/>
    <label xlink:type="resource" xlink:label="label_AdjustedBookCapitalisation_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AdjustedBookCapitalisation" xml:lang="en-US" id="label_AdjustedBookCapitalisation_4">Adjusted book capitalization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedBookCapitalisation" xlink:to="label_AdjustedBookCapitalisation_4" xlink:title="label: AdjustedBookCapitalisation to label_AdjustedBookCapitalisation"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AdjustedBookCapiltaisationPlusNetDebt" xlink:label="AdjustedBookCapiltaisationPlusNetDebt" xlink:title="AdjustedBookCapiltaisationPlusNetDebt"/>
    <label xlink:type="resource" xlink:label="label_AdjustedBookCapiltaisationPlusNetDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustedBookCapiltaisationPlusNetDebt" xml:lang="en-US" id="label_AdjustedBookCapiltaisationPlusNetDebt">Adjusted Book Capiltaisation Plus Net Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedBookCapiltaisationPlusNetDebt" xlink:to="label_AdjustedBookCapiltaisationPlusNetDebt" xlink:title="label: AdjustedBookCapiltaisationPlusNetDebt to label_AdjustedBookCapiltaisationPlusNetDebt"/>
    <label xlink:type="resource" xlink:label="label_AdjustedBookCapiltaisationPlusNetDebt_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustedBookCapiltaisationPlusNetDebt" xml:lang="en-US" id="label_AdjustedBookCapiltaisationPlusNetDebt_2">Adjusted book capitalization plus net debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedBookCapiltaisationPlusNetDebt" xlink:to="label_AdjustedBookCapiltaisationPlusNetDebt_2" xlink:title="label: AdjustedBookCapiltaisationPlusNetDebt to label_AdjustedBookCapiltaisationPlusNetDebt"/>
    <label xlink:type="resource" xlink:label="label_AdjustedBookCapiltaisationPlusNetDebt_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustedBookCapiltaisationPlusNetDebt" xml:lang="en-US" id="label_AdjustedBookCapiltaisationPlusNetDebt_3">The adjusted amount of assets less the amount of liabilities taking into consideration all required fair value adjustments plus the amount of net debt of the entity.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedBookCapiltaisationPlusNetDebt" xlink:to="label_AdjustedBookCapiltaisationPlusNetDebt_3" xlink:title="label: AdjustedBookCapiltaisationPlusNetDebt to label_AdjustedBookCapiltaisationPlusNetDebt"/>
    <label xlink:type="resource" xlink:label="label_AdjustedBookCapiltaisationPlusNetDebt_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AdjustedBookCapiltaisationPlusNetDebt" xml:lang="en-US" id="label_AdjustedBookCapiltaisationPlusNetDebt_4">Adjusted book capitalization plus net debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedBookCapiltaisationPlusNetDebt" xlink:to="label_AdjustedBookCapiltaisationPlusNetDebt_4" xlink:title="label: AdjustedBookCapiltaisationPlusNetDebt to label_AdjustedBookCapiltaisationPlusNetDebt"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:label="NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:title="NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio"/>
    <label xlink:type="resource" xlink:label="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xml:lang="en-US" id="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio">Net Debt To Adjusted Book Capitalisation Plus Net Debt Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:to="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:title="label: NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio to label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio"/>
    <label xlink:type="resource" xlink:label="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xml:lang="en-US" id="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_2">Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:to="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_2" xlink:title="label: NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio to label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio"/>
    <label xlink:type="resource" xlink:label="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xml:lang="en-US" id="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_3">The net debt to adjusted book capitalisation plus net debt ratio.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:to="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_3" xlink:title="label: NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio to label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio"/>
    <label xlink:type="resource" xlink:label="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xml:lang="en-US" id="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_4">Net debt to adjusted book capitalisation plus net debt ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:to="label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_4" xlink:title="label: NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio to label_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="DisclosureOfFinancialInstrumentsTable" xlink:title="DisclosureOfFinancialInstrumentsTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsTable" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsTable">Disclosure of detailed information about financial instruments [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsTable" xlink:to="label_DisclosureOfFinancialInstrumentsTable" xlink:title="label: DisclosureOfFinancialInstrumentsTable to label_DisclosureOfFinancialInstrumentsTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TopOfRangeMember" xlink:label="TopOfRangeMember" xlink:title="TopOfRangeMember"/>
    <label xlink:type="resource" xlink:label="label_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TopOfRangeMember" xml:lang="en-US" id="label_TopOfRangeMember">Top of range [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember" xlink:title="label: TopOfRangeMember to label_TopOfRangeMember"/>
    <label xlink:type="resource" xlink:label="label_TopOfRangeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TopOfRangeMember" xml:lang="en-US" id="label_TopOfRangeMember_2">Maximum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember_2" xlink:title="label: TopOfRangeMember to label_TopOfRangeMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:label="DisclosureOfFinancialInstrumentsLineItems" xlink:title="DisclosureOfFinancialInstrumentsLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsLineItems" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsLineItems">Disclosure of detailed information about financial instruments [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsLineItems" xlink:to="label_DisclosureOfFinancialInstrumentsLineItems" xlink:title="label: DisclosureOfFinancialInstrumentsLineItems to label_DisclosureOfFinancialInstrumentsLineItems"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowingsPercentageBearingFixedInterestRate" xlink:label="BorrowingsPercentageBearingFixedInterestRate" xlink:title="BorrowingsPercentageBearingFixedInterestRate"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsPercentageBearingFixedInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsPercentageBearingFixedInterestRate" xml:lang="en-US" id="label_BorrowingsPercentageBearingFixedInterestRate">Borrowings Percentage Bearing Fixed Interest Rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsPercentageBearingFixedInterestRate" xlink:to="label_BorrowingsPercentageBearingFixedInterestRate" xlink:title="label: BorrowingsPercentageBearingFixedInterestRate to label_BorrowingsPercentageBearingFixedInterestRate"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsPercentageBearingFixedInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsPercentageBearingFixedInterestRate" xml:lang="en-US" id="label_BorrowingsPercentageBearingFixedInterestRate_2">Borrowings, Percentage Bearing Fixed Interest, Percentage Rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsPercentageBearingFixedInterestRate" xlink:to="label_BorrowingsPercentageBearingFixedInterestRate_2" xlink:title="label: BorrowingsPercentageBearingFixedInterestRate to label_BorrowingsPercentageBearingFixedInterestRate"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsPercentageBearingFixedInterestRate_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsPercentageBearingFixedInterestRate" xml:lang="en-US" id="label_BorrowingsPercentageBearingFixedInterestRate_3">The percentage of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a set, unchanging rate.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialLiabilitiesAtFairValue" xlink:label="FinancialLiabilitiesAtFairValue" xlink:title="FinancialLiabilitiesAtFairValue"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:label="FinancialLiabilitiesAtAmortisedCost" xlink:title="FinancialLiabilitiesAtAmortisedCost"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesAtAmortisedCost" xlink:to="label_FinancialLiabilitiesAtAmortisedCost" xlink:title="label: FinancialLiabilitiesAtAmortisedCost to label_FinancialLiabilitiesAtAmortisedCost"/>
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    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" xlink:label="SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" xlink:title="SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" xlink:to="label_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_2" xlink:title="label: SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit to label_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" xlink:to="label_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_3" xlink:title="label: SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit to label_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" xlink:to="label_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_4" xlink:title="label: SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit to label_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentFinancialLiabilities" xlink:to="label_NoncurrentFinancialLiabilities" xlink:title="label: NoncurrentFinancialLiabilities to label_NoncurrentFinancialLiabilities"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentFinancialLiabilities" xlink:to="label_NoncurrentFinancialLiabilities_2" xlink:title="label: NoncurrentFinancialLiabilities to label_NoncurrentFinancialLiabilities"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DirectorsCompensationSharebasedPayment" xlink:label="DirectorsCompensationSharebasedPayment" xlink:title="DirectorsCompensationSharebasedPayment"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsCompensationSharebasedPayment" xlink:to="label_DirectorsCompensationSharebasedPayment" xlink:title="label: DirectorsCompensationSharebasedPayment to label_DirectorsCompensationSharebasedPayment"/>
    <label xlink:type="resource" xlink:label="label_DirectorsCompensationSharebasedPayment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DirectorsCompensationSharebasedPayment" xml:lang="en-US" id="label_DirectorsCompensationSharebasedPayment_2">Directors Compensation Share based Payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsCompensationSharebasedPayment" xlink:to="label_DirectorsCompensationSharebasedPayment_2" xlink:title="label: DirectorsCompensationSharebasedPayment to label_DirectorsCompensationSharebasedPayment"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsCompensationSharebasedPayment" xlink:to="label_DirectorsCompensationSharebasedPayment_3" xlink:title="label: DirectorsCompensationSharebasedPayment to label_DirectorsCompensationSharebasedPayment"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsCompensationSharebasedPayment" xlink:to="label_DirectorsCompensationSharebasedPayment_4" xlink:title="label: DirectorsCompensationSharebasedPayment to label_DirectorsCompensationSharebasedPayment"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsCompensationSharebasedPayment" xlink:to="label_DirectorsCompensationSharebasedPayment_5" xlink:title="label: DirectorsCompensationSharebasedPayment to label_DirectorsCompensationSharebasedPayment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherNoncurrentAssets" xlink:label="OtherNoncurrentAssets" xlink:title="OtherNoncurrentAssets"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentAssets" xlink:to="label_OtherNoncurrentAssets" xlink:title="label: OtherNoncurrentAssets to label_OtherNoncurrentAssets"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentAssets" xlink:to="label_OtherNoncurrentAssets_2" xlink:title="label: OtherNoncurrentAssets to label_OtherNoncurrentAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="SignificantInvestmentsInSubsidiariesAxis" xlink:title="SignificantInvestmentsInSubsidiariesAxis"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="EntitysTotalForSubsidiariesMember" xlink:title="EntitysTotalForSubsidiariesMember"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForSubsidiariesMember" xlink:to="label_EntitysTotalForSubsidiariesMember" xlink:title="label: EntitysTotalForSubsidiariesMember to label_EntitysTotalForSubsidiariesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UnconsolidatedStructuredEntitiesAxis" xlink:label="UnconsolidatedStructuredEntitiesAxis" xlink:title="UnconsolidatedStructuredEntitiesAxis"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnconsolidatedStructuredEntitiesAxis" xlink:to="label_UnconsolidatedStructuredEntitiesAxis" xlink:title="label: UnconsolidatedStructuredEntitiesAxis to label_UnconsolidatedStructuredEntitiesAxis"/>
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    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_GlobusMaritimeLimitedMember" xlink:label="GlobusMaritimeLimitedMember" xlink:title="GlobusMaritimeLimitedMember"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory" xlink:label="DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory" xlink:title="DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:label="DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:title="DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory"/>
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    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForMeasuringInventories" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForMeasuringInventories">Description of accounting policy for measuring inventories [text block]</label>
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    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForMeasuringInventories_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForMeasuringInventories" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForMeasuringInventories_2">Inventories:</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:title="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">Description of accounting policy for property, plant and equipment [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory to label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_2">Vessels, net:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory to label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xlink:label="DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xlink:title="DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory">Description of accounting policy for regulatory deferral accounts [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory to label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_2">Deferred dry-docking costs:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory to label_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xlink:label="DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xlink:title="DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory">Description of accounting policy for depreciation expense [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory to label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_2">Depreciation:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory to label_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:label="DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:title="DescriptionOfAccountingPolicyForLeasesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLeasesExplanatory">Description of accounting policy for leases [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForLeasesExplanatory to label_DescriptionOfAccountingPolicyForLeasesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLeasesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLeasesExplanatory_2">Amortization of lease component:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLeasesExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForLeasesExplanatory to label_DescriptionOfAccountingPolicyForLeasesExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:label="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:title="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">Description of accounting policy for impairment of non-financial assets [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory to label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_2">Impairment of non-financial assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory to label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:label="DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:title="DescriptionOfAccountingPolicyForBorrowingsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory">Description of accounting policy for borrowings [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForBorrowingsExplanatory to label_DescriptionOfAccountingPolicyForBorrowingsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory_2">Long-term debt:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForBorrowingsExplanatory to label_DescriptionOfAccountingPolicyForBorrowingsExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:label="DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:title="DescriptionOfAccountingPolicyForFinanceCostsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory">Description of accounting policy for finance costs [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForFinanceCostsExplanatory to label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory_2">Financing costs:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForFinanceCostsExplanatory to label_DescriptionOfAccountingPolicyForFinanceCostsExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xlink:label="DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xlink:title="DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory">Description of accounting policy for borrowing costs [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForBorrowingCostsExplanatory to label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_2">Borrowing costs:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForBorrowingCostsExplanatory to label_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:label="DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:title="DescriptionOfAccountingPolicyForSegmentReportingExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory">Description of accounting policy for segment reporting [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForSegmentReportingExplanatory to label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_2">Operating segment:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForSegmentReportingExplanatory to label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:label="DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:title="DescriptionOfAccountingPolicyForProvisionsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForProvisionsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForProvisionsExplanatory">Description of accounting policy for provisions [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForProvisionsExplanatory to label_DescriptionOfAccountingPolicyForProvisionsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForProvisionsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForProvisionsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForProvisionsExplanatory_2">Provisions and contingencies:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForProvisionsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForProvisionsExplanatory to label_DescriptionOfAccountingPolicyForProvisionsExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits" xlink:label="DescriptionOfAccountingPolicyForTerminationBenefits" xlink:title="DescriptionOfAccountingPolicyForTerminationBenefits"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForTerminationBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForTerminationBenefits" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForTerminationBenefits">Description of accounting policy for termination benefits [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForTerminationBenefits" xlink:to="label_DescriptionOfAccountingPolicyForTerminationBenefits" xlink:title="label: DescriptionOfAccountingPolicyForTerminationBenefits to label_DescriptionOfAccountingPolicyForTerminationBenefits"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForTerminationBenefits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForTerminationBenefits" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForTerminationBenefits_2">Pension and retirement benefit obligations:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForTerminationBenefits" xlink:to="label_DescriptionOfAccountingPolicyForTerminationBenefits_2" xlink:title="label: DescriptionOfAccountingPolicyForTerminationBenefits to label_DescriptionOfAccountingPolicyForTerminationBenefits"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xlink:label="DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xlink:title="DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory">Description of accounting policy for offsetting of financial instruments [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory to label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_2">Offsetting of financial assets and liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory to label_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory" xlink:label="DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory" xlink:title="DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory">Description of accounting policy for derecognition of financial instruments [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory to label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory_2">Derecognition of financial assets and liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory to label_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DescriptionOfAccountingPolicyForLessorExplanatory" xlink:label="DescriptionOfAccountingPolicyForLessorExplanatory" xlink:title="DescriptionOfAccountingPolicyForLessorExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLessorExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForLessorExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLessorExplanatory">Description of accounting policy for lessor [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLessorExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLessorExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForLessorExplanatory to label_DescriptionOfAccountingPolicyForLessorExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLessorExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfAccountingPolicyForLessorExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLessorExplanatory_2">The description of the entity's accounting policy for leases acting as lessor.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLessorExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLessorExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForLessorExplanatory to label_DescriptionOfAccountingPolicyForLessorExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLessorExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForLessorExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLessorExplanatory_3">Leases - where an entity is the lessor:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLessorExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLessorExplanatory_3" xlink:title="label: DescriptionOfAccountingPolicyForLessorExplanatory to label_DescriptionOfAccountingPolicyForLessorExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:label="DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:title="DescriptionOfAccountingPolicyForLesseeExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForLesseeExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLesseeExplanatory">Description of accounting policy for lessee [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForLesseeExplanatory to label_DescriptionOfAccountingPolicyForLesseeExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLesseeExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfAccountingPolicyForLesseeExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLesseeExplanatory_2">The description of the entity's accounting policy for leases acting as lessee.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLesseeExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForLesseeExplanatory to label_DescriptionOfAccountingPolicyForLesseeExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLesseeExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForLesseeExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLesseeExplanatory_3">Leases - where the Company is the lessee:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLesseeExplanatory_3" xlink:title="label: DescriptionOfAccountingPolicyForLesseeExplanatory to label_DescriptionOfAccountingPolicyForLesseeExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForInsuranceContracts" xlink:label="DescriptionOfAccountingPolicyForInsuranceContracts" xlink:title="DescriptionOfAccountingPolicyForInsuranceContracts"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForInsuranceContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForInsuranceContracts" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForInsuranceContracts">Description of accounting policy for insurance contracts and related assets, liabilities, income and expense [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForInsuranceContracts" xlink:to="label_DescriptionOfAccountingPolicyForInsuranceContracts" xlink:title="label: DescriptionOfAccountingPolicyForInsuranceContracts to label_DescriptionOfAccountingPolicyForInsuranceContracts"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForInsuranceContracts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForInsuranceContracts" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForInsuranceContracts_2">Insurance:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForInsuranceContracts" xlink:to="label_DescriptionOfAccountingPolicyForInsuranceContracts_2" xlink:title="label: DescriptionOfAccountingPolicyForInsuranceContracts to label_DescriptionOfAccountingPolicyForInsuranceContracts"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:label="DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:title="DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory">Description of accounting policy for share-based payment transactions [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory to label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_2">Share based compensation:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory to label_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:label="DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:title="DescriptionOfAccountingPolicyForIssuedCapitalExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory">Description of accounting policy for issued capital [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForIssuedCapitalExplanatory to label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_2">Share capital:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForIssuedCapitalExplanatory to label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:label="DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:title="DescriptionOfAccountingPolicyForDividendsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForDividendsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForDividendsExplanatory">Description of accounting policy for dividends [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForDividendsExplanatory to label_DescriptionOfAccountingPolicyForDividendsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForDividendsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForDividendsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForDividendsExplanatory_2">Dividends:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForDividendsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForDividendsExplanatory to label_DescriptionOfAccountingPolicyForDividendsExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:label="DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:title="DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory">Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory to label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory_2">Non-current assets held for sale:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory to label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:label="DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:title="DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory">Description of accounting policy for fair value measurement [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory to label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_2">Fair value measurement:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory to label_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:label="DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:title="DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements">Description of accounting policy for determining characteristics of Current Elements [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:to="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:title="label: DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements to label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_2">The description of the accounting policy used to determine the characteristics of current and noncurrent elements as in the statement of financial position.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:to="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_2" xlink:title="label: DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements to label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_3">Current versus non-current classification:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:to="label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_3" xlink:title="label: DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements to label_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:label="DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:title="DescriptionOfInitialApplicationOfStandardsOrInterpretations"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xml:lang="en-US" id="label_DescriptionOfInitialApplicationOfStandardsOrInterpretations">Disclosure of initial application of standards or interpretations [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:to="label_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:title="label: DescriptionOfInitialApplicationOfStandardsOrInterpretations to label_DescriptionOfInitialApplicationOfStandardsOrInterpretations"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfInitialApplicationOfStandardsOrInterpretations_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xml:lang="en-US" id="label_DescriptionOfInitialApplicationOfStandardsOrInterpretations_2">Standards amendments and interpretations:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:to="label_DescriptionOfInitialApplicationOfStandardsOrInterpretations_2" xlink:title="label: DescriptionOfInitialApplicationOfStandardsOrInterpretations to label_DescriptionOfInitialApplicationOfStandardsOrInterpretations"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfGoingConcernExplanatory" xlink:label="DisclosureOfGoingConcernExplanatory" xlink:title="DisclosureOfGoingConcernExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfGoingConcernExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGoingConcernExplanatory" xml:lang="en-US" id="label_DisclosureOfGoingConcernExplanatory">Disclosure of going concern [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGoingConcernExplanatory" xlink:to="label_DisclosureOfGoingConcernExplanatory" xlink:title="label: DisclosureOfGoingConcernExplanatory to label_DisclosureOfGoingConcernExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfGoingConcernExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfGoingConcernExplanatory" xml:lang="en-US" id="label_DisclosureOfGoingConcernExplanatory_2">Going concern basis of accounting:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGoingConcernExplanatory" xlink:to="label_DisclosureOfGoingConcernExplanatory_2" xlink:title="label: DisclosureOfGoingConcernExplanatory to label_DisclosureOfGoingConcernExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:label="DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:title="DisclosureOfAccountingJudgementsAndEstimatesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xml:lang="en-US" id="label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory">Disclosure of accounting judgements and estimates [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:to="label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:title="label: DisclosureOfAccountingJudgementsAndEstimatesExplanatory to label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xml:lang="en-US" id="label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_2">Significant accounting policies, judgments, estimates and assumptions:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:to="label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_2" xlink:title="label: DisclosureOfAccountingJudgementsAndEstimatesExplanatory to label_DisclosureOfAccountingJudgementsAndEstimatesExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WagesAndSalaries" xlink:label="WagesAndSalaries" xlink:title="WagesAndSalaries"/>
    <label xlink:type="resource" xlink:label="label_WagesAndSalaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WagesAndSalaries" xml:lang="en-US" id="label_WagesAndSalaries">Wages And Salaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WagesAndSalaries" xlink:to="label_WagesAndSalaries" xlink:title="label: WagesAndSalaries to label_WagesAndSalaries"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:label="DisclosureOfCreditRiskExposureLineItems" xlink:title="DisclosureOfCreditRiskExposureLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCreditRiskExposureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCreditRiskExposureLineItems" xml:lang="en-US" id="label_DisclosureOfCreditRiskExposureLineItems">Disclosure of credit risk exposure [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCreditRiskExposureLineItems" xlink:to="label_DisclosureOfCreditRiskExposureLineItems" xlink:title="label: DisclosureOfCreditRiskExposureLineItems to label_DisclosureOfCreditRiskExposureLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:label="DisclosureOfCreditRiskExposureTable" xlink:title="DisclosureOfCreditRiskExposureTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCreditRiskExposureTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCreditRiskExposureTable" xml:lang="en-US" id="label_DisclosureOfCreditRiskExposureTable">Disclosure of credit risk exposure [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCreditRiskExposureTable" xlink:to="label_DisclosureOfCreditRiskExposureTable" xlink:title="label: DisclosureOfCreditRiskExposureTable to label_DisclosureOfCreditRiskExposureTable"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ConsultingFeesExpense" xlink:label="ConsultingFeesExpense" xlink:title="ConsultingFeesExpense"/>
    <label xlink:type="resource" xlink:label="label_ConsultingFeesExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConsultingFeesExpense" xml:lang="en-US" id="label_ConsultingFeesExpense">The amount of fees paid or payable for consulting fees.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsultingFeesExpense" xlink:to="label_ConsultingFeesExpense" xlink:title="label: ConsultingFeesExpense to label_ConsultingFeesExpense"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsultingFeesExpense" xlink:to="label_ConsultingFeesExpense_2" xlink:title="label: ConsultingFeesExpense to label_ConsultingFeesExpense"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsultingFeesExpense" xlink:to="label_ConsultingFeesExpense_3" xlink:title="label: ConsultingFeesExpense to label_ConsultingFeesExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BasicEarningsLossPerShare" xlink:label="BasicEarningsLossPerShare" xlink:title="BasicEarningsLossPerShare"/>
    <label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BasicEarningsLossPerShare" xml:lang="en-US" id="label_BasicEarningsLossPerShare">Basic earnings (loss) per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShare" xlink:to="label_BasicEarningsLossPerShare" xlink:title="label: BasicEarningsLossPerShare to label_BasicEarningsLossPerShare"/>
    <label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BasicEarningsLossPerShare" xml:lang="en-US" id="label_BasicEarningsLossPerShare_2">- Basic loss per share for the year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShare" xlink:to="label_BasicEarningsLossPerShare_2" xlink:title="label: BasicEarningsLossPerShare to label_BasicEarningsLossPerShare"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DilutedEarningsLossPerShare" xlink:label="DilutedEarningsLossPerShare" xlink:title="DilutedEarningsLossPerShare"/>
    <label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DilutedEarningsLossPerShare" xml:lang="en-US" id="label_DilutedEarningsLossPerShare">Diluted earnings (loss) per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShare" xlink:to="label_DilutedEarningsLossPerShare" xlink:title="label: DilutedEarningsLossPerShare to label_DilutedEarningsLossPerShare"/>
    <label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DilutedEarningsLossPerShare" xml:lang="en-US" id="label_DilutedEarningsLossPerShare_2">- Diluted loss per share for the year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShare" xlink:to="label_DilutedEarningsLossPerShare_2" xlink:title="label: DilutedEarningsLossPerShare to label_DilutedEarningsLossPerShare"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:label="IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:title="IncreaseDecreaseThroughExerciseOfWarrantsEquity"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xml:lang="en-US" id="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity">Increase (decrease) through exercise of warrants, equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:to="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:title="label: IncreaseDecreaseThroughExerciseOfWarrantsEquity to label_IncreaseDecreaseThroughExerciseOfWarrantsEquity"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xml:lang="en-US" id="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity_2">Issuance of common stock due to exercise of warrants (note 9)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:to="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity_2" xlink:title="label: IncreaseDecreaseThroughExerciseOfWarrantsEquity to label_IncreaseDecreaseThroughExerciseOfWarrantsEquity"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xml:lang="en-US" id="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity_3">Issuance of common stock due to exercise of warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:to="label_IncreaseDecreaseThroughExerciseOfWarrantsEquity_3" xlink:title="label: IncreaseDecreaseThroughExerciseOfWarrantsEquity to label_IncreaseDecreaseThroughExerciseOfWarrantsEquity"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IssueOfEquity" xlink:label="IssueOfEquity" xlink:title="IssueOfEquity"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssueOfEquity" xlink:to="label_IssueOfEquity" xlink:title="label: IssueOfEquity to label_IssueOfEquity"/>
    <label xlink:type="resource" xlink:label="label_IssueOfEquity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssueOfEquity" xml:lang="en-US" id="label_IssueOfEquity_2">Issuance of common shares (note 9)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssueOfEquity" xlink:to="label_IssueOfEquity_2" xlink:title="label: IssueOfEquity to label_IssueOfEquity"/>
    <label xlink:type="resource" xlink:label="label_IssueOfEquity_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IssueOfEquity" xml:lang="en-US" id="label_IssueOfEquity_3">Issuance of common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssueOfEquity" xlink:to="label_IssueOfEquity_3" xlink:title="label: IssueOfEquity to label_IssueOfEquity"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProceedsFromIssuingShares" xlink:label="ProceedsFromIssuingShares" xlink:title="ProceedsFromIssuingShares"/>
    <label xlink:type="resource" xlink:label="label_ProceedsFromIssuingShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromIssuingShares" xml:lang="en-US" id="label_ProceedsFromIssuingShares">Proceeds from issuing shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuingShares" xlink:to="label_ProceedsFromIssuingShares" xlink:title="label: ProceedsFromIssuingShares to label_ProceedsFromIssuingShares"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuingShares" xlink:to="label_ProceedsFromIssuingShares_2" xlink:title="label: ProceedsFromIssuingShares to label_ProceedsFromIssuingShares"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:label="PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:title="PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:label="label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xml:lang="en-US" id="label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities">Purchase of other long-term assets, classified as investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:to="label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:title="label: PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities to label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:label="label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xml:lang="en-US" id="label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_2">Purchases of office furniture and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:to="label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_2" xlink:title="label: PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities to label_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustedWeightedAverageShares" xlink:label="AdjustedWeightedAverageShares" xlink:title="AdjustedWeightedAverageShares"/>
    <label xlink:type="resource" xlink:label="label_AdjustedWeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustedWeightedAverageShares" xml:lang="en-US" id="label_AdjustedWeightedAverageShares">Adjusted weighted average number of ordinary shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedWeightedAverageShares" xlink:to="label_AdjustedWeightedAverageShares" xlink:title="label: AdjustedWeightedAverageShares to label_AdjustedWeightedAverageShares"/>
    <label xlink:type="resource" xlink:label="label_AdjustedWeightedAverageShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustedWeightedAverageShares" xml:lang="en-US" id="label_AdjustedWeightedAverageShares_2">Weighted average number of shares for diluted LPS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedWeightedAverageShares" xlink:to="label_AdjustedWeightedAverageShares_2" xlink:title="label: AdjustedWeightedAverageShares to label_AdjustedWeightedAverageShares"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MajorChartererEMember" xlink:label="MajorChartererEMember" xlink:title="MajorChartererEMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererEMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorChartererEMember" xml:lang="en-US" id="label_MajorChartererEMember">Major Charterer E [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererEMember" xlink:to="label_MajorChartererEMember" xlink:title="label: MajorChartererEMember to label_MajorChartererEMember"/>
    <label xlink:type="resource" xlink:label="label_MajorChartererEMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MajorChartererEMember" xml:lang="en-US" id="label_MajorChartererEMember_2">E</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorChartererEMember" xlink:to="label_MajorChartererEMember_2" xlink:title="label: MajorChartererEMember to label_MajorChartererEMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xlink:label="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xlink:title="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions">Increase Decrease In Number Of Ordinary Shares Issued Through Share based Payment Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xlink:to="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xlink:title="label: IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions to label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_2">Issued during the year for share based compensation (note 12)</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" xlink:to="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" xlink:title="label: IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity to label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_2">Issuance of common stock</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" xlink:to="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_3" xlink:title="label: IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity to label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:label="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:title="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity">Increase Decrease In Number Of Ordinary Shares Issued Through Exercise Of Warrants Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:to="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:title="label: IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity to label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_2">Issuance of common stock due to exercise of warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:to="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_2" xlink:title="label: IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity to label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_3">The increase (decrease) in the number of ordinary shares resulting from the exercise of warrants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:to="label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_3" xlink:title="label: IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity to label_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:label="ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:title="ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants"/>
    <label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xml:lang="en-US" id="label_ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants">Maximum Proportion Of Ownership Interests Held By Investors After Exercise Of Warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:to="label_ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:title="label: ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants to label_ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants"/>
    <label xlink:type="resource" xlink:label="label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xml:lang="en-US" id="label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants">Maximum proportion of owneship interest by a warrant holder after warrants exercises</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:to="label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:title="label: MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants to label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants"/>
    <label xlink:type="resource" xlink:label="label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xml:lang="en-US" id="label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants_2">The maximum proportion of ownership interest held by a warrant holder after the exercise of the warrants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:to="label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants_2" xlink:title="label: MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants to label_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_February2017WarrantsMember" xlink:label="February2017WarrantsMember" xlink:title="February2017WarrantsMember"/>
    <label xlink:type="resource" xlink:label="label_February2017WarrantsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_February2017WarrantsMember" xml:lang="en-US" id="label_February2017WarrantsMember">February 2017 Warrants [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="February2017WarrantsMember" xlink:to="label_February2017WarrantsMember" xlink:title="label: February2017WarrantsMember to label_February2017WarrantsMember"/>
    <label xlink:type="resource" xlink:label="label_February2017WarrantsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_February2017WarrantsMember" xml:lang="en-US" id="label_February2017WarrantsMember_2">February 2017 Warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="February2017WarrantsMember" xlink:to="label_February2017WarrantsMember_2" xlink:title="label: February2017WarrantsMember to label_February2017WarrantsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NumberOfWarrantsOutstanding" xlink:label="WarrantsOutstanding" xlink:title="WarrantsOutstanding"/>
    <label xlink:type="resource" xlink:label="label_WarrantsOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WarrantsOutstanding" xml:lang="en-US" id="label_WarrantsOutstanding">Number Of Warrants Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WarrantsOutstanding" xlink:to="label_WarrantsOutstanding" xlink:title="label: WarrantsOutstanding to label_WarrantsOutstanding"/>
    <label xlink:type="resource" xlink:label="label_NumberOfWarrantsOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfWarrantsOutstanding" xml:lang="en-US" id="label_NumberOfWarrantsOutstanding">Number of outstanding warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WarrantsOutstanding" xlink:to="label_NumberOfWarrantsOutstanding" xlink:title="label: NumberOfWarrantsOutstanding to label_NumberOfWarrantsOutstanding"/>
    <label xlink:type="resource" xlink:label="label_NumberOfWarrantsOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfWarrantsOutstanding" xml:lang="en-US" id="label_NumberOfWarrantsOutstanding_2">The number of outstanding warrants that permit the holder the right to purchase equity securities from the issuer at a specified price.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WarrantsOutstanding" xlink:to="label_NumberOfWarrantsOutstanding_2" xlink:title="label: NumberOfWarrantsOutstanding to label_NumberOfWarrantsOutstanding"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NumberOfWarrantsExercised" xlink:label="NumberOfWarrantsExercised" xlink:title="NumberOfWarrantsExercised"/>
    <label xlink:type="resource" xlink:label="label_NumberOfWarrantsExercised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfWarrantsExercised" xml:lang="en-US" id="label_NumberOfWarrantsExercised">Number Of Warrants Exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfWarrantsExercised" xlink:to="label_NumberOfWarrantsExercised" xlink:title="label: NumberOfWarrantsExercised to label_NumberOfWarrantsExercised"/>
    <label xlink:type="resource" xlink:label="label_NumberOfWarrantsExercised_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfWarrantsExercised" xml:lang="en-US" id="label_NumberOfWarrantsExercised_2">Number of warrants exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfWarrantsExercised" xlink:to="label_NumberOfWarrantsExercised_2" xlink:title="label: NumberOfWarrantsExercised to label_NumberOfWarrantsExercised"/>
    <label xlink:type="resource" xlink:label="label_NumberOfWarrantsExercised_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfWarrantsExercised" xml:lang="en-US" id="label_NumberOfWarrantsExercised_3">The number of warrants exercised.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfWarrantsExercised" xlink:to="label_NumberOfWarrantsExercised_3" xlink:title="label: NumberOfWarrantsExercised to label_NumberOfWarrantsExercised"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_October2017WarrantsMember" xlink:label="October2017WarrantsMember" xlink:title="October2017WarrantsMember"/>
    <label xlink:type="resource" xlink:label="label_October2017WarrantsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_October2017WarrantsMember" xml:lang="en-US" id="label_October2017WarrantsMember">October 2017 Warrants [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="October2017WarrantsMember" xlink:to="label_October2017WarrantsMember" xlink:title="label: October2017WarrantsMember to label_October2017WarrantsMember"/>
    <label xlink:type="resource" xlink:label="label_October2017WarrantsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_October2017WarrantsMember" xml:lang="en-US" id="label_October2017WarrantsMember_2">October 2017 Warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="October2017WarrantsMember" xlink:to="label_October2017WarrantsMember_2" xlink:title="label: October2017WarrantsMember to label_October2017WarrantsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ProceedsFromWarrantExercises" xlink:label="ProceedsFromWarrantExercises" xlink:title="ProceedsFromWarrantExercises"/>
    <label xlink:type="resource" xlink:label="label_ProceedsFromWarrantExercises" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromWarrantExercises" xml:lang="en-US" id="label_ProceedsFromWarrantExercises">Proceeds From Warrant Exercises</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromWarrantExercises" xlink:to="label_ProceedsFromWarrantExercises" xlink:title="label: ProceedsFromWarrantExercises to label_ProceedsFromWarrantExercises"/>
    <label xlink:type="resource" xlink:label="label_ProceedsFromWarrantExercises_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromWarrantExercises" xml:lang="en-US" id="label_ProceedsFromWarrantExercises_2">Proceeds from warrant exercises</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromWarrantExercises" xlink:to="label_ProceedsFromWarrantExercises_2" xlink:title="label: ProceedsFromWarrantExercises to label_ProceedsFromWarrantExercises"/>
    <label xlink:type="resource" xlink:label="label_ProceedsFromWarrantExercises_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProceedsFromWarrantExercises" xml:lang="en-US" id="label_ProceedsFromWarrantExercises_3">The cash inflow associated with the amount received from holders exercising their stock warrants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromWarrantExercises" xlink:to="label_ProceedsFromWarrantExercises_3" xlink:title="label: ProceedsFromWarrantExercises to label_ProceedsFromWarrantExercises"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NumberOfSharesSold" xlink:label="NumberOfSharesSold" xlink:title="NumberOfSharesSold"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesSold" xml:lang="en-US" id="label_NumberOfSharesSold">Number Of Shares Sold</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesSold" xlink:to="label_NumberOfSharesSold" xlink:title="label: NumberOfSharesSold to label_NumberOfSharesSold"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesSold_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesSold" xml:lang="en-US" id="label_NumberOfSharesSold_2">Number of shares sold</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesSold" xlink:to="label_NumberOfSharesSold_2" xlink:title="label: NumberOfSharesSold to label_NumberOfSharesSold"/>
    <label xlink:type="resource" xlink:label="label_NumberOfSharesSold_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesSold" xml:lang="en-US" id="label_NumberOfSharesSold_3">The number of shares sold in a stock transaction.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesSold" xlink:to="label_NumberOfSharesSold_3" xlink:title="label: NumberOfSharesSold to label_NumberOfSharesSold"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_October2017PrivatePlacementMember" xlink:label="October2017SPAMember" xlink:title="October2017SPAMember"/>
    <label xlink:type="resource" xlink:label="label_October2017SPAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_October2017SPAMember" xml:lang="en-US" id="label_October2017SPAMember">October 2017 Private Placement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="October2017SPAMember" xlink:to="label_October2017SPAMember" xlink:title="label: October2017SPAMember to label_October2017SPAMember"/>
    <label xlink:type="resource" xlink:label="label_October2017SPAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_October2017SPAMember" xml:lang="en-US" id="label_October2017SPAMember_2">October 2017 Private Placement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="October2017SPAMember" xlink:to="label_October2017SPAMember_2" xlink:title="label: October2017SPAMember to label_October2017SPAMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_February2017PrivatePlacementMember" xlink:label="February2017PrivatePlacementMember" xlink:title="February2017PrivatePlacementMember"/>
    <label xlink:type="resource" xlink:label="label_February2017PrivatePlacementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_February2017PrivatePlacementMember" xml:lang="en-US" id="label_February2017PrivatePlacementMember">February 2017 Private Placement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="February2017PrivatePlacementMember" xlink:to="label_February2017PrivatePlacementMember" xlink:title="label: February2017PrivatePlacementMember to label_February2017PrivatePlacementMember"/>
    <label xlink:type="resource" xlink:label="label_February2017PrivatePlacementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_February2017PrivatePlacementMember" xml:lang="en-US" id="label_February2017PrivatePlacementMember_2">February 2017 Private Placement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="February2017PrivatePlacementMember" xlink:to="label_February2017PrivatePlacementMember_2" xlink:title="label: February2017PrivatePlacementMember to label_February2017PrivatePlacementMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanThreeYearsMember" xlink:label="LaterThanThreeYearsMember" xlink:title="LaterThanThreeYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsMember">Later than three years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsMember" xlink:to="label_LaterThanThreeYearsMember" xlink:title="label: LaterThanThreeYearsMember to label_LaterThanThreeYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanThreeYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsMember_2">Later than three years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsMember" xlink:to="label_LaterThanThreeYearsMember_2" xlink:title="label: LaterThanThreeYearsMember to label_LaterThanThreeYearsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LaterThanTwoYearsMember" xlink:label="LaterThanTwoYearsMember" xlink:title="LaterThanTwoYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsMember">Later Than Two Years [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsMember" xlink:to="label_LaterThanTwoYearsMember" xlink:title="label: LaterThanTwoYearsMember to label_LaterThanTwoYearsMember"/>
    <label xlink:type="resource" xlink:label="label_LaterThanTwoYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsMember_2">Later than two years</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsMember" xlink:to="label_LaterThanTwoYearsMember_2" xlink:title="label: LaterThanTwoYearsMember to label_LaterThanTwoYearsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DeferralFeePercentage" xlink:label="DeferralFeePercentage" xlink:title="DeferralFeePercentage"/>
    <label xlink:type="resource" xlink:label="label_DeferralFeePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferralFeePercentage" xml:lang="en-US" id="label_DeferralFeePercentage">Deferral Fee Percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferralFeePercentage" xlink:to="label_DeferralFeePercentage" xlink:title="label: DeferralFeePercentage to label_DeferralFeePercentage"/>
    <label xlink:type="resource" xlink:label="label_DeferralFeePercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferralFeePercentage" xml:lang="en-US" id="label_DeferralFeePercentage_2">Deferral fee, percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferralFeePercentage" xlink:to="label_DeferralFeePercentage_2" xlink:title="label: DeferralFeePercentage to label_DeferralFeePercentage"/>
    <label xlink:type="resource" xlink:label="label_DeferralFeePercentage_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferralFeePercentage" xml:lang="en-US" id="label_DeferralFeePercentage_3">The deferral fee per annum, as a percentage of the additional amounts deferred.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferralFeePercentage" xlink:to="label_DeferralFeePercentage_3" xlink:title="label: DeferralFeePercentage to label_DeferralFeePercentage"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LoanPrincipalAmountDeferred" xlink:label="LoanPrincipalAmountDeferred" xlink:title="LoanPrincipalAmountDeferred"/>
    <label xlink:type="resource" xlink:label="label_LoanPrincipalAmountDeferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoanPrincipalAmountDeferred" xml:lang="en-US" id="label_LoanPrincipalAmountDeferred">Loan Principal Amount Deferred</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanPrincipalAmountDeferred" xlink:to="label_LoanPrincipalAmountDeferred" xlink:title="label: LoanPrincipalAmountDeferred to label_LoanPrincipalAmountDeferred"/>
    <label xlink:type="resource" xlink:label="label_LoanPrincipalAmountDeferred_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoanPrincipalAmountDeferred" xml:lang="en-US" id="label_LoanPrincipalAmountDeferred_2">Amount deferred to the last scheduled repayment date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanPrincipalAmountDeferred" xlink:to="label_LoanPrincipalAmountDeferred_2" xlink:title="label: LoanPrincipalAmountDeferred to label_LoanPrincipalAmountDeferred"/>
    <label xlink:type="resource" xlink:label="label_LoanPrincipalAmountDeferred_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoanPrincipalAmountDeferred" xml:lang="en-US" id="label_LoanPrincipalAmountDeferred_3">The loan principal amount deferred to the last scheduled repayment date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanPrincipalAmountDeferred" xlink:to="label_LoanPrincipalAmountDeferred_3" xlink:title="label: LoanPrincipalAmountDeferred to label_LoanPrincipalAmountDeferred"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_WarrantsExpense" xlink:label="WarrantsExpense" xlink:title="WarrantsExpense"/>
    <label xlink:type="resource" xlink:label="label_WarrantsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WarrantsExpense" xml:lang="en-US" id="label_WarrantsExpense">Warrants Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WarrantsExpense" xlink:to="label_WarrantsExpense" xlink:title="label: WarrantsExpense to label_WarrantsExpense"/>
    <label xlink:type="resource" xlink:label="label_WarrantsExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WarrantsExpense" xml:lang="en-US" id="label_WarrantsExpense_2">Warrants expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WarrantsExpense" xlink:to="label_WarrantsExpense_2" xlink:title="label: WarrantsExpense to label_WarrantsExpense"/>
    <label xlink:type="resource" xlink:label="label_WarrantsExpense_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WarrantsExpense" xml:lang="en-US" id="label_WarrantsExpense_3">The expense related to the warrants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WarrantsExpense" xlink:to="label_WarrantsExpense_3" xlink:title="label: WarrantsExpense to label_WarrantsExpense"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BackEndFeePercentage" xlink:label="BackEndFeePercentage" xlink:title="BackEndFeePercentage"/>
    <label xlink:type="resource" xlink:label="label_BackEndFeePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BackEndFeePercentage" xml:lang="en-US" id="label_BackEndFeePercentage">Back End Fee Percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BackEndFeePercentage" xlink:to="label_BackEndFeePercentage" xlink:title="label: BackEndFeePercentage to label_BackEndFeePercentage"/>
    <label xlink:type="resource" xlink:label="label_BackEndFeePercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BackEndFeePercentage" xml:lang="en-US" id="label_BackEndFeePercentage_2">Back-end fee</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BackEndFeePercentage" xlink:to="label_BackEndFeePercentage_2" xlink:title="label: BackEndFeePercentage to label_BackEndFeePercentage"/>
    <label xlink:type="resource" xlink:label="label_BackEndFeePercentage_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BackEndFeePercentage" xml:lang="en-US" id="label_BackEndFeePercentage_3">Back-end fee calculated as a percentage per annum of the outstanding principal amount of the loan.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BackEndFeePercentage" xlink:to="label_BackEndFeePercentage_3" xlink:title="label: BackEndFeePercentage to label_BackEndFeePercentage"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_HSHNordbankAndDVBBankMember" xlink:label="HSHNordbankAndDVBBankMember" xlink:title="HSHNordbankAndDVBBankMember"/>
    <label xlink:type="resource" xlink:label="label_HSHNordbankAndDVBBankMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HSHNordbankAndDVBBankMember" xml:lang="en-US" id="label_HSHNordbankAndDVBBankMember">HSH Nordbank And DVB Bank [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HSHNordbankAndDVBBankMember" xlink:to="label_HSHNordbankAndDVBBankMember" xlink:title="label: HSHNordbankAndDVBBankMember to label_HSHNordbankAndDVBBankMember"/>
    <label xlink:type="resource" xlink:label="label_HSHNordbankAndDVBBankMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HSHNordbankAndDVBBankMember" xml:lang="en-US" id="label_HSHNordbankAndDVBBankMember_2">HSH Nordbank AG and DVB Bank SE</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HSHNordbankAndDVBBankMember" xlink:to="label_HSHNordbankAndDVBBankMember_2" xlink:title="label: HSHNordbankAndDVBBankMember to label_HSHNordbankAndDVBBankMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:label="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:title="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares"/>
    <label xlink:type="resource" xlink:label="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xml:lang="en-US" id="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares">Dilutive effect of share options on number of ordinary shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:to="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:title="label: DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares to label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares"/>
    <label xlink:type="resource" xlink:label="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xml:lang="en-US" id="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_2">Dilutive effect of warrants on number of ordinary shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:to="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_2" xlink:title="label: DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares to label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xlink:label="DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xlink:title="DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants"/>
    <label xlink:type="resource" xlink:label="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xml:lang="en-US" id="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants">Difference Between Market Adjusted Net Worth And Amount Required By Loan Agreement Covenants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xlink:to="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xlink:title="label: DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants to label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants"/>
    <label xlink:type="resource" xlink:label="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xml:lang="en-US" id="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants_2">The difference between the company's market adjusted net worth and the required amount by loan agreement covenants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xlink:to="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants_2" xlink:title="label: DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants to label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants"/>
    <label xlink:type="resource" xlink:label="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xml:lang="en-US" id="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants_3">Difference between the company's market adjusted net worth and initial requirement by loan agreement covenants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xlink:to="label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants_3" xlink:title="label: DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants to label_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xlink:label="DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xlink:title="DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants"/>
    <label xlink:type="resource" xlink:label="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xml:lang="en-US" id="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants">Difference Between Cash And Cash Equivalents And Amount Required By Loan Agreement Covenants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xlink:to="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xlink:title="label: DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants to label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants"/>
    <label xlink:type="resource" xlink:label="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xml:lang="en-US" id="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants_2">The difference between the company's cash and cash equivalents and the required amount by loan agreement covenants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xlink:to="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants_2" xlink:title="label: DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants to label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants"/>
    <label xlink:type="resource" xlink:label="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xml:lang="en-US" id="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants_3">Difference between the company's cash and cash equivalents and initial requirement by loan agreement covenants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xlink:to="label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants_3" xlink:title="label: DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants to label_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="NonadjustingEventsAfterReportingPeriodAxis" xlink:title="NonadjustingEventsAfterReportingPeriodAxis"/>
    <label xlink:type="resource" xlink:label="label_NonadjustingEventsAfterReportingPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonadjustingEventsAfterReportingPeriodAxis" xml:lang="en-US" id="label_NonadjustingEventsAfterReportingPeriodAxis">Non-adjusting events after reporting period [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsAfterReportingPeriodAxis" xlink:to="label_NonadjustingEventsAfterReportingPeriodAxis" xlink:title="label: NonadjustingEventsAfterReportingPeriodAxis to label_NonadjustingEventsAfterReportingPeriodAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NonadjustingEventsMember" xlink:label="NonadjustingEventsMember" xlink:title="NonadjustingEventsMember"/>
    <label xlink:type="resource" xlink:label="label_NonadjustingEventsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonadjustingEventsMember" xml:lang="en-US" id="label_NonadjustingEventsMember">Non-adjusting events after reporting period [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsMember" xlink:to="label_NonadjustingEventsMember" xlink:title="label: NonadjustingEventsMember to label_NonadjustingEventsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PotentialOrdinaryShareTransactionsMember" xlink:label="PotentialOrdinaryShareTransactionsMember" xlink:title="PotentialOrdinaryShareTransactionsMember"/>
    <label xlink:type="resource" xlink:label="label_PotentialOrdinaryShareTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PotentialOrdinaryShareTransactionsMember" xml:lang="en-US" id="label_PotentialOrdinaryShareTransactionsMember">Potential ordinary share transactions [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialOrdinaryShareTransactionsMember" xlink:to="label_PotentialOrdinaryShareTransactionsMember" xlink:title="label: PotentialOrdinaryShareTransactionsMember to label_PotentialOrdinaryShareTransactionsMember"/>
    <label xlink:type="resource" xlink:label="label_PotentialOrdinaryShareTransactionsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PotentialOrdinaryShareTransactionsMember" xml:lang="en-US" id="label_PotentialOrdinaryShareTransactionsMember_2">Potential ordinary share transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialOrdinaryShareTransactionsMember" xlink:to="label_PotentialOrdinaryShareTransactionsMember_2" xlink:title="label: PotentialOrdinaryShareTransactionsMember to label_PotentialOrdinaryShareTransactionsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">Disclosure of non-adjusting events after reporting period [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:title="label: DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems to label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable">Disclosure of non-adjusting events after reporting period [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:title="label: DisclosureOfNonadjustingEventsAfterReportingPeriodTable to label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory">Disclosure of subsidiaries [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:title="label: DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory to label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_2">Basis of presentation and general information</label>
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    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfCashAndBankBalancesExplanatory" xlink:label="DisclosureOfCashAndBankBalancesExplanatory" xlink:title="DisclosureOfCashAndBankBalancesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCashAndBankBalancesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCashAndBankBalancesExplanatory" xml:lang="en-US" id="label_DisclosureOfCashAndBankBalancesExplanatory">Disclosure Of Cash And Bank Balances At Central Banks Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndBankBalancesExplanatory" xlink:to="label_DisclosureOfCashAndBankBalancesExplanatory" xlink:title="label: DisclosureOfCashAndBankBalancesExplanatory to label_DisclosureOfCashAndBankBalancesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCashAndBankBalancesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCashAndBankBalancesExplanatory" xml:lang="en-US" id="label_DisclosureOfCashAndBankBalancesExplanatory_2">Cash and cash equivalents and Restricted cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndBankBalancesExplanatory" xlink:to="label_DisclosureOfCashAndBankBalancesExplanatory_2" xlink:title="label: DisclosureOfCashAndBankBalancesExplanatory to label_DisclosureOfCashAndBankBalancesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCashAndBankBalancesExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCashAndBankBalancesExplanatory" xml:lang="en-US" id="label_DisclosureOfCashAndBankBalancesExplanatory_3">The disclosure for cash on hand and at banks.</label>
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    <label xlink:type="resource" xlink:label="label_DisclosureOfPreferredSharesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPreferredSharesExplanatory" xml:lang="en-US" id="label_DisclosureOfPreferredSharesExplanatory">Disclosure Of Preferred Shares Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPreferredSharesExplanatory" xlink:to="label_DisclosureOfPreferredSharesExplanatory" xlink:title="label: DisclosureOfPreferredSharesExplanatory to label_DisclosureOfPreferredSharesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfPreferredSharesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPreferredSharesExplanatory" xml:lang="en-US" id="label_DisclosureOfPreferredSharesExplanatory_2">Series A Preferred Shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPreferredSharesExplanatory" xlink:to="label_DisclosureOfPreferredSharesExplanatory_2" xlink:title="label: DisclosureOfPreferredSharesExplanatory to label_DisclosureOfPreferredSharesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfPreferredSharesExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfPreferredSharesExplanatory" xml:lang="en-US" id="label_DisclosureOfPreferredSharesExplanatory_3">The disclosure of preferred shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPreferredSharesExplanatory" xlink:to="label_DisclosureOfPreferredSharesExplanatory_3" xlink:title="label: DisclosureOfPreferredSharesExplanatory to label_DisclosureOfPreferredSharesExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfEarningsPerShareTableExplanatory" xlink:label="DisclosureOfEarningsPerShareTableExplanatory" xlink:title="DisclosureOfEarningsPerShareTableExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfEarningsPerShareTableExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEarningsPerShareTableExplanatory" xml:lang="en-US" id="label_DisclosureOfEarningsPerShareTableExplanatory">Disclosure Of Earnings Per Share Table Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEarningsPerShareTableExplanatory" xlink:to="label_DisclosureOfEarningsPerShareTableExplanatory" xlink:title="label: DisclosureOfEarningsPerShareTableExplanatory to label_DisclosureOfEarningsPerShareTableExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfEarningsPerShareTableExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEarningsPerShareTableExplanatory" xml:lang="en-US" id="label_DisclosureOfEarningsPerShareTableExplanatory_2">Loss per Share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEarningsPerShareTableExplanatory" xlink:to="label_DisclosureOfEarningsPerShareTableExplanatory_2" xlink:title="label: DisclosureOfEarningsPerShareTableExplanatory to label_DisclosureOfEarningsPerShareTableExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfEarningsPerShareTableExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEarningsPerShareTableExplanatory" xml:lang="en-US" id="label_DisclosureOfEarningsPerShareTableExplanatory_3">The disclosure for earnings per share.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEarningsPerShareTableExplanatory" xlink:to="label_DisclosureOfEarningsPerShareTableExplanatory_3" xlink:title="label: DisclosureOfEarningsPerShareTableExplanatory to label_DisclosureOfEarningsPerShareTableExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:label="DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:title="DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xml:lang="en-US" id="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition">Disclosure Of Borrowings Consolidated Statement Of Financial Position</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:to="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:title="label: DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition to label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xml:lang="en-US" id="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_2">Long-Term Debt, net - Consolidated statement of financial position</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:to="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_2" xlink:title="label: DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition to label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xml:lang="en-US" id="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_3">The disclosure for the amounts of long-term debt in the consolidated statement of financial position.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:to="label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_3" xlink:title="label: DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition to label_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:label="DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:title="DisclosureOfLongTermDebtAnnualPrincipalPayments"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLongTermDebtAnnualPrincipalPayments" xml:lang="en-US" id="label_DisclosureOfLongTermDebtAnnualPrincipalPayments">Disclosure Of Long Term Debt Annual Principal Payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:to="label_DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:title="label: DisclosureOfLongTermDebtAnnualPrincipalPayments to label_DisclosureOfLongTermDebtAnnualPrincipalPayments"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfLongTermDebtAnnualPrincipalPayments_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfLongTermDebtAnnualPrincipalPayments" xml:lang="en-US" id="label_DisclosureOfLongTermDebtAnnualPrincipalPayments_2">Long-Term Debt, net - Annual loan principal paymetns</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:to="label_DisclosureOfLongTermDebtAnnualPrincipalPayments_2" xlink:title="label: DisclosureOfLongTermDebtAnnualPrincipalPayments to label_DisclosureOfLongTermDebtAnnualPrincipalPayments"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfLongTermDebtAnnualPrincipalPayments_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfLongTermDebtAnnualPrincipalPayments" xml:lang="en-US" id="label_DisclosureOfLongTermDebtAnnualPrincipalPayments_3">The disclosure of annual loan principal payments.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:to="label_DisclosureOfLongTermDebtAnnualPrincipalPayments_3" xlink:title="label: DisclosureOfLongTermDebtAnnualPrincipalPayments to label_DisclosureOfLongTermDebtAnnualPrincipalPayments"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfShareBasedPayment" xlink:label="DisclosureOfShareBasedPaymentTable" xlink:title="DisclosureOfShareBasedPaymentTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfShareBasedPaymentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfShareBasedPaymentTable" xml:lang="en-US" id="label_DisclosureOfShareBasedPaymentTable">Disclosure Of Share Based Payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfShareBasedPaymentTable" xlink:to="label_DisclosureOfShareBasedPaymentTable" xlink:title="label: DisclosureOfShareBasedPaymentTable to label_DisclosureOfShareBasedPaymentTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfShareBasedPaymentTable_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfShareBasedPaymentTable" xml:lang="en-US" id="label_DisclosureOfShareBasedPaymentTable_2">Share Based Payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfShareBasedPaymentTable" xlink:to="label_DisclosureOfShareBasedPaymentTable_2" xlink:title="label: DisclosureOfShareBasedPaymentTable to label_DisclosureOfShareBasedPaymentTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfShareBasedPaymentTable_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfShareBasedPaymentTable" xml:lang="en-US" id="label_DisclosureOfShareBasedPaymentTable_3">The disclosure of share based payment.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfShareBasedPaymentTable" xlink:to="label_DisclosureOfShareBasedPaymentTable_3" xlink:title="label: DisclosureOfShareBasedPaymentTable to label_DisclosureOfShareBasedPaymentTable"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfVoyageAndVesselOperatingExpenses" xlink:label="DisclosureOfVoayageAndVesselOperatingExpenses" xlink:title="DisclosureOfVoayageAndVesselOperatingExpenses"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfVoayageAndVesselOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfVoayageAndVesselOperatingExpenses" xml:lang="en-US" id="label_DisclosureOfVoayageAndVesselOperatingExpenses">Disclosure Of Voyage And Vessel Operating Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfVoayageAndVesselOperatingExpenses" xlink:to="label_DisclosureOfVoayageAndVesselOperatingExpenses" xlink:title="label: DisclosureOfVoayageAndVesselOperatingExpenses to label_DisclosureOfVoayageAndVesselOperatingExpenses"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfVoyageAndVesselOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfVoyageAndVesselOperatingExpenses" xml:lang="en-US" id="label_DisclosureOfVoyageAndVesselOperatingExpenses">Voyage Expenses and Vessel Operating Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfVoayageAndVesselOperatingExpenses" xlink:to="label_DisclosureOfVoyageAndVesselOperatingExpenses" xlink:title="label: DisclosureOfVoyageAndVesselOperatingExpenses to label_DisclosureOfVoyageAndVesselOperatingExpenses"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfVoyageAndVesselOperatingExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfVoyageAndVesselOperatingExpenses" xml:lang="en-US" id="label_DisclosureOfVoyageAndVesselOperatingExpenses_2">The disclosure for voayage expenses and vessel operating expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfVoayageAndVesselOperatingExpenses" xlink:to="label_DisclosureOfVoyageAndVesselOperatingExpenses_2" xlink:title="label: DisclosureOfVoyageAndVesselOperatingExpenses to label_DisclosureOfVoyageAndVesselOperatingExpenses"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfAdministrativeExpenses" xlink:label="DisclosureOfAdministrativeExpenses" xlink:title="DisclosureOfAdministrativeExpenses"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfAdministrativeExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfAdministrativeExpenses" xml:lang="en-US" id="label_DisclosureOfAdministrativeExpenses">Disclosure Of Administrative Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAdministrativeExpenses" xlink:to="label_DisclosureOfAdministrativeExpenses" xlink:title="label: DisclosureOfAdministrativeExpenses to label_DisclosureOfAdministrativeExpenses"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfAdministrativeExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfAdministrativeExpenses" xml:lang="en-US" id="label_DisclosureOfAdministrativeExpenses_2">Administrative Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAdministrativeExpenses" xlink:to="label_DisclosureOfAdministrativeExpenses_2" xlink:title="label: DisclosureOfAdministrativeExpenses to label_DisclosureOfAdministrativeExpenses"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfAdministrativeExpenses_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfAdministrativeExpenses" xml:lang="en-US" id="label_DisclosureOfAdministrativeExpenses_3">The disclosure of administrative expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAdministrativeExpenses" xlink:to="label_DisclosureOfAdministrativeExpenses_3" xlink:title="label: DisclosureOfAdministrativeExpenses to label_DisclosureOfAdministrativeExpenses"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:label="DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:title="DisclosureOfInterestExpenseAndFinanceCostsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xml:lang="en-US" id="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory">Disclosure Of Interest Expense And Finance Costs Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:to="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:title="label: DisclosureOfInterestExpenseAndFinanceCostsExplanatory to label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xml:lang="en-US" id="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_2">Interest Expense and Finance Costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:to="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_2" xlink:title="label: DisclosureOfInterestExpenseAndFinanceCostsExplanatory to label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xml:lang="en-US" id="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_3">The disclosure of interest expense and finance costs.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:to="label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_3" xlink:title="label: DisclosureOfInterestExpenseAndFinanceCostsExplanatory to label_DisclosureOfInterestExpenseAndFinanceCostsExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfDividends" xlink:label="DisclosureOfDividendsExplanatory_2" xlink:title="DisclosureOfDividendsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfDividendsExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDividendsExplanatory" xml:lang="en-US" id="label_DisclosureOfDividendsExplanatory_3">Disclosure Of Dividends</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDividendsExplanatory_2" xlink:to="label_DisclosureOfDividendsExplanatory_3" xlink:title="label: DisclosureOfDividendsExplanatory to label_DisclosureOfDividendsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfDividendsExplanatory_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDividendsExplanatory" xml:lang="en-US" id="label_DisclosureOfDividendsExplanatory_4">Dividends</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDividendsExplanatory_2" xlink:to="label_DisclosureOfDividendsExplanatory_4" xlink:title="label: DisclosureOfDividendsExplanatory to label_DisclosureOfDividendsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfDividendsExplanatory_5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDividendsExplanatory" xml:lang="en-US" id="label_DisclosureOfDividendsExplanatory_5">The disclosure of dividends.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDividendsExplanatory_2" xlink:to="label_DisclosureOfDividendsExplanatory_5" xlink:title="label: DisclosureOfDividendsExplanatory to label_DisclosureOfDividendsExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:label="DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:title="DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xml:lang="en-US" id="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory">Disclosure Of Future Minimum Lease Revenues Receivable Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:to="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:title="label: DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory to label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xml:lang="en-US" id="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_2">Future minimum lease revenues receivable under non-cancellable operating leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:to="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_2" xlink:title="label: DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory to label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xml:lang="en-US" id="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_3">The disclosure of future minimum lease revenues receivable under non-cancellable operating leases.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:to="label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_3" xlink:title="label: DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory to label_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfFutureMinimumLeasePaymentsExplanatory" xlink:label="DisclosureOfFutureMinimumLeasePaymentsExplanatory" xlink:title="DisclosureOfFutureMinimumLeasePaymentsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory" xml:lang="en-US" id="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory">Disclosure Of Future Minimum Lease Payments Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFutureMinimumLeasePaymentsExplanatory" xlink:to="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory" xlink:title="label: DisclosureOfFutureMinimumLeasePaymentsExplanatory to label_DisclosureOfFutureMinimumLeasePaymentsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory" xml:lang="en-US" id="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory_2">Future minimum lease payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFutureMinimumLeasePaymentsExplanatory" xlink:to="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory_2" xlink:title="label: DisclosureOfFutureMinimumLeasePaymentsExplanatory to label_DisclosureOfFutureMinimumLeasePaymentsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory" xml:lang="en-US" id="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory_3">The disclosure of future minimum lease payments.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFutureMinimumLeasePaymentsExplanatory" xlink:to="label_DisclosureOfFutureMinimumLeasePaymentsExplanatory_3" xlink:title="label: DisclosureOfFutureMinimumLeasePaymentsExplanatory to label_DisclosureOfFutureMinimumLeasePaymentsExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfInterestRateRiskExplanatory" xlink:label="DisclosurOfInterestRateRiskExplanatory" xlink:title="DisclosurOfInterestRateRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosurOfInterestRateRiskExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosurOfInterestRateRiskExplanatory" xml:lang="en-US" id="label_DisclosurOfInterestRateRiskExplanatory">Disclosure Of Interest Rate Risk Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosurOfInterestRateRiskExplanatory" xlink:to="label_DisclosurOfInterestRateRiskExplanatory" xlink:title="label: DisclosurOfInterestRateRiskExplanatory to label_DisclosurOfInterestRateRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfInterestRateRiskExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInterestRateRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfInterestRateRiskExplanatory">Interest rate risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosurOfInterestRateRiskExplanatory" xlink:to="label_DisclosureOfInterestRateRiskExplanatory" xlink:title="label: DisclosureOfInterestRateRiskExplanatory to label_DisclosureOfInterestRateRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfInterestRateRiskExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfInterestRateRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfInterestRateRiskExplanatory_2">The disclosure of interest rate risk.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosurOfInterestRateRiskExplanatory" xlink:to="label_DisclosureOfInterestRateRiskExplanatory_2" xlink:title="label: DisclosureOfInterestRateRiskExplanatory to label_DisclosureOfInterestRateRiskExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfForeignCurrencyRiskExplanatory" xlink:label="DisclosureOfForeignCurrencyRiskExplanatory" xlink:title="DisclosureOfForeignCurrencyRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfForeignCurrencyRiskExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfForeignCurrencyRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfForeignCurrencyRiskExplanatory">Disclosure Of Foreign Currency Risk Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignCurrencyRiskExplanatory" xlink:to="label_DisclosureOfForeignCurrencyRiskExplanatory" xlink:title="label: DisclosureOfForeignCurrencyRiskExplanatory to label_DisclosureOfForeignCurrencyRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfForeignCurrencyRiskExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfForeignCurrencyRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfForeignCurrencyRiskExplanatory_2">Foreign currency risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignCurrencyRiskExplanatory" xlink:to="label_DisclosureOfForeignCurrencyRiskExplanatory_2" xlink:title="label: DisclosureOfForeignCurrencyRiskExplanatory to label_DisclosureOfForeignCurrencyRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfForeignCurrencyRiskExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfForeignCurrencyRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfForeignCurrencyRiskExplanatory_3">The disclosure of foreign currency risk.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignCurrencyRiskExplanatory" xlink:to="label_DisclosureOfForeignCurrencyRiskExplanatory_3" xlink:title="label: DisclosureOfForeignCurrencyRiskExplanatory to label_DisclosureOfForeignCurrencyRiskExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:label="DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:title="DisclosureOfConcentrationOfCreditRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfConcentrationOfCreditRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfConcentrationOfCreditRiskExplanatory">Disclosure Of Concentration Of Credit Risk Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:to="label_DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:title="label: DisclosureOfConcentrationOfCreditRiskExplanatory to label_DisclosureOfConcentrationOfCreditRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfConcentrationOfCreditRiskExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfConcentrationOfCreditRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfConcentrationOfCreditRiskExplanatory_2">Concentration of credit risk table</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:to="label_DisclosureOfConcentrationOfCreditRiskExplanatory_2" xlink:title="label: DisclosureOfConcentrationOfCreditRiskExplanatory to label_DisclosureOfConcentrationOfCreditRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfConcentrationOfCreditRiskExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfConcentrationOfCreditRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfConcentrationOfCreditRiskExplanatory_3">The disclosure of concentration of credit risk.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:to="label_DisclosureOfConcentrationOfCreditRiskExplanatory_3" xlink:title="label: DisclosureOfConcentrationOfCreditRiskExplanatory to label_DisclosureOfConcentrationOfCreditRiskExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfLiquidityRisksExplanatory" xlink:label="DisclosureOfLiquidityRiskExplanatory" xlink:title="DisclosureOfLiquidityRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfLiquidityRiskExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLiquidityRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfLiquidityRiskExplanatory">Disclosure Of Liquidity Risk Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLiquidityRiskExplanatory" xlink:to="label_DisclosureOfLiquidityRiskExplanatory" xlink:title="label: DisclosureOfLiquidityRiskExplanatory to label_DisclosureOfLiquidityRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfLiquidityRiskExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfLiquidityRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfLiquidityRiskExplanatory_2">Liquidity risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLiquidityRiskExplanatory" xlink:to="label_DisclosureOfLiquidityRiskExplanatory_2" xlink:title="label: DisclosureOfLiquidityRiskExplanatory to label_DisclosureOfLiquidityRiskExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfLiquidityRiskExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfLiquidityRiskExplanatory" xml:lang="en-US" id="label_DisclosureOfLiquidityRiskExplanatory_3">The disclosure of liquidity risk.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLiquidityRiskExplanatory" xlink:to="label_DisclosureOfLiquidityRiskExplanatory_3" xlink:title="label: DisclosureOfLiquidityRiskExplanatory to label_DisclosureOfLiquidityRiskExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfCapitalManagementExplanatory" xlink:label="DisclosureOfCapitalManagementExplanatory" xlink:title="DisclosureOfCapitalManagementExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCapitalManagementExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCapitalManagementExplanatory" xml:lang="en-US" id="label_DisclosureOfCapitalManagementExplanatory">Disclosure Of Capital Management Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCapitalManagementExplanatory" xlink:to="label_DisclosureOfCapitalManagementExplanatory" xlink:title="label: DisclosureOfCapitalManagementExplanatory to label_DisclosureOfCapitalManagementExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCapitalManagementExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCapitalManagementExplanatory" xml:lang="en-US" id="label_DisclosureOfCapitalManagementExplanatory_2">Capital management</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCapitalManagementExplanatory" xlink:to="label_DisclosureOfCapitalManagementExplanatory_2" xlink:title="label: DisclosureOfCapitalManagementExplanatory to label_DisclosureOfCapitalManagementExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCapitalManagementExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCapitalManagementExplanatory" xml:lang="en-US" id="label_DisclosureOfCapitalManagementExplanatory_3">The disclosure of capital management.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCapitalManagementExplanatory" xlink:to="label_DisclosureOfCapitalManagementExplanatory_3" xlink:title="label: DisclosureOfCapitalManagementExplanatory to label_DisclosureOfCapitalManagementExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfFairValuesExplanatory" xlink:label="DisclosureOfFairValuesExplanatory" xlink:title="DisclosureOfFairValuesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFairValuesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFairValuesExplanatory" xml:lang="en-US" id="label_DisclosureOfFairValuesExplanatory">Disclosure Of Fair Values Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFairValuesExplanatory" xlink:to="label_DisclosureOfFairValuesExplanatory" xlink:title="label: DisclosureOfFairValuesExplanatory to label_DisclosureOfFairValuesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFairValuesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFairValuesExplanatory" xml:lang="en-US" id="label_DisclosureOfFairValuesExplanatory_2">Fair value measurement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFairValuesExplanatory" xlink:to="label_DisclosureOfFairValuesExplanatory_2" xlink:title="label: DisclosureOfFairValuesExplanatory to label_DisclosureOfFairValuesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFairValuesExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfFairValuesExplanatory" xml:lang="en-US" id="label_DisclosureOfFairValuesExplanatory_3">The disclosure of fair values.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFairValuesExplanatory" xlink:to="label_DisclosureOfFairValuesExplanatory_3" xlink:title="label: DisclosureOfFairValuesExplanatory to label_DisclosureOfFairValuesExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfManagingLiquidityRisk" xlink:label="DescriptionOfManagingLiquidityRisk" xlink:title="DescriptionOfManagingLiquidityRisk"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfManagingLiquidityRisk" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfManagingLiquidityRisk" xml:lang="en-US" id="label_DescriptionOfManagingLiquidityRisk">Disclosure of how entity manages liquidity risk [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfManagingLiquidityRisk" xlink:to="label_DescriptionOfManagingLiquidityRisk" xlink:title="label: DescriptionOfManagingLiquidityRisk to label_DescriptionOfManagingLiquidityRisk"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfManagingLiquidityRisk_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfManagingLiquidityRisk" xml:lang="en-US" id="label_DescriptionOfManagingLiquidityRisk_2">Liquidity risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfManagingLiquidityRisk" xlink:to="label_DescriptionOfManagingLiquidityRisk_2" xlink:title="label: DescriptionOfManagingLiquidityRisk to label_DescriptionOfManagingLiquidityRisk"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="EntitysTotalForRelatedPartiesMember" xlink:title="EntitysTotalForRelatedPartiesMember"/>
    <label xlink:type="resource" xlink:label="label_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForRelatedPartiesMember" xml:lang="en-US" id="label_EntitysTotalForRelatedPartiesMember">Entity's total for related parties [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForRelatedPartiesMember" xlink:to="label_EntitysTotalForRelatedPartiesMember" xlink:title="label: EntitysTotalForRelatedPartiesMember to label_EntitysTotalForRelatedPartiesMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_GlobusMaritimeLtdMember" xlink:label="GlobusMaritimeLtdMember" xlink:title="GlobusMaritimeLtdMember"/>
    <label xlink:type="resource" xlink:label="label_GlobusMaritimeLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GlobusMaritimeLtdMember" xml:lang="en-US" id="label_GlobusMaritimeLtdMember">Globus Maritime Ltd [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobusMaritimeLtdMember" xlink:to="label_GlobusMaritimeLtdMember" xlink:title="label: GlobusMaritimeLtdMember to label_GlobusMaritimeLtdMember"/>
    <label xlink:type="resource" xlink:label="label_GlobusMaritimeLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GlobusMaritimeLtdMember" xml:lang="en-US" id="label_GlobusMaritimeLtdMember_2">Globus Maritime Ltd.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobusMaritimeLtdMember" xlink:to="label_GlobusMaritimeLtdMember_2" xlink:title="label: GlobusMaritimeLtdMember to label_GlobusMaritimeLtdMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_FirmentShippingIncLoanAgreementMember" xlink:label="FirmentShippingIncLoanAgreementMember" xlink:title="FirmentShippingIncLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentShippingIncLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FirmentShippingIncLoanAgreementMember" xml:lang="en-US" id="label_FirmentShippingIncLoanAgreementMember">Firment Shipping Inc Loan Agreement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentShippingIncLoanAgreementMember" xlink:to="label_FirmentShippingIncLoanAgreementMember" xlink:title="label: FirmentShippingIncLoanAgreementMember to label_FirmentShippingIncLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentShippingIncLoanAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FirmentShippingIncLoanAgreementMember" xml:lang="en-US" id="label_FirmentShippingIncLoanAgreementMember_2">Firment Shipping Inc.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentShippingIncLoanAgreementMember" xlink:to="label_FirmentShippingIncLoanAgreementMember_2" xlink:title="label: FirmentShippingIncLoanAgreementMember to label_FirmentShippingIncLoanAgreementMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_HamburgCommercialBankAGLoanAgreementMember" xlink:label="HamburgCommercialBankAGLoanAgreementMember" xlink:title="HamburgCommercialBankAGLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_HamburgCommercialBankAGLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HamburgCommercialBankAGLoanAgreementMember" xml:lang="en-US" id="label_HamburgCommercialBankAGLoanAgreementMember">Hamburg Commercial Bank AG Loan Agreement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HamburgCommercialBankAGLoanAgreementMember" xlink:to="label_HamburgCommercialBankAGLoanAgreementMember" xlink:title="label: HamburgCommercialBankAGLoanAgreementMember to label_HamburgCommercialBankAGLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_HamburgCommercialBankAGLoanAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HamburgCommercialBankAGLoanAgreementMember" xml:lang="en-US" id="label_HamburgCommercialBankAGLoanAgreementMember_2">Hamburg Commercial Bank AG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HamburgCommercialBankAGLoanAgreementMember" xlink:to="label_HamburgCommercialBankAGLoanAgreementMember_2" xlink:title="label: HamburgCommercialBankAGLoanAgreementMember to label_HamburgCommercialBankAGLoanAgreementMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MacquarieBankInternationalLimitedLoanAgreementMember" xlink:label="MacquarieBankInternationalLimitedLoanAgreementMember" xlink:title="MacquarieBankInternationalLimitedLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_MacquarieBankInternationalLimitedLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MacquarieBankInternationalLimitedLoanAgreementMember" xml:lang="en-US" id="label_MacquarieBankInternationalLimitedLoanAgreementMember">Macquarie Bank International Limited Loan Agreement [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MacquarieBankInternationalLimitedLoanAgreementMember" xlink:to="label_MacquarieBankInternationalLimitedLoanAgreementMember" xlink:title="label: MacquarieBankInternationalLimitedLoanAgreementMember to label_MacquarieBankInternationalLimitedLoanAgreementMember"/>
    <label xlink:type="resource" xlink:label="label_MacquarieBankInternationalLimitedLoanAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MacquarieBankInternationalLimitedLoanAgreementMember" xml:lang="en-US" id="label_MacquarieBankInternationalLimitedLoanAgreementMember_2">Macquarie Bank International Limited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MacquarieBankInternationalLimitedLoanAgreementMember" xlink:to="label_MacquarieBankInternationalLimitedLoanAgreementMember_2" xlink:title="label: MacquarieBankInternationalLimitedLoanAgreementMember to label_MacquarieBankInternationalLimitedLoanAgreementMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AdvanceAMember" xlink:label="AdvanceAMember" xlink:title="AdvanceAMember"/>
    <label xlink:type="resource" xlink:label="label_AdvanceAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdvanceAMember" xml:lang="en-US" id="label_AdvanceAMember">Advance A [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvanceAMember" xlink:to="label_AdvanceAMember" xlink:title="label: AdvanceAMember to label_AdvanceAMember"/>
    <label xlink:type="resource" xlink:label="label_AdvanceAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdvanceAMember" xml:lang="en-US" id="label_AdvanceAMember_2">Advance (A)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvanceAMember" xlink:to="label_AdvanceAMember_2" xlink:title="label: AdvanceAMember to label_AdvanceAMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AdvanceBMember" xlink:label="AdvanceBMember" xlink:title="AdvanceBMember"/>
    <label xlink:type="resource" xlink:label="label_AdvanceBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdvanceBMember" xml:lang="en-US" id="label_AdvanceBMember">Advance B [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvanceBMember" xlink:to="label_AdvanceBMember" xlink:title="label: AdvanceBMember to label_AdvanceBMember"/>
    <label xlink:type="resource" xlink:label="label_AdvanceBMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdvanceBMember" xml:lang="en-US" id="label_AdvanceBMember_2">Advance (B)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvanceBMember" xlink:to="label_AdvanceBMember_2" xlink:title="label: AdvanceBMember to label_AdvanceBMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MacquarieBankAndHamburgCommercialBankAGMember" xlink:label="MacquarieBankAndHamburgCommercialBankAGMember" xlink:title="MacquarieBankAndHamburgCommercialBankAGMember"/>
    <label xlink:type="resource" xlink:label="label_MacquarieBankAndHamburgCommercialBankAGMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MacquarieBankAndHamburgCommercialBankAGMember" xml:lang="en-US" id="label_MacquarieBankAndHamburgCommercialBankAGMember">Macquarie Bank And Hamburg Commercial Bank AG [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MacquarieBankAndHamburgCommercialBankAGMember" xlink:to="label_MacquarieBankAndHamburgCommercialBankAGMember" xlink:title="label: MacquarieBankAndHamburgCommercialBankAGMember to label_MacquarieBankAndHamburgCommercialBankAGMember"/>
    <label xlink:type="resource" xlink:label="label_MacquarieBankAndHamburgCommercialBankAGMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MacquarieBankAndHamburgCommercialBankAGMember" xml:lang="en-US" id="label_MacquarieBankAndHamburgCommercialBankAGMember_2">Macquarie Bank and Hamburg Commercial Bank AG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MacquarieBankAndHamburgCommercialBankAGMember" xlink:to="label_MacquarieBankAndHamburgCommercialBankAGMember_2" xlink:title="label: MacquarieBankAndHamburgCommercialBankAGMember to label_MacquarieBankAndHamburgCommercialBankAGMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_IncreaseDecreaseVoyageRevenues" xlink:label="IncreaseDecreaseVoyageRevenues" xlink:title="IncreaseDecreaseVoyageRevenues"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseVoyageRevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseVoyageRevenues" xml:lang="en-US" id="label_IncreaseDecreaseVoyageRevenues">Increase Decrease Voyage Revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseVoyageRevenues" xlink:to="label_IncreaseDecreaseVoyageRevenues" xlink:title="label: IncreaseDecreaseVoyageRevenues to label_IncreaseDecreaseVoyageRevenues"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseVoyageRevenues_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseVoyageRevenues" xml:lang="en-US" id="label_IncreaseDecreaseVoyageRevenues_2">Increase/ decrease in voyage revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseVoyageRevenues" xlink:to="label_IncreaseDecreaseVoyageRevenues_2" xlink:title="label: IncreaseDecreaseVoyageRevenues to label_IncreaseDecreaseVoyageRevenues"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseVoyageRevenues_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseVoyageRevenues" xml:lang="en-US" id="label_IncreaseDecreaseVoyageRevenues_3">The increase (decrease) during the reporting period in revenues arising from rendering of services.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseVoyageRevenues" xlink:to="label_IncreaseDecreaseVoyageRevenues_3" xlink:title="label: IncreaseDecreaseVoyageRevenues to label_IncreaseDecreaseVoyageRevenues"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_IncreaseDecreaseVoyageExpenses" xlink:label="IncreaseDecreaseVoyageExpenses" xlink:title="IncreaseDecreaseVoyageExpenses"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseVoyageExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseVoyageExpenses" xml:lang="en-US" id="label_IncreaseDecreaseVoyageExpenses">Increase Decrease Voyage Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseVoyageExpenses" xlink:to="label_IncreaseDecreaseVoyageExpenses" xlink:title="label: IncreaseDecreaseVoyageExpenses to label_IncreaseDecreaseVoyageExpenses"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseVoyageExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseVoyageExpenses" xml:lang="en-US" id="label_IncreaseDecreaseVoyageExpenses_2">Increase/ decrease in voyage expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseVoyageExpenses" xlink:to="label_IncreaseDecreaseVoyageExpenses_2" xlink:title="label: IncreaseDecreaseVoyageExpenses to label_IncreaseDecreaseVoyageExpenses"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseVoyageExpenses_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseVoyageExpenses" xml:lang="en-US" id="label_IncreaseDecreaseVoyageExpenses_3">The increase (decrease) during the reporting period in expenses arising from rendering of services.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseVoyageExpenses" xlink:to="label_IncreaseDecreaseVoyageExpenses_3" xlink:title="label: IncreaseDecreaseVoyageExpenses to label_IncreaseDecreaseVoyageExpenses"/>
    <label xlink:type="resource" xlink:label="label_IncreaseDecreaseVoyageExpenses_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseVoyageExpenses" xml:lang="en-US" id="label_IncreaseDecreaseVoyageExpenses_4">Voyage expenses decreased</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseVoyageExpenses" xlink:to="label_IncreaseDecreaseVoyageExpenses_4" xlink:title="label: IncreaseDecreaseVoyageExpenses to label_IncreaseDecreaseVoyageExpenses"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:label="GainsLossesOnChangeInFairValueOfDerivatives" xlink:title="GainsLossesOnChangeInFairValueOfDerivatives"/>
    <label xlink:type="resource" xlink:label="label_GainsLossesOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainsLossesOnChangeInFairValueOfDerivatives" xml:lang="en-US" id="label_GainsLossesOnChangeInFairValueOfDerivatives">Gains (losses) on change in fair value of derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="label_GainsLossesOnChangeInFairValueOfDerivatives" xlink:title="label: GainsLossesOnChangeInFairValueOfDerivatives to label_GainsLossesOnChangeInFairValueOfDerivatives"/>
    <label xlink:type="resource" xlink:label="label_GainsLossesOnChangeInFairValueOfDerivatives_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainsLossesOnChangeInFairValueOfDerivatives" xml:lang="en-US" id="label_GainsLossesOnChangeInFairValueOfDerivatives_2">Gain/(Loss) on derivative financial instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="label_GainsLossesOnChangeInFairValueOfDerivatives_2" xlink:title="label: GainsLossesOnChangeInFairValueOfDerivatives to label_GainsLossesOnChangeInFairValueOfDerivatives"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:label="CurrentDerivativeFinancialLiabilities" xlink:title="CurrentDerivativeFinancialLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDerivativeFinancialLiabilities" xml:lang="en-US" id="label_CurrentDerivativeFinancialLiabilities">Current derivative financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialLiabilities" xlink:to="label_CurrentDerivativeFinancialLiabilities" xlink:title="label: CurrentDerivativeFinancialLiabilities to label_CurrentDerivativeFinancialLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentDerivativeFinancialLiabilities" xml:lang="en-US" id="label_CurrentDerivativeFinancialLiabilities_2">Current portion of fair value of derivative financial instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialLiabilities" xlink:to="label_CurrentDerivativeFinancialLiabilities_2" xlink:title="label: CurrentDerivativeFinancialLiabilities to label_CurrentDerivativeFinancialLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:label="AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:title="AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xml:lang="en-US" id="label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives">Adjustments for gains (losses) on change in fair value of derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:to="label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:title="label: AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives to label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives"/>
    <label xlink:type="resource" xlink:label="label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xml:lang="en-US" id="label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_2">(Gain)/Loss on derivative financial instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:to="label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_2" xlink:title="label: AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives to label_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PaymentsForDebtIssueCosts" xlink:label="PaymentsForDebtIssueCosts" xlink:title="PaymentsForDebtIssueCosts"/>
    <label xlink:type="resource" xlink:label="label_PaymentsForDebtIssueCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForDebtIssueCosts" xml:lang="en-US" id="label_PaymentsForDebtIssueCosts">Payments for debt issue costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDebtIssueCosts" xlink:to="label_PaymentsForDebtIssueCosts" xlink:title="label: PaymentsForDebtIssueCosts to label_PaymentsForDebtIssueCosts"/>
    <label xlink:type="resource" xlink:label="label_PaymentsForDebtIssueCosts_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PaymentsForDebtIssueCosts" xml:lang="en-US" id="label_PaymentsForDebtIssueCosts_2">Payment of financing costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDebtIssueCosts" xlink:to="label_PaymentsForDebtIssueCosts_2" xlink:title="label: PaymentsForDebtIssueCosts to label_PaymentsForDebtIssueCosts"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_RestrictedCashCollateralBreached" xlink:label="RestrictedCashCollateralBreached" xlink:title="RestrictedCashCollateralBreached"/>
    <label xlink:type="resource" xlink:label="label_RestrictedCashCollateralBreached" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedCashCollateralBreached" xml:lang="en-US" id="label_RestrictedCashCollateralBreached">Restricted Cash Collateral Breached</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCashCollateralBreached" xlink:to="label_RestrictedCashCollateralBreached" xlink:title="label: RestrictedCashCollateralBreached to label_RestrictedCashCollateralBreached"/>
    <label xlink:type="resource" xlink:label="label_RestrictedCashCollateralBreached_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedCashCollateralBreached" xml:lang="en-US" id="label_RestrictedCashCollateralBreached_2">Breached restricted cash collateral</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCashCollateralBreached" xlink:to="label_RestrictedCashCollateralBreached_2" xlink:title="label: RestrictedCashCollateralBreached to label_RestrictedCashCollateralBreached"/>
    <label xlink:type="resource" xlink:label="label_RestrictedCashCollateralBreached_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedCashCollateralBreached" xml:lang="en-US" id="label_RestrictedCashCollateralBreached_3">The amount of collateral requirements that should have been pledged in a restricted cash account, related with covenants that have been breached.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCashCollateralBreached" xlink:to="label_RestrictedCashCollateralBreached_3" xlink:title="label: RestrictedCashCollateralBreached to label_RestrictedCashCollateralBreached"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_FirmentShippingIncMember" xlink:label="FirmentShippingIncMember" xlink:title="FirmentShippingIncMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentShippingIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FirmentShippingIncMember" xml:lang="en-US" id="label_FirmentShippingIncMember">Firment Shipping Inc [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentShippingIncMember" xlink:to="label_FirmentShippingIncMember" xlink:title="label: FirmentShippingIncMember to label_FirmentShippingIncMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentShippingIncMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FirmentShippingIncMember" xml:lang="en-US" id="label_FirmentShippingIncMember_2">Firment Shipping Inc.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentShippingIncMember" xlink:to="label_FirmentShippingIncMember_2" xlink:title="label: FirmentShippingIncMember to label_FirmentShippingIncMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UndiscountedFinanceLeasePaymentsToBeReceived" xlink:label="UndiscountedFinanceLeasePaymentsToBeReceived" xlink:title="UndiscountedFinanceLeasePaymentsToBeReceived"/>
    <label xlink:type="resource" xlink:label="label_UndiscountedFinanceLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UndiscountedFinanceLeasePaymentsToBeReceived" xml:lang="en-US" id="label_UndiscountedFinanceLeasePaymentsToBeReceived">Undiscounted finance lease payments to be received</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UndiscountedFinanceLeasePaymentsToBeReceived" xlink:to="label_UndiscountedFinanceLeasePaymentsToBeReceived" xlink:title="label: UndiscountedFinanceLeasePaymentsToBeReceived to label_UndiscountedFinanceLeasePaymentsToBeReceived"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RightofuseAssets" xlink:label="RightofuseAssets" xlink:title="RightofuseAssets"/>
    <label xlink:type="resource" xlink:label="label_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightofuseAssets" xml:lang="en-US" id="label_RightofuseAssets">Right-of-use assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets" xlink:title="label: RightofuseAssets to label_RightofuseAssets"/>
    <label xlink:type="resource" xlink:label="label_RightofuseAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RightofuseAssets" xml:lang="en-US" id="label_RightofuseAssets_2">Right of use asset</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets_2" xlink:title="label: RightofuseAssets to label_RightofuseAssets"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MonthlyDepreciationRightofuseAssets" xlink:label="MonthlyDepreciationRightofuseAssets" xlink:title="MonthlyDepreciationRightofuseAssets"/>
    <label xlink:type="resource" xlink:label="label_MonthlyDepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MonthlyDepreciationRightofuseAssets" xml:lang="en-US" id="label_MonthlyDepreciationRightofuseAssets">Monthly Depreciation Right of use Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonthlyDepreciationRightofuseAssets" xlink:to="label_MonthlyDepreciationRightofuseAssets" xlink:title="label: MonthlyDepreciationRightofuseAssets to label_MonthlyDepreciationRightofuseAssets"/>
    <label xlink:type="resource" xlink:label="label_MonthlyDepreciationRightofuseAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MonthlyDepreciationRightofuseAssets" xml:lang="en-US" id="label_MonthlyDepreciationRightofuseAssets_2">Monthly depreciation right of use assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonthlyDepreciationRightofuseAssets" xlink:to="label_MonthlyDepreciationRightofuseAssets_2" xlink:title="label: MonthlyDepreciationRightofuseAssets to label_MonthlyDepreciationRightofuseAssets"/>
    <label xlink:type="resource" xlink:label="label_MonthlyDepreciationRightofuseAssets_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MonthlyDepreciationRightofuseAssets" xml:lang="en-US" id="label_MonthlyDepreciationRightofuseAssets_3">The amount of monthly depreciation of right-of-use assets.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonthlyDepreciationRightofuseAssets" xlink:to="label_MonthlyDepreciationRightofuseAssets_3" xlink:title="label: MonthlyDepreciationRightofuseAssets to label_MonthlyDepreciationRightofuseAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DateAsAtWhichEntityPlansToApplyNewIFRSInitially" xlink:label="DateAsAtWhichEntityPlansToApplyNewIFRSInitially" xlink:title="DateAsAtWhichEntityPlansToApplyNewIFRSInitially"/>
    <label xlink:type="resource" xlink:label="label_DateAsAtWhichEntityPlansToApplyNewIFRSInitially" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DateAsAtWhichEntityPlansToApplyNewIFRSInitially" xml:lang="en-US" id="label_DateAsAtWhichEntityPlansToApplyNewIFRSInitially">Date as at which entity plans to apply new IFRS initially</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DateAsAtWhichEntityPlansToApplyNewIFRSInitially" xlink:to="label_DateAsAtWhichEntityPlansToApplyNewIFRSInitially" xlink:title="label: DateAsAtWhichEntityPlansToApplyNewIFRSInitially to label_DateAsAtWhichEntityPlansToApplyNewIFRSInitially"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TitleOfNewIFRS" xlink:label="TitleOfNewIFRS" xlink:title="TitleOfNewIFRS"/>
    <label xlink:type="resource" xlink:label="label_TitleOfNewIFRS" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TitleOfNewIFRS" xml:lang="en-US" id="label_TitleOfNewIFRS">Title of new IFRS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TitleOfNewIFRS" xlink:to="label_TitleOfNewIFRS" xlink:title="label: TitleOfNewIFRS to label_TitleOfNewIFRS"/>
    <label xlink:type="resource" xlink:label="label_TitleOfNewIFRS_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TitleOfNewIFRS" xml:lang="en-US" id="label_TitleOfNewIFRS_2">Title of new IFRS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TitleOfNewIFRS" xlink:to="label_TitleOfNewIFRS_2" xlink:title="label: TitleOfNewIFRS to label_TitleOfNewIFRS"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired" xlink:label="DateByWhichApplicationOfNewIFRSIsRequired" xlink:title="DateByWhichApplicationOfNewIFRSIsRequired"/>
    <label xlink:type="resource" xlink:label="label_DateByWhichApplicationOfNewIFRSIsRequired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DateByWhichApplicationOfNewIFRSIsRequired" xml:lang="en-US" id="label_DateByWhichApplicationOfNewIFRSIsRequired">Date by which application of new IFRS is required</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DateByWhichApplicationOfNewIFRSIsRequired" xlink:to="label_DateByWhichApplicationOfNewIFRSIsRequired" xlink:title="label: DateByWhichApplicationOfNewIFRSIsRequired to label_DateByWhichApplicationOfNewIFRSIsRequired"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NewIFRSsAxis" xlink:label="NewIFRSsAxis" xlink:title="NewIFRSsAxis"/>
    <label xlink:type="resource" xlink:label="label_NewIFRSsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NewIFRSsAxis" xml:lang="en-US" id="label_NewIFRSsAxis">New IFRSs [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewIFRSsAxis" xlink:to="label_NewIFRSsAxis" xlink:title="label: NewIFRSsAxis to label_NewIFRSsAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NewIFRSsMember" xlink:label="NewIFRSsMember" xlink:title="NewIFRSsMember"/>
    <label xlink:type="resource" xlink:label="label_NewIFRSsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NewIFRSsMember" xml:lang="en-US" id="label_NewIFRSsMember">New IFRSs [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewIFRSsMember" xlink:to="label_NewIFRSsMember" xlink:title="label: NewIFRSsMember to label_NewIFRSsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_IFRS16LeasesMember" xlink:label="IFRS16LeasesMember" xlink:title="IFRS16LeasesMember"/>
    <label xlink:type="resource" xlink:label="label_IFRS16LeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IFRS16LeasesMember" xml:lang="en-US" id="label_IFRS16LeasesMember">IFRS 16 Leases [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IFRS16LeasesMember" xlink:to="label_IFRS16LeasesMember" xlink:title="label: IFRS16LeasesMember to label_IFRS16LeasesMember"/>
    <label xlink:type="resource" xlink:label="label_IFRS16LeasesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IFRS16LeasesMember" xml:lang="en-US" id="label_IFRS16LeasesMember_2">Leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IFRS16LeasesMember" xlink:to="label_IFRS16LeasesMember_2" xlink:title="label: IFRS16LeasesMember to label_IFRS16LeasesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements" xlink:label="DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_2" xlink:title="DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements"/>
    <label xlink:type="resource" xlink:label="label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements" xml:lang="en-US" id="label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_2">Discussion of impact that initial application of new IFRS is expected to have on financial statements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_2" xlink:to="label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_2" xlink:title="label: DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements to label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements"/>
    <label xlink:type="resource" xlink:label="label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements" xml:lang="en-US" id="label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_3">Discussion of impact that initial application of new IFRS is expected to have on financial statements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_2" xlink:to="label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_3" xlink:title="label: DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements to label_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AccountingEstimatesAxis" xlink:label="AccountingEstimatesAxis" xlink:title="AccountingEstimatesAxis"/>
    <label xlink:type="resource" xlink:label="label_AccountingEstimatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountingEstimatesAxis" xml:lang="en-US" id="label_AccountingEstimatesAxis">Accounting estimates [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingEstimatesAxis" xlink:to="label_AccountingEstimatesAxis" xlink:title="label: AccountingEstimatesAxis to label_AccountingEstimatesAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AccountingEstimatesMember" xlink:label="AccountingEstimatesMember" xlink:title="AccountingEstimatesMember"/>
    <label xlink:type="resource" xlink:label="label_AccountingEstimatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountingEstimatesMember" xml:lang="en-US" id="label_AccountingEstimatesMember">Accounting estimates [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingEstimatesMember" xlink:to="label_AccountingEstimatesMember" xlink:title="label: AccountingEstimatesMember to label_AccountingEstimatesMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LeaseComponentMember" xlink:label="LeaseComponentMember" xlink:title="LeaseComponentMember"/>
    <label xlink:type="resource" xlink:label="label_LeaseComponentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseComponentMember" xml:lang="en-US" id="label_LeaseComponentMember">Lease Component [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseComponentMember" xlink:to="label_LeaseComponentMember" xlink:title="label: LeaseComponentMember to label_LeaseComponentMember"/>
    <label xlink:type="resource" xlink:label="label_LeaseComponentMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseComponentMember" xml:lang="en-US" id="label_LeaseComponentMember_2">Lease Component</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseComponentMember" xlink:to="label_LeaseComponentMember_2" xlink:title="label: LeaseComponentMember to label_LeaseComponentMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NonLeaseComponentMember" xlink:label="NonLeaseComponentMember" xlink:title="NonLeaseComponentMember"/>
    <label xlink:type="resource" xlink:label="label_NonLeaseComponentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonLeaseComponentMember" xml:lang="en-US" id="label_NonLeaseComponentMember">Non Lease Component [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonLeaseComponentMember" xlink:to="label_NonLeaseComponentMember" xlink:title="label: NonLeaseComponentMember to label_NonLeaseComponentMember"/>
    <label xlink:type="resource" xlink:label="label_NonLeaseComponentMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonLeaseComponentMember" xml:lang="en-US" id="label_NonLeaseComponentMember_2">Non-Lease Component</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonLeaseComponentMember" xlink:to="label_NonLeaseComponentMember_2" xlink:title="label: NonLeaseComponentMember to label_NonLeaseComponentMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_UnrealizedCashAndCashEquivalents" xlink:label="UnrealizedCashAndCashEquivalents" xlink:title="UnrealizedCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_UnrealizedCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnrealizedCashAndCashEquivalents" xml:lang="en-US" id="label_UnrealizedCashAndCashEquivalents">Unrealized Cash And Cash Equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrealizedCashAndCashEquivalents" xlink:to="label_UnrealizedCashAndCashEquivalents" xlink:title="label: UnrealizedCashAndCashEquivalents to label_UnrealizedCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_UnrealizedCashAndCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnrealizedCashAndCashEquivalents" xml:lang="en-US" id="label_UnrealizedCashAndCashEquivalents_2">Cash and cash equivalents, unrealized amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrealizedCashAndCashEquivalents" xlink:to="label_UnrealizedCashAndCashEquivalents_2" xlink:title="label: UnrealizedCashAndCashEquivalents to label_UnrealizedCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:label="label_UnrealizedCashAndCashEquivalents_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnrealizedCashAndCashEquivalents" xml:lang="en-US" id="label_UnrealizedCashAndCashEquivalents_3">The amount of cash and cash equivalents that the entity should have disclosed in its statements.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrealizedCashAndCashEquivalents" xlink:to="label_UnrealizedCashAndCashEquivalents_3" xlink:title="label: UnrealizedCashAndCashEquivalents to label_UnrealizedCashAndCashEquivalents"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TrancheAAndTrancheBMember" xlink:label="TrancheAAndTrancheBMember" xlink:title="TrancheAAndTrancheBMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheAAndTrancheBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TrancheAAndTrancheBMember" xml:lang="en-US" id="label_TrancheAAndTrancheBMember">Tranche A and Tranche B [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheAAndTrancheBMember" xlink:to="label_TrancheAAndTrancheBMember" xlink:title="label: TrancheAAndTrancheBMember to label_TrancheAAndTrancheBMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheAAndTrancheBMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TrancheAAndTrancheBMember" xml:lang="en-US" id="label_TrancheAAndTrancheBMember_2">Tranche A and Tranche B</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheAAndTrancheBMember" xlink:to="label_TrancheAAndTrancheBMember_2" xlink:title="label: TrancheAAndTrancheBMember to label_TrancheAAndTrancheBMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ArtfulAdvanceMember" xlink:label="ArtfulAdvanceMember" xlink:title="ArtfulAdvanceMember"/>
    <label xlink:type="resource" xlink:label="label_ArtfulAdvanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ArtfulAdvanceMember" xml:lang="en-US" id="label_ArtfulAdvanceMember">Artful Advance [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArtfulAdvanceMember" xlink:to="label_ArtfulAdvanceMember" xlink:title="label: ArtfulAdvanceMember to label_ArtfulAdvanceMember"/>
    <label xlink:type="resource" xlink:label="label_ArtfulAdvanceMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ArtfulAdvanceMember" xml:lang="en-US" id="label_ArtfulAdvanceMember_2">Artful Advance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArtfulAdvanceMember" xlink:to="label_ArtfulAdvanceMember_2" xlink:title="label: ArtfulAdvanceMember to label_ArtfulAdvanceMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LongevityAdvanceMember" xlink:label="LongevityAdvanceMember" xlink:title="LongevityAdvanceMember"/>
    <label xlink:type="resource" xlink:label="label_LongevityAdvanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongevityAdvanceMember" xml:lang="en-US" id="label_LongevityAdvanceMember">Longevity Advance [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongevityAdvanceMember" xlink:to="label_LongevityAdvanceMember" xlink:title="label: LongevityAdvanceMember to label_LongevityAdvanceMember"/>
    <label xlink:type="resource" xlink:label="label_LongevityAdvanceMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongevityAdvanceMember" xml:lang="en-US" id="label_LongevityAdvanceMember_2">Longevity Advance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongevityAdvanceMember" xlink:to="label_LongevityAdvanceMember_2" xlink:title="label: LongevityAdvanceMember to label_LongevityAdvanceMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowingsDefaultInterestRate" xlink:label="BorrowingsDefaultInterestRate" xlink:title="BorrowingsDefaultInterestRate"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsDefaultInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsDefaultInterestRate" xml:lang="en-US" id="label_BorrowingsDefaultInterestRate">Borrowings Default Interest Rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsDefaultInterestRate" xlink:to="label_BorrowingsDefaultInterestRate" xlink:title="label: BorrowingsDefaultInterestRate to label_BorrowingsDefaultInterestRate"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsDefaultInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsDefaultInterestRate" xml:lang="en-US" id="label_BorrowingsDefaultInterestRate_2">Default Interest Rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsDefaultInterestRate" xlink:to="label_BorrowingsDefaultInterestRate_2" xlink:title="label: BorrowingsDefaultInterestRate to label_BorrowingsDefaultInterestRate"/>
    <label xlink:type="resource" xlink:label="label_BorrowingsDefaultInterestRate_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsDefaultInterestRate" xml:lang="en-US" id="label_BorrowingsDefaultInterestRate_3">The default interest per annum above the regular interest charged, in case of failure to repay.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsDefaultInterestRate" xlink:to="label_BorrowingsDefaultInterestRate_3" xlink:title="label: BorrowingsDefaultInterestRate to label_BorrowingsDefaultInterestRate"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_OperatingCosts" xlink:label="OperatingExpense_2" xlink:title="OperatingExpense"/>
    <label xlink:type="resource" xlink:label="label_OperatingExpense_4" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OperatingExpense" xml:lang="en-US" id="label_OperatingExpense_4">Vessel operating expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpense_2" xlink:to="label_OperatingExpense_4" xlink:title="label: OperatingExpense to label_OperatingExpense"/>
    <label xlink:type="resource" xlink:label="label_OperatingExpense_5" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OperatingExpense" xml:lang="en-US" id="label_OperatingExpense_5">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpense_2" xlink:to="label_OperatingExpense_5" xlink:title="label: OperatingExpense to label_OperatingExpense"/>
    <label xlink:type="resource" xlink:label="label_OperatingExpense_6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OperatingExpense" xml:lang="en-US" id="label_OperatingExpense_6">The amount of all operating expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpense_2" xlink:to="label_OperatingExpense_6" xlink:title="label: OperatingExpense to label_OperatingExpense"/>
    <label xlink:type="resource" xlink:label="label_OperatingExpense_7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingExpense" xml:lang="en-US" id="label_OperatingExpense_7">Operating expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpense_2" xlink:to="label_OperatingExpense_7" xlink:title="label: OperatingExpense to label_OperatingExpense"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ClassBCommonSharesOutstandingMember" xlink:label="ClassBCommonSharesOutstandingMember" xlink:title="ClassBCommonSharesOutstandingMember"/>
    <label xlink:type="resource" xlink:label="label_ClassBCommonSharesOutstandingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassBCommonSharesOutstandingMember" xml:lang="en-US" id="label_ClassBCommonSharesOutstandingMember">Class B Common Shares Outstanding [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBCommonSharesOutstandingMember" xlink:to="label_ClassBCommonSharesOutstandingMember" xlink:title="label: ClassBCommonSharesOutstandingMember to label_ClassBCommonSharesOutstandingMember"/>
    <label xlink:type="resource" xlink:label="label_ClassBCommonSharesOutstandingMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassBCommonSharesOutstandingMember" xml:lang="en-US" id="label_ClassBCommonSharesOutstandingMember_2">Class B common shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBCommonSharesOutstandingMember" xlink:to="label_ClassBCommonSharesOutstandingMember_2" xlink:title="label: ClassBCommonSharesOutstandingMember to label_ClassBCommonSharesOutstandingMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory" xlink:label="DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory" xlink:title="DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory" xml:lang="en-US" id="label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory">Description of compound financial instruments with multiple embedded derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory" xlink:to="label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory" xlink:title="label: DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory to label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory" xml:lang="en-US" id="label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory_2">Embedded Derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory" xlink:to="label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory_2" xlink:title="label: DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory to label_DisclosureOfCompoundFinancialInstrumentsWithMultipleEmbeddedDerivativesExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:label="DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:title="DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory">Description of accounting policy for derivative financial instruments [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory to label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory_2">Embedded Derivatives:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory to label_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentConvertibleConversionPrice" xlink:label="DebtInstrumentConvertibleConversionPrice" xlink:title="DebtInstrumentConvertibleConversionPrice"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleConversionPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentConvertibleConversionPrice" xml:lang="en-US" id="label_DebtInstrumentConvertibleConversionPrice">Debt Instrument Convertible Conversion Price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleConversionPrice" xlink:to="label_DebtInstrumentConvertibleConversionPrice" xlink:title="label: DebtInstrumentConvertibleConversionPrice to label_DebtInstrumentConvertibleConversionPrice"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleConversionPrice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentConvertibleConversionPrice" xml:lang="en-US" id="label_DebtInstrumentConvertibleConversionPrice_2">The price per share of the conversion feature embedded in the debt instrument.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleConversionPrice" xlink:to="label_DebtInstrumentConvertibleConversionPrice_2" xlink:title="label: DebtInstrumentConvertibleConversionPrice to label_DebtInstrumentConvertibleConversionPrice"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleConversionPrice_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentConvertibleConversionPrice" xml:lang="en-US" id="label_DebtInstrumentConvertibleConversionPrice_3">Conversion price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleConversionPrice" xlink:to="label_DebtInstrumentConvertibleConversionPrice_3" xlink:title="label: DebtInstrumentConvertibleConversionPrice to label_DebtInstrumentConvertibleConversionPrice"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleConversionPrice_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DebtInstrumentConvertibleConversionPrice" xml:lang="en-US" id="label_DebtInstrumentConvertibleConversionPrice_4">Conversion price | $ / shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleConversionPrice" xlink:to="label_DebtInstrumentConvertibleConversionPrice_4" xlink:title="label: DebtInstrumentConvertibleConversionPrice to label_DebtInstrumentConvertibleConversionPrice"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentConvertibleThresholdTradingDays" xlink:label="DebtInstrumentConvertibleThresholdTradingDays" xlink:title="DebtInstrumentConvertibleThresholdTradingDays"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleThresholdTradingDays" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentConvertibleThresholdTradingDays" xml:lang="en-US" id="label_DebtInstrumentConvertibleThresholdTradingDays">Debt Instrument Convertible Threshold Trading Days</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleThresholdTradingDays" xlink:to="label_DebtInstrumentConvertibleThresholdTradingDays" xlink:title="label: DebtInstrumentConvertibleThresholdTradingDays to label_DebtInstrumentConvertibleThresholdTradingDays"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleThresholdTradingDays_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentConvertibleThresholdTradingDays" xml:lang="en-US" id="label_DebtInstrumentConvertibleThresholdTradingDays_2">Threshold number of specified consecutive trading days immediately preceding the date on which the Conversion Notice was executed.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleThresholdTradingDays" xlink:to="label_DebtInstrumentConvertibleThresholdTradingDays_2" xlink:title="label: DebtInstrumentConvertibleThresholdTradingDays to label_DebtInstrumentConvertibleThresholdTradingDays"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleThresholdTradingDays_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentConvertibleThresholdTradingDays" xml:lang="en-US" id="label_DebtInstrumentConvertibleThresholdTradingDays_3">Threshold trading days</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleThresholdTradingDays" xlink:to="label_DebtInstrumentConvertibleThresholdTradingDays_3" xlink:title="label: DebtInstrumentConvertibleThresholdTradingDays to label_DebtInstrumentConvertibleThresholdTradingDays"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentConvertibleConversionMultiplier" xlink:label="DebtInstrumentConvertibleConversionMultiplier" xlink:title="DebtInstrumentConvertibleConversionMultiplier"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleConversionMultiplier" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentConvertibleConversionMultiplier" xml:lang="en-US" id="label_DebtInstrumentConvertibleConversionMultiplier">Debt Instrument Convertible Conversion Multiplier</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleConversionMultiplier" xlink:to="label_DebtInstrumentConvertibleConversionMultiplier" xlink:title="label: DebtInstrumentConvertibleConversionMultiplier to label_DebtInstrumentConvertibleConversionMultiplier"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleConversionMultiplier_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentConvertibleConversionMultiplier" xml:lang="en-US" id="label_DebtInstrumentConvertibleConversionMultiplier_2">Pricing period multiplied</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleConversionMultiplier" xlink:to="label_DebtInstrumentConvertibleConversionMultiplier_2" xlink:title="label: DebtInstrumentConvertibleConversionMultiplier to label_DebtInstrumentConvertibleConversionMultiplier"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleConversionMultiplier_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentConvertibleConversionMultiplier" xml:lang="en-US" id="label_DebtInstrumentConvertibleConversionMultiplier_3">The multiplier used in order to calculate the price per share of the conversion feature embedded in the debt instrument.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleConversionMultiplier" xlink:to="label_DebtInstrumentConvertibleConversionMultiplier_3" xlink:title="label: DebtInstrumentConvertibleConversionMultiplier to label_DebtInstrumentConvertibleConversionMultiplier"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:label="NoncurrentDerivativeFinancialLiabilities" xlink:title="NoncurrentDerivativeFinancialLiabilities"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentDerivativeFinancialLiabilities" xml:lang="en-US" id="label_NoncurrentDerivativeFinancialLiabilities">Non-current derivative financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDerivativeFinancialLiabilities" xlink:to="label_NoncurrentDerivativeFinancialLiabilities" xlink:title="label: NoncurrentDerivativeFinancialLiabilities to label_NoncurrentDerivativeFinancialLiabilities"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentDerivativeFinancialLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentDerivativeFinancialLiabilities" xml:lang="en-US" id="label_NoncurrentDerivativeFinancialLiabilities_2">Derivative financial instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDerivativeFinancialLiabilities" xlink:to="label_NoncurrentDerivativeFinancialLiabilities_2" xlink:title="label: NoncurrentDerivativeFinancialLiabilities to label_NoncurrentDerivativeFinancialLiabilities"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentDerivativeFinancialLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentDerivativeFinancialLiabilities" xml:lang="en-US" id="label_NoncurrentDerivativeFinancialLiabilities_3">Fair value of derivative financial instruments, net of current portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDerivativeFinancialLiabilities" xlink:to="label_NoncurrentDerivativeFinancialLiabilities_3" xlink:title="label: NoncurrentDerivativeFinancialLiabilities to label_NoncurrentDerivativeFinancialLiabilities"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ConvertibleNoteMember" xlink:label="ConvertibleNoteMember" xlink:title="ConvertibleNoteMember"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleNoteMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConvertibleNoteMember" xml:lang="en-US" id="label_ConvertibleNoteMember">Convertible Note [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleNoteMember" xlink:to="label_ConvertibleNoteMember" xlink:title="label: ConvertibleNoteMember to label_ConvertibleNoteMember"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleNoteMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConvertibleNoteMember" xml:lang="en-US" id="label_ConvertibleNoteMember_2">Convertible Note</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleNoteMember" xlink:to="label_ConvertibleNoteMember_2" xlink:title="label: ConvertibleNoteMember to label_ConvertibleNoteMember"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleNoteMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ConvertibleNoteMember" xml:lang="en-US" id="label_ConvertibleNoteMember_3">(c) Convertible Note</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleNoteMember" xlink:to="label_ConvertibleNoteMember_3" xlink:title="label: ConvertibleNoteMember to label_ConvertibleNoteMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_IntervalBetweenVesselDrydockingSpecialSurvey" xlink:label="IntervalBetweenVesselDrydockingSpecialSurvey" xlink:title="IntervalBetweenVesselDrydockingSpecialSurvey"/>
    <label xlink:type="resource" xlink:label="label_IntervalBetweenVesselDrydockingSpecialSurvey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntervalBetweenVesselDrydockingSpecialSurvey" xml:lang="en-US" id="label_IntervalBetweenVesselDrydockingSpecialSurvey">Interval Between Vessel Drydocking Special Survey</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntervalBetweenVesselDrydockingSpecialSurvey" xlink:to="label_IntervalBetweenVesselDrydockingSpecialSurvey" xlink:title="label: IntervalBetweenVesselDrydockingSpecialSurvey to label_IntervalBetweenVesselDrydockingSpecialSurvey"/>
    <label xlink:type="resource" xlink:label="label_IntervalBetweenVesselDrydockingSpecialSurvey_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntervalBetweenVesselDrydockingSpecialSurvey" xml:lang="en-US" id="label_IntervalBetweenVesselDrydockingSpecialSurvey_2">Interval between vessel drydockings / special surveys</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntervalBetweenVesselDrydockingSpecialSurvey" xlink:to="label_IntervalBetweenVesselDrydockingSpecialSurvey_2" xlink:title="label: IntervalBetweenVesselDrydockingSpecialSurvey to label_IntervalBetweenVesselDrydockingSpecialSurvey"/>
    <label xlink:type="resource" xlink:label="label_IntervalBetweenVesselDrydockingSpecialSurvey_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntervalBetweenVesselDrydockingSpecialSurvey" xml:lang="en-US" id="label_IntervalBetweenVesselDrydockingSpecialSurvey_3">Refers to the period of review of drydocking and special survey costs in order to be amortized or deferred.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntervalBetweenVesselDrydockingSpecialSurvey" xlink:to="label_IntervalBetweenVesselDrydockingSpecialSurvey_3" xlink:title="label: IntervalBetweenVesselDrydockingSpecialSurvey to label_IntervalBetweenVesselDrydockingSpecialSurvey"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Level3OfFairValueHierarchyMember" xlink:label="Level3OfFairValueHierarchyMember" xlink:title="Level3OfFairValueHierarchyMember"/>
    <label xlink:type="resource" xlink:label="label_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level3OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level3OfFairValueHierarchyMember">Level 3 of fair value hierarchy [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level3OfFairValueHierarchyMember" xlink:to="label_Level3OfFairValueHierarchyMember" xlink:title="label: Level3OfFairValueHierarchyMember to label_Level3OfFairValueHierarchyMember"/>
    <label xlink:type="resource" xlink:label="label_Level3OfFairValueHierarchyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Level3OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level3OfFairValueHierarchyMember_2">Level 3</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level3OfFairValueHierarchyMember" xlink:to="label_Level3OfFairValueHierarchyMember_2" xlink:title="label: Level3OfFairValueHierarchyMember to label_Level3OfFairValueHierarchyMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ChangesInNumberOfSharesOutstandingAbstract" xlink:label="ChangesInNumberOfSharesOutstandingAbstract" xlink:title="ChangesInNumberOfSharesOutstandingAbstract"/>
    <label xlink:type="resource" xlink:label="label_ChangesInNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInNumberOfSharesOutstandingAbstract" xml:lang="en-US" id="label_ChangesInNumberOfSharesOutstandingAbstract">Changes in number of shares outstanding [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInNumberOfSharesOutstandingAbstract" xlink:to="label_ChangesInNumberOfSharesOutstandingAbstract" xlink:title="label: ChangesInNumberOfSharesOutstandingAbstract to label_ChangesInNumberOfSharesOutstandingAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract" xlink:label="DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract" xlink:title="DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract" xml:lang="en-US" id="label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract">Disclosure of financial assets at date of initial application of IFRS 9 [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract" xlink:to="label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract" xlink:title="label: DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract to label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Abstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table" xlink:label="DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table" xlink:title="DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table" xml:lang="en-US" id="label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table">Disclosure of financial assets at date of initial application of IFRS 9 [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table" xlink:to="label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table" xlink:title="label: DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table to label_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Table"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ClassesOfFinancialAssetsAxis" xlink:title="ClassesOfFinancialAssetsAxis"/>
    <label xlink:type="resource" xlink:label="label_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialAssetsAxis" xml:lang="en-US" id="label_ClassesOfFinancialAssetsAxis">Classes of financial assets [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialAssetsAxis" xlink:to="label_ClassesOfFinancialAssetsAxis" xlink:title="label: ClassesOfFinancialAssetsAxis to label_ClassesOfFinancialAssetsAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsMember" xlink:label="FinancialAssetsMember" xlink:title="FinancialAssetsMember"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsMember" xml:lang="en-US" id="label_FinancialAssetsMember">Financial assets, class [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsMember" xlink:to="label_FinancialAssetsMember" xlink:title="label: FinancialAssetsMember to label_FinancialAssetsMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsAtAmortisedCostMember" xlink:label="FinancialAssetsAtAmortisedCostMember" xlink:title="FinancialAssetsAtAmortisedCostMember"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsAtAmortisedCostMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtAmortisedCostMember" xml:lang="en-US" id="label_FinancialAssetsAtAmortisedCostMember">Financial assets at amortised cost, class [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtAmortisedCostMember" xlink:to="label_FinancialAssetsAtAmortisedCostMember" xlink:title="label: FinancialAssetsAtAmortisedCostMember to label_FinancialAssetsAtAmortisedCostMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeReceivablesMember" xlink:label="TradeReceivablesMember" xlink:title="TradeReceivablesMember"/>
    <label xlink:type="resource" xlink:label="label_TradeReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivablesMember" xml:lang="en-US" id="label_TradeReceivablesMember">Trade receivables [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesMember" xlink:to="label_TradeReceivablesMember" xlink:title="label: TradeReceivablesMember to label_TradeReceivablesMember"/>
    <label xlink:type="resource" xlink:label="label_TradeReceivablesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivablesMember" xml:lang="en-US" id="label_TradeReceivablesMember_2">Trade accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesMember" xlink:to="label_TradeReceivablesMember_2" xlink:title="label: TradeReceivablesMember to label_TradeReceivablesMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CashAndCashEquivalentsMember" xlink:label="CashAndCashEquivalentsMember" xlink:title="CashAndCashEquivalentsMember"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsMember" xml:lang="en-US" id="label_CashAndCashEquivalentsMember">Cash And Cash Equivalents [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsMember" xlink:to="label_CashAndCashEquivalentsMember" xlink:title="label: CashAndCashEquivalentsMember to label_CashAndCashEquivalentsMember"/>
    <label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsMember" xml:lang="en-US" id="label_CashAndCashEquivalentsMember_2">Cash and cash equivalents</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesAtDateOfInitialApplicationOfIFRS9LineItems" xlink:label="DisclosureOfFinancialLiabilitiesAtDateOfInitialApplicationOfIFRS9LineItems" xlink:title="DisclosureOfFinancialLiabilitiesAtDateOfInitialApplicationOfIFRS9LineItems"/>
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    <label xlink:type="resource" xlink:label="label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9" xml:lang="en-US" id="label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9">Financial assets, measurement category immediately before initial application of IFRS 9</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9" xlink:to="label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9" xlink:title="label: FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9 to label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9" xml:lang="en-US" id="label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9_2">Original classification under IAS 39</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9" xlink:to="label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9_2" xlink:title="label: FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9 to label_FinancialAssetsMeasurementCategoryImmediatelyBeforeInitialApplicationOfIFRS9"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9" xlink:label="FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9" xlink:title="FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9" xml:lang="en-US" id="label_FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9">Financial assets, carrying amount immediately before initial application of IFRS 9</label>
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    <label xlink:type="resource" xlink:label="label_FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9" xml:lang="en-US" id="label_FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9_2">Original carrying amount under IAS 39</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9" xlink:to="label_FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9_2" xlink:title="label: FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9 to label_FinancialAssetsCarryingAmountImmediatelyBeforeInitialApplicationOfIFRS9"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9" xlink:label="FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9" xlink:title="FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9" xml:lang="en-US" id="label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9">Financial assets, measurement category immediately after initial application of IFRS 9</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9" xlink:to="label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9" xlink:title="label: FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9 to label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9" xml:lang="en-US" id="label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9_2">New classification under IFRS 9</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9" xlink:to="label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9_2" xlink:title="label: FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9 to label_FinancialAssetsMeasurementCategoryImmediatelyAfterInitialApplicationOfIFRS9"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9" xlink:label="FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9" xlink:title="FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9" xml:lang="en-US" id="label_FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9">Financial assets, carrying amount immediately after initial application of IFRS 9</label>
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    <label xlink:type="resource" xlink:label="label_FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9" xml:lang="en-US" id="label_FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9_2">New carrying amount under IFRS 9</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9" xlink:to="label_FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9_2" xlink:title="label: FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9 to label_FinancialAssetsCarryingAmountImmediatelyAfterInitialApplicationOfIFRS9"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_October2017PrivatePlacementAfterReverseStockSplitsMember" xlink:label="October2017PrivatePlacementAfterReverseSplits" xlink:title="October2017PrivatePlacementAfterReverseSplits"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:label="ClassesOfFinancialLiabilitiesAxis" xlink:title="ClassesOfFinancialLiabilitiesAxis"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialLiabilitiesMember" xlink:label="FinancialLiabilitiesMember" xlink:title="FinancialLiabilitiesMember"/>
    <label xlink:type="resource" xlink:label="label_FinancialLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesMember" xml:lang="en-US" id="label_FinancialLiabilitiesMember">Financial liabilities, class [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesMember" xlink:to="label_FinancialLiabilitiesMember" xlink:title="label: FinancialLiabilitiesMember to label_FinancialLiabilitiesMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_OtherFinanciaLliabilitiesMember" xlink:label="OtherFinanciaLliabilitiesMember" xlink:title="OtherFinanciaLliabilitiesMember"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanciaLliabilitiesMember" xlink:to="label_OtherFinanciaLliabilitiesMember_2" xlink:title="label: OtherFinanciaLliabilitiesMember to label_OtherFinanciaLliabilitiesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Explanatory" xlink:label="DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Explanatory" xlink:title="DisclosureOfFinancialAssetsAtDateOfInitialApplicationOfIFRS9Explanatory"/>
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    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ConvertibleNoteIIMember" xlink:label="ConvertibleNoteIIMember" xlink:title="ConvertibleNoteIIMember"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" xlink:label="NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" xlink:title="NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember"/>
    <label xlink:type="resource" xlink:label="label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" xml:lang="en-US" id="label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember">Not measured at fair value in statement of financial position but for which fair value is disclosed [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" xlink:to="label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" xlink:title="label: NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember to label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember"/>
    <label xlink:type="resource" xlink:label="label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" xml:lang="en-US" id="label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember_2">Financial liabilities not measured at fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember" xlink:to="label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember_2" xlink:title="label: NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember to label_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany"/>
    <label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityEmergingGrowthCompany" xml:lang="en-US" id="label_EntityEmergingGrowthCompany">Entity Emerging Growth Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany" xlink:title="label: EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityShellCompany" xlink:label="EntityShellCompany" xlink:title="EntityShellCompany"/>
    <label xlink:type="resource" xlink:label="label_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityShellCompany" xml:lang="en-US" id="label_EntityShellCompany">Entity Shell Company</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityShellCompany" xlink:to="label_EntityShellCompany" xlink:title="label: EntityShellCompany to label_EntityShellCompany"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TimePeriodConsidered" xlink:label="TimePeriodConsidered" xlink:title="TimePeriodConsidered"/>
    <label xlink:type="resource" xlink:label="label_TimePeriodConsidered" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TimePeriodConsidered" xml:lang="en-US" id="label_TimePeriodConsidered">Time Period Considered</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TimePeriodConsidered" xlink:to="label_TimePeriodConsidered" xlink:title="label: TimePeriodConsidered to label_TimePeriodConsidered"/>
    <label xlink:type="resource" xlink:label="label_TimePeriodConsidered_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TimePeriodConsidered" xml:lang="en-US" id="label_TimePeriodConsidered_2">The period of time charter rates used to create an average to calculate cash flows for impairment purposes.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TimePeriodConsidered" xlink:to="label_TimePeriodConsidered_2" xlink:title="label: TimePeriodConsidered to label_TimePeriodConsidered"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_VotingRights" xlink:label="VotingRights" xlink:title="VotingRights"/>
    <label xlink:type="resource" xlink:label="label_VotingRights" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VotingRights" xml:lang="en-US" id="label_VotingRights">Voting Rights</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VotingRights" xlink:to="label_VotingRights" xlink:title="label: VotingRights to label_VotingRights"/>
    <label xlink:type="resource" xlink:label="label_VotingRights_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VotingRights" xml:lang="en-US" id="label_VotingRights_2">Description of voting rights of common stock. Includes eligibility to vote and votes per share owned.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VotingRights" xlink:to="label_VotingRights_2" xlink:title="label: VotingRights to label_VotingRights"/>
    <label xlink:type="resource" xlink:label="label_VotingRights_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VotingRights" xml:lang="en-US" id="label_VotingRights_3">Voting rights</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VotingRights" xlink:to="label_VotingRights_3" xlink:title="label: VotingRights to label_VotingRights"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ThreeVesselsMember" xlink:label="ThreeVesselsMember" xlink:title="ThreeVesselsMember"/>
    <label xlink:type="resource" xlink:label="label_ThreeVesselsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ThreeVesselsMember" xml:lang="en-US" id="label_ThreeVesselsMember">Three Vessels [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThreeVesselsMember" xlink:to="label_ThreeVesselsMember" xlink:title="label: ThreeVesselsMember to label_ThreeVesselsMember"/>
    <label xlink:type="resource" xlink:label="label_ThreeVesselsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ThreeVesselsMember" xml:lang="en-US" id="label_ThreeVesselsMember_2">Three Vessels</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThreeVesselsMember" xlink:to="label_ThreeVesselsMember_2" xlink:title="label: ThreeVesselsMember to label_ThreeVesselsMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_EventOfDefaultMember" xlink:label="EventOfDefaultMember" xlink:title="EventOfDefaultMember"/>
    <label xlink:type="resource" xlink:label="label_EventOfDefaultMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EventOfDefaultMember" xml:lang="en-US" id="label_EventOfDefaultMember">Event Of Default [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EventOfDefaultMember" xlink:to="label_EventOfDefaultMember" xlink:title="label: EventOfDefaultMember to label_EventOfDefaultMember"/>
    <label xlink:type="resource" xlink:label="label_EventOfDefaultMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EventOfDefaultMember" xml:lang="en-US" id="label_EventOfDefaultMember_2">Event of Default</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EventOfDefaultMember" xlink:to="label_EventOfDefaultMember_2" xlink:title="label: EventOfDefaultMember to label_EventOfDefaultMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ChangeInControlMember" xlink:label="ChangeInControlMember" xlink:title="ChangeInControlMember"/>
    <label xlink:type="resource" xlink:label="label_ChangeInControlMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangeInControlMember" xml:lang="en-US" id="label_ChangeInControlMember">Change In Control [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInControlMember" xlink:to="label_ChangeInControlMember" xlink:title="label: ChangeInControlMember to label_ChangeInControlMember"/>
    <label xlink:type="resource" xlink:label="label_ChangeInControlMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangeInControlMember" xml:lang="en-US" id="label_ChangeInControlMember_2">Change in Control</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInControlMember" xlink:to="label_ChangeInControlMember_2" xlink:title="label: ChangeInControlMember to label_ChangeInControlMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TradingDaysCovenantMember" xlink:label="TradingDaysCovenantMember" xlink:title="TradingDaysCovenantMember"/>
    <label xlink:type="resource" xlink:label="label_TradingDaysCovenantMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingDaysCovenantMember" xml:lang="en-US" id="label_TradingDaysCovenantMember">Trading Days Covenant [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingDaysCovenantMember" xlink:to="label_TradingDaysCovenantMember" xlink:title="label: TradingDaysCovenantMember to label_TradingDaysCovenantMember"/>
    <label xlink:type="resource" xlink:label="label_TradingDaysCovenantMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradingDaysCovenantMember" xml:lang="en-US" id="label_TradingDaysCovenantMember_2">Trading Days Covenant</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingDaysCovenantMember" xlink:to="label_TradingDaysCovenantMember_2" xlink:title="label: TradingDaysCovenantMember to label_TradingDaysCovenantMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ConvertibleNotesRedemptionPricePercentage" xlink:label="ConvertibleNotesRedemptionPricePercentage" xlink:title="ConvertibleNotesRedemptionPricePercentage"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleNotesRedemptionPricePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConvertibleNotesRedemptionPricePercentage" xml:lang="en-US" id="label_ConvertibleNotesRedemptionPricePercentage">Convertible Notes Redemption Price Percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleNotesRedemptionPricePercentage" xlink:to="label_ConvertibleNotesRedemptionPricePercentage" xlink:title="label: ConvertibleNotesRedemptionPricePercentage to label_ConvertibleNotesRedemptionPricePercentage"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleNotesRedemptionPricePercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConvertibleNotesRedemptionPricePercentage" xml:lang="en-US" id="label_ConvertibleNotesRedemptionPricePercentage_2">Percentage price of original principal amount of Convertible Notes at which debt can be redeemed by the issuer.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleNotesRedemptionPricePercentage" xlink:to="label_ConvertibleNotesRedemptionPricePercentage_2" xlink:title="label: ConvertibleNotesRedemptionPricePercentage to label_ConvertibleNotesRedemptionPricePercentage"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleNotesRedemptionPricePercentage_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConvertibleNotesRedemptionPricePercentage" xml:lang="en-US" id="label_ConvertibleNotesRedemptionPricePercentage_3">Convertible notes redemption price percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleNotesRedemptionPricePercentage" xlink:to="label_ConvertibleNotesRedemptionPricePercentage_3" xlink:title="label: ConvertibleNotesRedemptionPricePercentage to label_ConvertibleNotesRedemptionPricePercentage"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_PercentageBelowFloorPrice" xlink:label="PercentageBelowFloorPrice" xlink:title="PercentageBelowFloorPrice"/>
    <label xlink:type="resource" xlink:label="label_PercentageBelowFloorPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageBelowFloorPrice" xml:lang="en-US" id="label_PercentageBelowFloorPrice">Percentage Below Floor Price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageBelowFloorPrice" xlink:to="label_PercentageBelowFloorPrice" xlink:title="label: PercentageBelowFloorPrice to label_PercentageBelowFloorPrice"/>
    <label xlink:type="resource" xlink:label="label_PercentageBelowFloorPrice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageBelowFloorPrice" xml:lang="en-US" id="label_PercentageBelowFloorPrice_2">The percentage below floor price that common shares can be traded.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageBelowFloorPrice" xlink:to="label_PercentageBelowFloorPrice_2" xlink:title="label: PercentageBelowFloorPrice to label_PercentageBelowFloorPrice"/>
    <label xlink:type="resource" xlink:label="label_PercentageBelowFloorPrice_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageBelowFloorPrice" xml:lang="en-US" id="label_PercentageBelowFloorPrice_3">Percentage below floor price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageBelowFloorPrice" xlink:to="label_PercentageBelowFloorPrice_3" xlink:title="label: PercentageBelowFloorPrice to label_PercentageBelowFloorPrice"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MinimumPossibleConversionPrice" xlink:label="MinimumPossibleConversionPrice" xlink:title="MinimumPossibleConversionPrice"/>
    <label xlink:type="resource" xlink:label="label_MinimumPossibleConversionPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumPossibleConversionPrice" xml:lang="en-US" id="label_MinimumPossibleConversionPrice">Minimum Possible Conversion Price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumPossibleConversionPrice" xlink:to="label_MinimumPossibleConversionPrice" xlink:title="label: MinimumPossibleConversionPrice to label_MinimumPossibleConversionPrice"/>
    <label xlink:type="resource" xlink:label="label_MinimumPossibleConversionPrice_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumPossibleConversionPrice" xml:lang="en-US" id="label_MinimumPossibleConversionPrice_2">Minimum possible conversion price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumPossibleConversionPrice" xlink:to="label_MinimumPossibleConversionPrice_2" xlink:title="label: MinimumPossibleConversionPrice to label_MinimumPossibleConversionPrice"/>
    <label xlink:type="resource" xlink:label="label_MinimumPossibleConversionPrice_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumPossibleConversionPrice" xml:lang="en-US" id="label_MinimumPossibleConversionPrice_3">The minimum possible conversion price or Floor Price deemed appropriate by the Company's board of directors.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumPossibleConversionPrice" xlink:to="label_MinimumPossibleConversionPrice_3" xlink:title="label: MinimumPossibleConversionPrice to label_MinimumPossibleConversionPrice"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProbabilityOfDefaultAxis" xlink:label="ProbabilityOfDefaultAxis" xlink:title="ProbabilityOfDefaultAxis"/>
    <label xlink:type="resource" xlink:label="label_ProbabilityOfDefaultAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProbabilityOfDefaultAxis" xml:lang="en-US" id="label_ProbabilityOfDefaultAxis">Probability of default [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProbabilityOfDefaultAxis" xlink:to="label_ProbabilityOfDefaultAxis" xlink:title="label: ProbabilityOfDefaultAxis to label_ProbabilityOfDefaultAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForProbabilityOfDefaultMember" xlink:label="EntitysTotalForProbabilityOfDefaultMember" xlink:title="EntitysTotalForProbabilityOfDefaultMember"/>
    <label xlink:type="resource" xlink:label="label_EntitysTotalForProbabilityOfDefaultMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForProbabilityOfDefaultMember" xml:lang="en-US" id="label_EntitysTotalForProbabilityOfDefaultMember">Entity's total for probability of default [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForProbabilityOfDefaultMember" xlink:to="label_EntitysTotalForProbabilityOfDefaultMember" xlink:title="label: EntitysTotalForProbabilityOfDefaultMember to label_EntitysTotalForProbabilityOfDefaultMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:label="DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:title="DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory">Description of accounting policy for financial liabilities [text block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:title="label: DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory to label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_2">Financial assets and liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_2" xlink:title="label: DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory to label_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:label="ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:title="ValuationTechniquesUsedInFairValueMeasurementAxis"/>
    <label xlink:type="resource" xlink:label="label_ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValuationTechniquesUsedInFairValueMeasurementAxis" xml:lang="en-US" id="label_ValuationTechniquesUsedInFairValueMeasurementAxis">Valuation techniques used in fair value measurement [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:to="label_ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:title="label: ValuationTechniquesUsedInFairValueMeasurementAxis to label_ValuationTechniquesUsedInFairValueMeasurementAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ValuationTechniquesMember" xlink:label="ValuationTechniquesMember" xlink:title="ValuationTechniquesMember"/>
    <label xlink:type="resource" xlink:label="label_ValuationTechniquesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValuationTechniquesMember" xml:lang="en-US" id="label_ValuationTechniquesMember">Valuation techniques [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationTechniquesMember" xlink:to="label_ValuationTechniquesMember" xlink:title="label: ValuationTechniquesMember to label_ValuationTechniquesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncomeApproachMember" xlink:label="IncomeApproachMember" xlink:title="IncomeApproachMember"/>
    <label xlink:type="resource" xlink:label="label_IncomeApproachMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeApproachMember" xml:lang="en-US" id="label_IncomeApproachMember">Income approach [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeApproachMember" xlink:to="label_IncomeApproachMember" xlink:title="label: IncomeApproachMember to label_IncomeApproachMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OptionPricingModelMember" xlink:label="OptionPricingModelMember" xlink:title="OptionPricingModelMember"/>
    <label xlink:type="resource" xlink:label="label_OptionPricingModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OptionPricingModelMember" xml:lang="en-US" id="label_OptionPricingModelMember">Option pricing model [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OptionPricingModelMember" xlink:to="label_OptionPricingModelMember" xlink:title="label: OptionPricingModelMember to label_OptionPricingModelMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DerivativeLifeSignificantUnobservableInputsLiabilities" xlink:label="DerivativeLifeSignificantUnobservableInputsLiabilities" xlink:title="DerivativeLifeSignificantUnobservableInputsLiabilities"/>
    <label xlink:type="resource" xlink:label="label_DerivativeLifeSignificantUnobservableInputsLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeLifeSignificantUnobservableInputsLiabilities" xml:lang="en-US" id="label_DerivativeLifeSignificantUnobservableInputsLiabilities">Derivative Life Significant Unobservable Inputs Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeLifeSignificantUnobservableInputsLiabilities" xlink:to="label_DerivativeLifeSignificantUnobservableInputsLiabilities" xlink:title="label: DerivativeLifeSignificantUnobservableInputsLiabilities to label_DerivativeLifeSignificantUnobservableInputsLiabilities"/>
    <label xlink:type="resource" xlink:label="label_DerivativeLifeSignificantUnobservableInputsLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DerivativeLifeSignificantUnobservableInputsLiabilities" xml:lang="en-US" id="label_DerivativeLifeSignificantUnobservableInputsLiabilities_2">The derivative life used as a significant Level 3 unobservable input for liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeLifeSignificantUnobservableInputsLiabilities" xlink:to="label_DerivativeLifeSignificantUnobservableInputsLiabilities_2" xlink:title="label: DerivativeLifeSignificantUnobservableInputsLiabilities to label_DerivativeLifeSignificantUnobservableInputsLiabilities"/>
    <label xlink:type="resource" xlink:label="label_DerivativeLifeSignificantUnobservableInputsLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DerivativeLifeSignificantUnobservableInputsLiabilities" xml:lang="en-US" id="label_DerivativeLifeSignificantUnobservableInputsLiabilities_3">Expected life</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeLifeSignificantUnobservableInputsLiabilities" xlink:to="label_DerivativeLifeSignificantUnobservableInputsLiabilities_3" xlink:title="label: DerivativeLifeSignificantUnobservableInputsLiabilities to label_DerivativeLifeSignificantUnobservableInputsLiabilities"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xlink:label="ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xlink:title="ExpectedDividendYieldSignificantUnobservableInputsLiabilities"/>
    <label xlink:type="resource" xlink:label="label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xml:lang="en-US" id="label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities">The expected dividend yield  used as a significant Level 3 unobservable input for liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xlink:to="label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xlink:title="label: ExpectedDividendYieldSignificantUnobservableInputsLiabilities to label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities"/>
    <label xlink:type="resource" xlink:label="label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xml:lang="en-US" id="label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities_2">Expected Dividend Yield Significant Unobservable Inputs Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xlink:to="label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities_2" xlink:title="label: ExpectedDividendYieldSignificantUnobservableInputsLiabilities to label_ExpectedDividendYieldSignificantUnobservableInputsLiabilities"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BlackScholesOptionPricingModelMember" xlink:label="BlackScholesOptionPricingModelMember" xlink:title="BlackScholesOptionPricingModelMember"/>
    <label xlink:type="resource" xlink:label="label_BlackScholesOptionPricingModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BlackScholesOptionPricingModelMember" xml:lang="en-US" id="label_BlackScholesOptionPricingModelMember">Black Scholes Option Pricing Model [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BlackScholesOptionPricingModelMember" xlink:to="label_BlackScholesOptionPricingModelMember" xlink:title="label: BlackScholesOptionPricingModelMember to label_BlackScholesOptionPricingModelMember"/>
    <label xlink:type="resource" xlink:label="label_BlackScholesOptionPricingModelMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BlackScholesOptionPricingModelMember" xml:lang="en-US" id="label_BlackScholesOptionPricingModelMember_2">Black-Scholes option pricing model</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BlackScholesOptionPricingModelMember" xlink:to="label_BlackScholesOptionPricingModelMember_2" xlink:title="label: BlackScholesOptionPricingModelMember to label_BlackScholesOptionPricingModelMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_HamburgCommercialBankAGLoanAgreementIIMember" xlink:label="HamburgCommercialBankAGLoanAgreementIIMember" xlink:title="HamburgCommercialBankAGLoanAgreementIIMember"/>
    <label xlink:type="resource" xlink:label="label_HamburgCommercialBankAGLoanAgreementIIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HamburgCommercialBankAGLoanAgreementIIMember" xml:lang="en-US" id="label_HamburgCommercialBankAGLoanAgreementIIMember">Hamburg Commercial Bank AG Loan AgreementII [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HamburgCommercialBankAGLoanAgreementIIMember" xlink:to="label_HamburgCommercialBankAGLoanAgreementIIMember" xlink:title="label: HamburgCommercialBankAGLoanAgreementIIMember to label_HamburgCommercialBankAGLoanAgreementIIMember"/>
    <label xlink:type="resource" xlink:label="label_HamburgCommercialBankAGLoanAgreementIIMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HamburgCommercialBankAGLoanAgreementIIMember" xml:lang="en-US" id="label_HamburgCommercialBankAGLoanAgreementIIMember_2">Hamburg Commercial Bank AG</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HamburgCommercialBankAGLoanAgreementIIMember" xlink:to="label_HamburgCommercialBankAGLoanAgreementIIMember_2" xlink:title="label: HamburgCommercialBankAGLoanAgreementIIMember to label_HamburgCommercialBankAGLoanAgreementIIMember"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="EntityExTransitionPeriod" xlink:title="EntityExTransitionPeriod"/>
    <label xlink:type="resource" xlink:label="label_EntityExTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityExTransitionPeriod" xml:lang="en-US" id="label_EntityExTransitionPeriod">Entity Ex Transition Period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityExTransitionPeriod" xlink:to="label_EntityExTransitionPeriod" xlink:title="label: EntityExTransitionPeriod to label_EntityExTransitionPeriod"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_February2017PrivatePlacementIIMember" xlink:label="February2017PrivatePlacementIIMember" xlink:title="February2017PrivatePlacementIIMember"/>
    <label xlink:type="resource" xlink:label="label_February2017PrivatePlacementIIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_February2017PrivatePlacementIIMember" xml:lang="en-US" id="label_February2017PrivatePlacementIIMember">February 2017 Private Placement II [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="February2017PrivatePlacementIIMember" xlink:to="label_February2017PrivatePlacementIIMember" xlink:title="label: February2017PrivatePlacementIIMember to label_February2017PrivatePlacementIIMember"/>
    <label xlink:type="resource" xlink:label="label_February2017PrivatePlacementIIMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_February2017PrivatePlacementIIMember" xml:lang="en-US" id="label_February2017PrivatePlacementIIMember_2">February 2017 Private Placement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="February2017PrivatePlacementIIMember" xlink:to="label_February2017PrivatePlacementIIMember_2" xlink:title="label: February2017PrivatePlacementIIMember to label_February2017PrivatePlacementIIMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_FirmentTradingLimitedIIMember" xlink:label="FirmentTradingLimitedIIMember" xlink:title="FirmentTradingLimitedIIMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentTradingLimitedIIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FirmentTradingLimitedIIMember" xml:lang="en-US" id="label_FirmentTradingLimitedIIMember">Firment Trading Limited II [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentTradingLimitedIIMember" xlink:to="label_FirmentTradingLimitedIIMember" xlink:title="label: FirmentTradingLimitedIIMember to label_FirmentTradingLimitedIIMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentTradingLimitedIIMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FirmentTradingLimitedIIMember" xml:lang="en-US" id="label_FirmentTradingLimitedIIMember_2">Firment Trading Limited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentTradingLimitedIIMember" xlink:to="label_FirmentTradingLimitedIIMember_2" xlink:title="label: FirmentTradingLimitedIIMember to label_FirmentTradingLimitedIIMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ConvertibleDebtIncludingEmbeddedDerivative" xlink:label="ConvertibleDebtIncludingEmbeddedDerivative" xlink:title="ConvertibleDebtIncludingEmbeddedDerivative"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleDebtIncludingEmbeddedDerivative" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConvertibleDebtIncludingEmbeddedDerivative" xml:lang="en-US" id="label_ConvertibleDebtIncludingEmbeddedDerivative">Convertible Debt Including Embedded Derivative</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleDebtIncludingEmbeddedDerivative" xlink:to="label_ConvertibleDebtIncludingEmbeddedDerivative" xlink:title="label: ConvertibleDebtIncludingEmbeddedDerivative to label_ConvertibleDebtIncludingEmbeddedDerivative"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleDebtIncludingEmbeddedDerivative_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConvertibleDebtIncludingEmbeddedDerivative" xml:lang="en-US" id="label_ConvertibleDebtIncludingEmbeddedDerivative_2">Loan Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleDebtIncludingEmbeddedDerivative" xlink:to="label_ConvertibleDebtIncludingEmbeddedDerivative_2" xlink:title="label: ConvertibleDebtIncludingEmbeddedDerivative to label_ConvertibleDebtIncludingEmbeddedDerivative"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleDebtIncludingEmbeddedDerivative_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConvertibleDebtIncludingEmbeddedDerivative" xml:lang="en-US" id="label_ConvertibleDebtIncludingEmbeddedDerivative_3">Amount of convertible debt, including the amount of the embedded derivative component.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleDebtIncludingEmbeddedDerivative" xlink:to="label_ConvertibleDebtIncludingEmbeddedDerivative_3" xlink:title="label: ConvertibleDebtIncludingEmbeddedDerivative to label_ConvertibleDebtIncludingEmbeddedDerivative"/>
    <label xlink:type="resource" xlink:label="label_ConvertibleDebtIncludingEmbeddedDerivative_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ConvertibleDebtIncludingEmbeddedDerivative" xml:lang="en-US" id="label_ConvertibleDebtIncludingEmbeddedDerivative_4">Interest bearing loans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConvertibleDebtIncludingEmbeddedDerivative" xlink:to="label_ConvertibleDebtIncludingEmbeddedDerivative_4" xlink:title="label: ConvertibleDebtIncludingEmbeddedDerivative to label_ConvertibleDebtIncludingEmbeddedDerivative"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NetDebtIncludingEmbeddedDerivative" xlink:label="NetDebtIncludingEmbeddedDerivative" xlink:title="NetDebtIncludingEmbeddedDerivative"/>
    <label xlink:type="resource" xlink:label="label_NetDebtIncludingEmbeddedDerivative" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetDebtIncludingEmbeddedDerivative" xml:lang="en-US" id="label_NetDebtIncludingEmbeddedDerivative">Net Debt Including Embedded Derivative</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebtIncludingEmbeddedDerivative" xlink:to="label_NetDebtIncludingEmbeddedDerivative" xlink:title="label: NetDebtIncludingEmbeddedDerivative to label_NetDebtIncludingEmbeddedDerivative"/>
    <label xlink:type="resource" xlink:label="label_NetDebtIncludingEmbeddedDerivative_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetDebtIncludingEmbeddedDerivative" xml:lang="en-US" id="label_NetDebtIncludingEmbeddedDerivative_2">Net debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebtIncludingEmbeddedDerivative" xlink:to="label_NetDebtIncludingEmbeddedDerivative_2" xlink:title="label: NetDebtIncludingEmbeddedDerivative to label_NetDebtIncludingEmbeddedDerivative"/>
    <label xlink:type="resource" xlink:label="label_NetDebtIncludingEmbeddedDerivative_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetDebtIncludingEmbeddedDerivative" xml:lang="en-US" id="label_NetDebtIncludingEmbeddedDerivative_3">Net debt including embedded derivative component.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebtIncludingEmbeddedDerivative" xlink:to="label_NetDebtIncludingEmbeddedDerivative_3" xlink:title="label: NetDebtIncludingEmbeddedDerivative to label_NetDebtIncludingEmbeddedDerivative"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="EntityInteractiveDataCurrent" xlink:title="EntityInteractiveDataCurrent"/>
    <label xlink:type="resource" xlink:label="label_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityInteractiveDataCurrent" xml:lang="en-US" id="label_EntityInteractiveDataCurrent">Entity Interactive Data Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityInteractiveDataCurrent" xlink:to="label_EntityInteractiveDataCurrent" xlink:title="label: EntityInteractiveDataCurrent to label_EntityInteractiveDataCurrent"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry"/>
    <label xlink:type="resource" xlink:label="label_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressCountry" xml:lang="en-US" id="label_EntityAddressCountry">Entity Address Country</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCountry" xlink:to="label_EntityAddressCountry" xlink:title="label: EntityAddressCountry to label_EntityAddressCountry"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:label="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:title="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract">Disclosure Of Maturity Analysis Of Operating Lease Payments [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:to="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:title="label: DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract to label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:label="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:title="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems">Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:to="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:title="label: DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems to label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:label="MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:title="MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease"/>
    <label xlink:type="resource" xlink:label="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xml:lang="en-US" id="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease">Minimum Lease Payments Payable Under Non cancellable Operating Lease</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:title="label: MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease to label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease"/>
    <label xlink:type="resource" xlink:label="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xml:lang="en-US" id="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_2">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_2" xlink:title="label: MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease to label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease"/>
    <label xlink:type="resource" xlink:label="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xml:lang="en-US" id="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_3">The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_3" xlink:title="label: MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease to label_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" xlink:label="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" xlink:title="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" xml:lang="en-US" id="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract">Commitments [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" xlink:to="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" xlink:title="label: DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract to label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" xlink:label="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" xlink:title="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" xml:lang="en-US" id="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable">Disclosure Of Finance Lease And Operating Lease By Lessor [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" xlink:to="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" xlink:title="label: DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable to label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" xlink:label="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" xlink:title="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" xml:lang="en-US" id="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems">Disclosure Of Finance Lease And Operating Lease By Lessor [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" xlink:to="label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" xlink:title="label: DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems to label_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:label="MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:title="MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease"/>
    <label xlink:type="resource" xlink:label="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xml:lang="en-US" id="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease">Minimum Lease Payments Receivable Under Non cancellable Operating Lease</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:to="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:title="label: MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease to label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease"/>
    <label xlink:type="resource" xlink:label="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xml:lang="en-US" id="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_2">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:to="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_2" xlink:title="label: MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease to label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease"/>
    <label xlink:type="resource" xlink:label="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xml:lang="en-US" id="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_3">The amount of future minimum lease payments receivable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:to="label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_3" xlink:title="label: MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease to label_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:label="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_2" xlink:title="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_2">Disclosure Of Maturity Analysis Of Operating Lease Payments [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_2" xlink:to="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_2" xlink:title="label: DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable to label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DebtSecurities" xlink:label="DebtSecurities" xlink:title="DebtSecurities"/>
    <label xlink:type="resource" xlink:label="label_DebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtSecurities" xml:lang="en-US" id="label_DebtSecurities">Debt instruments issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecurities" xlink:to="label_DebtSecurities" xlink:title="label: DebtSecurities to label_DebtSecurities"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentInterestRateStatedPercentage" xlink:label="DebtInstrumentInterestRateStatedPercentage" xlink:title="DebtInstrumentInterestRateStatedPercentage"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US" id="label_DebtInstrumentInterestRateStatedPercentage">Debt Instrument, Interest Rate, Stated Percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentInterestRateStatedPercentage" xlink:to="label_DebtInstrumentInterestRateStatedPercentage" xlink:title="label: DebtInstrumentInterestRateStatedPercentage to label_DebtInstrumentInterestRateStatedPercentage"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentInterestRateStatedPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US" id="label_DebtInstrumentInterestRateStatedPercentage_2">Contractual interest rate for funds borrowed, under the debt agreement.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentInterestRateStatedPercentage" xlink:to="label_DebtInstrumentInterestRateStatedPercentage_2" xlink:title="label: DebtInstrumentInterestRateStatedPercentage to label_DebtInstrumentInterestRateStatedPercentage"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xlink:label="LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xlink:title="LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xml:lang="en-US" id="label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms">Description of the frequency of the required periodic payments of interest, principal, or both, and the amount, if set, or a description of a formula upon which payment is based.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xlink:to="label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xlink:title="label: LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms to label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms"/>
    <label xlink:type="resource" xlink:label="label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xml:lang="en-US" id="label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms_2">Line of Credit Facility, Frequency of Payment and Payment Terms</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xlink:to="label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms_2" xlink:title="label: LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms to label_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_JointControlOrSignificantInfluenceMember" xlink:label="JointControlOrSignificantInfluenceMember" xlink:title="JointControlOrSignificantInfluenceMember"/>
    <label xlink:type="resource" xlink:label="label_JointControlOrSignificantInfluenceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JointControlOrSignificantInfluenceMember" xml:lang="en-US" id="label_JointControlOrSignificantInfluenceMember">Entities with joint control or significant influence over entity [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JointControlOrSignificantInfluenceMember" xlink:to="label_JointControlOrSignificantInfluenceMember" xlink:title="label: JointControlOrSignificantInfluenceMember to label_JointControlOrSignificantInfluenceMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_FirmentShippingMember" xlink:label="FirmentShippingMember" xlink:title="FirmentShippingMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentShippingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FirmentShippingMember" xml:lang="en-US" id="label_FirmentShippingMember">Firment Shipping [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentShippingMember" xlink:to="label_FirmentShippingMember" xlink:title="label: FirmentShippingMember to label_FirmentShippingMember"/>
    <label xlink:type="resource" xlink:label="label_FirmentShippingMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FirmentShippingMember" xml:lang="en-US" id="label_FirmentShippingMember_2">Firment Shipping Inc.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirmentShippingMember" xlink:to="label_FirmentShippingMember_2" xlink:title="label: FirmentShippingMember to label_FirmentShippingMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:label="ProportionOfOwnershipInterestInAssociate" xlink:title="ProportionOfOwnershipInterestInAssociate"/>
    <label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInAssociate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInAssociate" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInAssociate">Proportion of ownership interest in associate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInAssociate" xlink:to="label_ProportionOfOwnershipInterestInAssociate" xlink:title="label: ProportionOfOwnershipInterestInAssociate to label_ProportionOfOwnershipInterestInAssociate"/>
    <label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInAssociate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInAssociate" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInAssociate_2">Percentage of ownership in Globus Maritime Ltd.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInAssociate" xlink:to="label_ProportionOfOwnershipInterestInAssociate_2" xlink:title="label: ProportionOfOwnershipInterestInAssociate to label_ProportionOfOwnershipInterestInAssociate"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_EnTrustMember" xlink:label="EnTrustMember" xlink:title="EnTrustMember"/>
    <label xlink:type="resource" xlink:label="label_EnTrustMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EnTrustMember" xml:lang="en-US" id="label_EnTrustMember">EnTrust [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EnTrustMember" xlink:to="label_EnTrustMember" xlink:title="label: EnTrustMember to label_EnTrustMember"/>
    <label xlink:type="resource" xlink:label="label_EnTrustMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EnTrustMember" xml:lang="en-US" id="label_EnTrustMember_2">EnTrust</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EnTrustMember" xlink:to="label_EnTrustMember_2" xlink:title="label: EnTrustMember to label_EnTrustMember"/>
    <label xlink:type="resource" xlink:label="label_EnTrustMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_EnTrustMember" xml:lang="en-US" id="label_EnTrustMember_3">(a) EnTrust</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EnTrustMember" xlink:to="label_EnTrustMember_3" xlink:title="label: EnTrustMember to label_EnTrustMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TrancheDMember" xlink:label="TrancheDMember" xlink:title="TrancheDMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheDMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TrancheDMember" xml:lang="en-US" id="label_TrancheDMember">Tranche D [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheDMember" xlink:to="label_TrancheDMember" xlink:title="label: TrancheDMember to label_TrancheDMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheDMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TrancheDMember" xml:lang="en-US" id="label_TrancheDMember_2">Tranche D</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheDMember" xlink:to="label_TrancheDMember_2" xlink:title="label: TrancheDMember to label_TrancheDMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_TrancheEMember" xlink:label="TrancheEMember" xlink:title="TrancheEMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheEMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TrancheEMember" xml:lang="en-US" id="label_TrancheEMember">Tranche E [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheEMember" xlink:to="label_TrancheEMember" xlink:title="label: TrancheEMember to label_TrancheEMember"/>
    <label xlink:type="resource" xlink:label="label_TrancheEMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TrancheEMember" xml:lang="en-US" id="label_TrancheEMember_2">Tranche E</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrancheEMember" xlink:to="label_TrancheEMember_2" xlink:title="label: TrancheEMember to label_TrancheEMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowerBBorrowerCBorrowerDMember" xlink:label="BorrowerBBorrowerCBorrowerDMember" xlink:title="BorrowerBBorrowerCBorrowerDMember"/>
    <label xlink:type="resource" xlink:label="label_BorrowerBBorrowerCBorrowerDMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowerBBorrowerCBorrowerDMember" xml:lang="en-US" id="label_BorrowerBBorrowerCBorrowerDMember">Borrower B, Borrower C and Borrower D [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowerBBorrowerCBorrowerDMember" xlink:to="label_BorrowerBBorrowerCBorrowerDMember" xlink:title="label: BorrowerBBorrowerCBorrowerDMember to label_BorrowerBBorrowerCBorrowerDMember"/>
    <label xlink:type="resource" xlink:label="label_BorrowerBBorrowerCBorrowerDMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowerBBorrowerCBorrowerDMember" xml:lang="en-US" id="label_BorrowerBBorrowerCBorrowerDMember_2">Borrower B, C and D</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowerBBorrowerCBorrowerDMember" xlink:to="label_BorrowerBBorrowerCBorrowerDMember_2" xlink:title="label: BorrowerBBorrowerCBorrowerDMember to label_BorrowerBBorrowerCBorrowerDMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_BorrowerABorrowerEMember" xlink:label="BorrowerABorrowerEMember" xlink:title="BorrowerABorrowerEMember"/>
    <label xlink:type="resource" xlink:label="label_BorrowerABorrowerEMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowerABorrowerEMember" xml:lang="en-US" id="label_BorrowerABorrowerEMember">Borrower A and Borrower E [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowerABorrowerEMember" xlink:to="label_BorrowerABorrowerEMember" xlink:title="label: BorrowerABorrowerEMember to label_BorrowerABorrowerEMember"/>
    <label xlink:type="resource" xlink:label="label_BorrowerABorrowerEMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowerABorrowerEMember" xml:lang="en-US" id="label_BorrowerABorrowerEMember_2">Borrower A and E</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowerABorrowerEMember" xlink:to="label_BorrowerABorrowerEMember_2" xlink:title="label: BorrowerABorrowerEMember to label_BorrowerABorrowerEMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDebtSecuritiesExplanatory" xlink:label="DisclosureOfDebtSecuritiesExplanatory" xlink:title="DisclosureOfDebtSecuritiesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfDebtSecuritiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDebtSecuritiesExplanatory" xml:lang="en-US" id="label_DisclosureOfDebtSecuritiesExplanatory">Disclosure of debt instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDebtSecuritiesExplanatory" xlink:to="label_DisclosureOfDebtSecuritiesExplanatory" xlink:title="label: DisclosureOfDebtSecuritiesExplanatory to label_DisclosureOfDebtSecuritiesExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfDebtSecuritiesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDebtSecuritiesExplanatory" xml:lang="en-US" id="label_DisclosureOfDebtSecuritiesExplanatory_2">Debt Instrument Covenant Description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDebtSecuritiesExplanatory" xlink:to="label_DisclosureOfDebtSecuritiesExplanatory_2" xlink:title="label: DisclosureOfDebtSecuritiesExplanatory to label_DisclosureOfDebtSecuritiesExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtSecuritiesCovenants" xlink:label="DebtSecuritiesCovenants" xlink:title="DebtSecuritiesCovenants"/>
    <label xlink:type="resource" xlink:label="label_DebtSecuritiesCovenants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtSecuritiesCovenants" xml:lang="en-US" id="label_DebtSecuritiesCovenants">Debt Instrument Covenant Description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecuritiesCovenants" xlink:to="label_DebtSecuritiesCovenants" xlink:title="label: DebtSecuritiesCovenants to label_DebtSecuritiesCovenants"/>
    <label xlink:type="resource" xlink:label="label_DebtSecuritiesCovenants_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtSecuritiesCovenants" xml:lang="en-US" id="label_DebtSecuritiesCovenants_2">The descripriton of debt instruments' covenants.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecuritiesCovenants" xlink:to="label_DebtSecuritiesCovenants_2" xlink:title="label: DebtSecuritiesCovenants to label_DebtSecuritiesCovenants"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CashSegregatedUnderCovenantRequirements" xlink:label="CashSegregatedUnderCovenantRequirements" xlink:title="CashSegregatedUnderCovenantRequirements"/>
    <label xlink:type="resource" xlink:label="label_CashSegregatedUnderCovenantRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashSegregatedUnderCovenantRequirements" xml:lang="en-US" id="label_CashSegregatedUnderCovenantRequirements">Cash Segregated Under Covenant Requirements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashSegregatedUnderCovenantRequirements" xlink:to="label_CashSegregatedUnderCovenantRequirements" xlink:title="label: CashSegregatedUnderCovenantRequirements to label_CashSegregatedUnderCovenantRequirements"/>
    <label xlink:type="resource" xlink:label="label_CashSegregatedUnderCovenantRequirements_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashSegregatedUnderCovenantRequirements" xml:lang="en-US" id="label_CashSegregatedUnderCovenantRequirements_2">Cash deposited in a special reserve account pursuant to debt covenant requirements.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashSegregatedUnderCovenantRequirements" xlink:to="label_CashSegregatedUnderCovenantRequirements_2" xlink:title="label: CashSegregatedUnderCovenantRequirements to label_CashSegregatedUnderCovenantRequirements"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:label="IncreaseDecreaseInWorkingCapital" xlink:title="IncreaseDecreaseInWorkingCapital"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember" xlink:label="ReserveOfEquityComponentOfConvertibleInstrumentsMember" xlink:title="ReserveOfEquityComponentOfConvertibleInstrumentsMember"/>
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    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentPrepaymentAmount" xlink:label="DebtInstrumentPrepaymentAmount" xlink:title="DebtInstrumentPrepaymentAmount"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities" xlink:title="label: NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLeaseLiabilities" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities_2">Lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities_2" xlink:title="label: NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentLeaseLiabilities" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities_3">Non-current lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities_3" xlink:title="label: NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="CurrentLeaseLiabilities" xlink:title="CurrentLeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLeaseLiabilities" xml:lang="en-US" id="label_CurrentLeaseLiabilities">Current Lease Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities" xlink:title="label: CurrentLeaseLiabilities to label_CurrentLeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLeaseLiabilities" xml:lang="en-US" id="label_CurrentLeaseLiabilities_2">Current portion of lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities_2" xlink:title="label: CurrentLeaseLiabilities to label_CurrentLeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentLeaseLiabilities" xml:lang="en-US" id="label_CurrentLeaseLiabilities_3">Current lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities_3" xlink:title="label: CurrentLeaseLiabilities to label_CurrentLeaseLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationRightofuseAssets" xlink:label="DepreciationRightofuseAssets" xlink:title="DepreciationRightofuseAssets"/>
    <label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationRightofuseAssets" xml:lang="en-US" id="label_DepreciationRightofuseAssets">Depreciation Right of use Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets" xlink:title="label: DepreciationRightofuseAssets to label_DepreciationRightofuseAssets"/>
    <label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationRightofuseAssets" xml:lang="en-US" id="label_DepreciationRightofuseAssets_2">Depreciation of right of use asset</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets_2" xlink:title="label: DepreciationRightofuseAssets to label_DepreciationRightofuseAssets"/>
    <label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DepreciationRightofuseAssets" xml:lang="en-US" id="label_DepreciationRightofuseAssets_3">Depreciation charge for right-of-use assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets_3" xlink:title="label: DepreciationRightofuseAssets to label_DepreciationRightofuseAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LeaseLiabilities" xlink:label="LeaseLiabilities" xlink:title="LeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilities" xml:lang="en-US" id="label_LeaseLiabilities">Lease Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities" xlink:title="label: LeaseLiabilities to label_LeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_LeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilities" xml:lang="en-US" id="label_LeaseLiabilities_2">Lease liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_2" xlink:title="label: LeaseLiabilities to label_LeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_LeaseLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LeaseLiabilities" xml:lang="en-US" id="label_LeaseLiabilities_3">Lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_3" xlink:title="label: LeaseLiabilities to label_LeaseLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:label="InterestExpenseOnLeaseLiabilities" xlink:title="InterestExpenseOnLeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseOnLeaseLiabilities" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities">Interest Expense On Lease Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities" xlink:title="label: InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestExpenseOnLeaseLiabilities" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities_2">Interest expense on lease liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities_2" xlink:title="label: InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities"/>
    <label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InterestExpenseOnLeaseLiabilities" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities_3">Operating lease liability interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities_3" xlink:title="label: InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xlink:label="PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xlink:title="PropertyPlantAndEquipmentByOperatingLeaseStatusAxis"/>
    <label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xml:lang="en-US" id="label_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis">Property Plant And Equipment By Operating Lease Status [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xlink:to="label_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xlink:title="label: PropertyPlantAndEquipmentByOperatingLeaseStatusAxis to label_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusMember" xlink:label="PropertyPlantAndEquipmentByOperatingLeaseStatusMember" xlink:title="PropertyPlantAndEquipmentByOperatingLeaseStatusMember"/>
    <label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentByOperatingLeaseStatusMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentByOperatingLeaseStatusMember" xml:lang="en-US" id="label_PropertyPlantAndEquipmentByOperatingLeaseStatusMember">Property Plant And Equipment By Operating Lease Status [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentByOperatingLeaseStatusMember" xlink:to="label_PropertyPlantAndEquipmentByOperatingLeaseStatusMember" xlink:title="label: PropertyPlantAndEquipmentByOperatingLeaseStatusMember to label_PropertyPlantAndEquipmentByOperatingLeaseStatusMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:label="PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:title="PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"/>
    <label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xml:lang="en-US" id="label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember">Property Plant And Equipment Subject To Operating Leases [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:to="label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:title="label: PropertyPlantAndEquipmentSubjectToOperatingLeasesMember to label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"/>
    <label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xml:lang="en-US" id="label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_2">Time charters leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:to="label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_2" xlink:title="label: PropertyPlantAndEquipmentSubjectToOperatingLeasesMember to label_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OperatingLeaseIncome" xlink:label="OperatingLeaseIncome" xlink:title="OperatingLeaseIncome"/>
    <label xlink:type="resource" xlink:label="label_OperatingLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingLeaseIncome" xml:lang="en-US" id="label_OperatingLeaseIncome">Operating Lease Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeaseIncome" xlink:to="label_OperatingLeaseIncome" xlink:title="label: OperatingLeaseIncome to label_OperatingLeaseIncome"/>
    <label xlink:type="resource" xlink:label="label_OperatingLeaseIncome_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OperatingLeaseIncome" xml:lang="en-US" id="label_OperatingLeaseIncome_2">Operating lease income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeaseIncome" xlink:to="label_OperatingLeaseIncome_2" xlink:title="label: OperatingLeaseIncome to label_OperatingLeaseIncome"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageSharePrice2019" xlink:label="WeightedAverageSharePrice2019" xlink:title="WeightedAverageSharePrice2019"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageSharePrice2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageSharePrice2019" xml:lang="en-US" id="label_WeightedAverageSharePrice2019">Weighted Average Share Price 2019</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageSharePrice2019" xlink:to="label_WeightedAverageSharePrice2019" xlink:title="label: WeightedAverageSharePrice2019 to label_WeightedAverageSharePrice2019"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageSharePrice2019_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageSharePrice2019" xml:lang="en-US" id="label_WeightedAverageSharePrice2019_2">Weighted average share price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageSharePrice2019" xlink:to="label_WeightedAverageSharePrice2019_2" xlink:title="label: WeightedAverageSharePrice2019 to label_WeightedAverageSharePrice2019"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MVRiverGlobeMember" xlink:label="MVRiverGlobeMember" xlink:title="MVRiverGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVRiverGlobeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MVRiverGlobeMember" xml:lang="en-US" id="label_MVRiverGlobeMember">MV River Globe [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVRiverGlobeMember" xlink:to="label_MVRiverGlobeMember" xlink:title="label: MVRiverGlobeMember to label_MVRiverGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVRiverGlobeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MVRiverGlobeMember" xml:lang="en-US" id="label_MVRiverGlobeMember_2">m/v River Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVRiverGlobeMember" xlink:to="label_MVRiverGlobeMember_2" xlink:title="label: MVRiverGlobeMember to label_MVRiverGlobeMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MVSkyGlobeMember" xlink:label="MVSkyGlobeMember" xlink:title="MVSkyGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVSkyGlobeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MVSkyGlobeMember" xml:lang="en-US" id="label_MVSkyGlobeMember">MV Sky Globe [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVSkyGlobeMember" xlink:to="label_MVSkyGlobeMember" xlink:title="label: MVSkyGlobeMember to label_MVSkyGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVSkyGlobeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MVSkyGlobeMember" xml:lang="en-US" id="label_MVSkyGlobeMember_2">m/v Sky Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVSkyGlobeMember" xlink:to="label_MVSkyGlobeMember_2" xlink:title="label: MVSkyGlobeMember to label_MVSkyGlobeMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MVStarGlobeMember" xlink:label="MVStarGlobeMember" xlink:title="MVStarGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVStarGlobeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MVStarGlobeMember" xml:lang="en-US" id="label_MVStarGlobeMember">MV Star Globe [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVStarGlobeMember" xlink:to="label_MVStarGlobeMember" xlink:title="label: MVStarGlobeMember to label_MVStarGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVStarGlobeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MVStarGlobeMember" xml:lang="en-US" id="label_MVStarGlobeMember_2">m/v Star Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVStarGlobeMember" xlink:to="label_MVStarGlobeMember_2" xlink:title="label: MVStarGlobeMember to label_MVStarGlobeMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MVSunGlobeMember" xlink:label="MVSunGlobeMember" xlink:title="MVSunGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVSunGlobeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MVSunGlobeMember" xml:lang="en-US" id="label_MVSunGlobeMember">MV Sun Globe [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVSunGlobeMember" xlink:to="label_MVSunGlobeMember" xlink:title="label: MVSunGlobeMember to label_MVSunGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVSunGlobeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MVSunGlobeMember" xml:lang="en-US" id="label_MVSunGlobeMember_2">m/v Sun Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVSunGlobeMember" xlink:to="label_MVSunGlobeMember_2" xlink:title="label: MVSunGlobeMember to label_MVSunGlobeMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MVMoonGlobeMember" xlink:label="MVMoonGlobeMember" xlink:title="MVMoonGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVMoonGlobeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MVMoonGlobeMember" xml:lang="en-US" id="label_MVMoonGlobeMember">MV Moon Globe [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVMoonGlobeMember" xlink:to="label_MVMoonGlobeMember" xlink:title="label: MVMoonGlobeMember to label_MVMoonGlobeMember"/>
    <label xlink:type="resource" xlink:label="label_MVMoonGlobeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MVMoonGlobeMember" xml:lang="en-US" id="label_MVMoonGlobeMember_2">m/v Moon Globe</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MVMoonGlobeMember" xlink:to="label_MVMoonGlobeMember_2" xlink:title="label: MVMoonGlobeMember to label_MVMoonGlobeMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:label="DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:title="DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xml:lang="en-US" id="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems">Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:to="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:title="label: DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems to label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:label="NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:title="NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure">Non Current Restricted Cash And Cash Equivalents Fair Value Disclosure</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:title="label: NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure to label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_2">Fair value of non current restricted cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_2" xlink:title="label: NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure to label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_3">The fair value of non current cash and cash equivalent items which are restricted as to withdrawal or usage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_3" xlink:title="label: NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure to label_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:label="CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:title="CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure">Current Restricted Cash And Cash Equivalents Fair Value Disclosure</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:title="label: CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure to label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_2">Fair value of current restricted cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_2" xlink:title="label: CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure to label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:label="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US" id="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_3">The fair value of current cash and cash equivalent items which are restricted as to withdrawal or usage.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_3" xlink:title="label: CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure to label_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xlink:label="UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xlink:title="UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1"/>
    <label xlink:type="resource" xlink:label="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xml:lang="en-US" id="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1">Useful LivesOr Depreciation Rates Property Plant And Equipment 1</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xlink:to="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xlink:title="label: UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1 to label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1"/>
    <label xlink:type="resource" xlink:label="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xml:lang="en-US" id="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1_2">Useful life</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xlink:to="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1_2" xlink:title="label: UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1 to label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1"/>
    <label xlink:type="resource" xlink:label="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xml:lang="en-US" id="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1_3">This element refers to the useful lives or depreciation rates used for property, plant and equipment.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xlink:to="label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1_3" xlink:title="label: UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1 to label_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xlink:label="HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xlink:title="HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1"/>
    <label xlink:type="resource" xlink:label="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xml:lang="en-US" id="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1">Historical Volatility For Shares Significant Unobservable Inputs Liabilities 1</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xlink:to="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xlink:title="label: HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1 to label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1"/>
    <label xlink:type="resource" xlink:label="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xml:lang="en-US" id="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1_2">Historical volatility for shares, significant unobservable inputs, liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xlink:to="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1_2" xlink:title="label: HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1 to label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1"/>
    <label xlink:type="resource" xlink:label="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xml:lang="en-US" id="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1_3">This element refers to historical volatility for shares used as a significant Level 3 unobservable input for liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xlink:to="label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1_3" xlink:title="label: HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1 to label_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_InterestRateSignificantUnobservableInputsLiabilities1" xlink:label="InterestRateSignificantUnobservableInputsLiabilities1" xlink:title="InterestRateSignificantUnobservableInputsLiabilities1"/>
    <label xlink:type="resource" xlink:label="label_InterestRateSignificantUnobservableInputsLiabilities1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateSignificantUnobservableInputsLiabilities1" xml:lang="en-US" id="label_InterestRateSignificantUnobservableInputsLiabilities1">Interest Rate Significan tUnobservable Inputs Liabilities 1</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSignificantUnobservableInputsLiabilities1" xlink:to="label_InterestRateSignificantUnobservableInputsLiabilities1" xlink:title="label: InterestRateSignificantUnobservableInputsLiabilities1 to label_InterestRateSignificantUnobservableInputsLiabilities1"/>
    <label xlink:type="resource" xlink:label="label_InterestRateSignificantUnobservableInputsLiabilities1_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateSignificantUnobservableInputsLiabilities1" xml:lang="en-US" id="label_InterestRateSignificantUnobservableInputsLiabilities1_2">Risk free rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSignificantUnobservableInputsLiabilities1" xlink:to="label_InterestRateSignificantUnobservableInputsLiabilities1_2" xlink:title="label: InterestRateSignificantUnobservableInputsLiabilities1 to label_InterestRateSignificantUnobservableInputsLiabilities1"/>
    <label xlink:type="resource" xlink:label="label_InterestRateSignificantUnobservableInputsLiabilities1_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateSignificantUnobservableInputsLiabilities1" xml:lang="en-US" id="label_InterestRateSignificantUnobservableInputsLiabilities1_3">This element refers to interest rate used as a significant Level 3 unobservable input for liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSignificantUnobservableInputsLiabilities1" xlink:to="label_InterestRateSignificantUnobservableInputsLiabilities1_3" xlink:title="label: InterestRateSignificantUnobservableInputsLiabilities1 to label_InterestRateSignificantUnobservableInputsLiabilities1"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAnnualReport" xlink:label="DocumentAnnualReport" xlink:title="DocumentAnnualReport"/>
    <label xlink:type="resource" xlink:label="label_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentAnnualReport" xml:lang="en-US" id="label_DocumentAnnualReport">Document Annual Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAnnualReport" xlink:to="label_DocumentAnnualReport" xlink:title="label: DocumentAnnualReport to label_DocumentAnnualReport"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentTransitionReport" xlink:label="DocumentTransitionReport" xlink:title="DocumentTransitionReport"/>
    <label xlink:type="resource" xlink:label="label_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentTransitionReport" xml:lang="en-US" id="label_DocumentTransitionReport">Document Transition Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentTransitionReport" xlink:to="label_DocumentTransitionReport" xlink:title="label: DocumentTransitionReport to label_DocumentTransitionReport"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="DocumentShellCompanyReport" xlink:title="DocumentShellCompanyReport"/>
    <label xlink:type="resource" xlink:label="label_DocumentShellCompanyReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentShellCompanyReport" xml:lang="en-US" id="label_DocumentShellCompanyReport">Document Shell Company Report</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentShellCompanyReport" xlink:to="label_DocumentShellCompanyReport" xlink:title="label: DocumentShellCompanyReport to label_DocumentShellCompanyReport"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle"/>
    <label xlink:type="resource" xlink:label="label_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Security12bTitle" xml:lang="en-US" id="label_Security12bTitle">Title of 12(b) Security</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="label_Security12bTitle" xlink:title="label: Security12bTitle to label_Security12bTitle"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12gTitle" xlink:label="Security12gTitle" xlink:title="Security12gTitle"/>
    <label xlink:type="resource" xlink:label="label_Security12gTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Security12gTitle" xml:lang="en-US" id="label_Security12gTitle">Security 12g Title</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12gTitle" xlink:to="label_Security12gTitle" xlink:title="label: Security12gTitle to label_Security12gTitle"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsAtFairValue" xlink:label="FinancialAssetsAtFairValue" xlink:title="FinancialAssetsAtFairValue"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtFairValue" xml:lang="en-US" id="label_FinancialAssetsAtFairValue">Financial Assets at fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValue" xlink:to="label_FinancialAssetsAtFairValue" xlink:title="label: FinancialAssetsAtFairValue to label_FinancialAssetsAtFairValue"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_WeightedAverageCostOfCapital" xlink:label="WeightedAverageCostOfCapital" xlink:title="WeightedAverageCostOfCapital"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageCostOfCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageCostOfCapital" xml:lang="en-US" id="label_WeightedAverageCostOfCapital">Weighted Average Cost Of Capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageCostOfCapital" xlink:to="label_WeightedAverageCostOfCapital" xlink:title="label: WeightedAverageCostOfCapital to label_WeightedAverageCostOfCapital"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageCostOfCapital_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WeightedAverageCostOfCapital" xml:lang="en-US" id="label_WeightedAverageCostOfCapital_2">The weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is proportionately weighted. All sources of capital, including common stock, preferred stock, bonds, and any other long-term debt, are included in a WACC calculation.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageCostOfCapital" xlink:to="label_WeightedAverageCostOfCapital_2" xlink:title="label: WeightedAverageCostOfCapital to label_WeightedAverageCostOfCapital"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageCostOfCapital_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageCostOfCapital" xml:lang="en-US" id="label_WeightedAverageCostOfCapital_3">Weighted Average Cost Of Capital rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageCostOfCapital" xlink:to="label_WeightedAverageCostOfCapital_3" xlink:title="label: WeightedAverageCostOfCapital to label_WeightedAverageCostOfCapital"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:label="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:title="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16"/>
    <label xlink:type="resource" xlink:label="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xml:lang="en-US" id="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16">Incremental cost of borrowing</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:to="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:title="label: WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 to label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16"/>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName"/>
    <label xlink:type="resource" xlink:label="label_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecurityExchangeName" xml:lang="en-US" id="label_SecurityExchangeName">Security Exchange Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityExchangeName" xlink:to="label_SecurityExchangeName" xlink:title="label: SecurityExchangeName to label_SecurityExchangeName"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsAtFairValueMember" xlink:label="FinancialAssetsAtFairValueMember" xlink:title="FinancialAssetsAtFairValueMember"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialAssetsAtFairValueMember" xml:lang="en-US" id="label_FinancialAssetsAtFairValueMember">Financial assets measured at fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValueMember" xlink:to="label_FinancialAssetsAtFairValueMember" xlink:title="label: FinancialAssetsAtFairValueMember to label_FinancialAssetsAtFairValueMember"/>
    <label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValueMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtFairValueMember" xml:lang="en-US" id="label_FinancialAssetsAtFairValueMember_2">Financial assets at fair value, class [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValueMember" xlink:to="label_FinancialAssetsAtFairValueMember_2" xlink:title="label: FinancialAssetsAtFairValueMember to label_FinancialAssetsAtFairValueMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialLiabilitiesAtFairValueMember" xlink:label="FinancialLiabilitiesAtFairValueMember" xlink:title="FinancialLiabilitiesAtFairValueMember"/>
    <label xlink:type="resource" xlink:label="label_FinancialLiabilitiesAtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesAtFairValueMember" xml:lang="en-US" id="label_FinancialLiabilitiesAtFairValueMember">Financial liabilities at fair value, class [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesAtFairValueMember" xlink:to="label_FinancialLiabilitiesAtFairValueMember" xlink:title="label: FinancialLiabilitiesAtFairValueMember to label_FinancialLiabilitiesAtFairValueMember"/>
    <label xlink:type="resource" xlink:label="label_FinancialLiabilitiesAtFairValueMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilitiesAtFairValueMember" xml:lang="en-US" id="label_FinancialLiabilitiesAtFairValueMember_2">Financial liabilities measured at fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesAtFairValueMember" xlink:to="label_FinancialLiabilitiesAtFairValueMember_2" xlink:title="label: FinancialLiabilitiesAtFairValueMember to label_FinancialLiabilitiesAtFairValueMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="Level1OfFairValueHierarchyMember" xlink:title="Level1OfFairValueHierarchyMember"/>
    <label xlink:type="resource" xlink:label="label_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level1OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level1OfFairValueHierarchyMember">Level 1 of fair value hierarchy [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level1OfFairValueHierarchyMember" xlink:to="label_Level1OfFairValueHierarchyMember" xlink:title="label: Level1OfFairValueHierarchyMember to label_Level1OfFairValueHierarchyMember"/>
    <label xlink:type="resource" xlink:label="label_Level1OfFairValueHierarchyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Level1OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level1OfFairValueHierarchyMember_2">Level 1</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level1OfFairValueHierarchyMember" xlink:to="label_Level1OfFairValueHierarchyMember_2" xlink:title="label: Level1OfFairValueHierarchyMember to label_Level1OfFairValueHierarchyMember"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfRecoverableAmountOfAssetsExplanatory" xlink:label="DisclosureOfRecoverableAmountOfAssetsExplanatory" xlink:title="DisclosureOfRecoverableAmountOfAssetsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableAmountOfAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRecoverableAmountOfAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfRecoverableAmountOfAssetsExplanatory">Disclosure Of Recoverable Amount Of Assets Explanatory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableAmountOfAssetsExplanatory" xlink:to="label_DisclosureOfRecoverableAmountOfAssetsExplanatory" xlink:title="label: DisclosureOfRecoverableAmountOfAssetsExplanatory to label_DisclosureOfRecoverableAmountOfAssetsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableAmountOfAssetsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfRecoverableAmountOfAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfRecoverableAmountOfAssetsExplanatory_2">Recoverable amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableAmountOfAssetsExplanatory" xlink:to="label_DisclosureOfRecoverableAmountOfAssetsExplanatory_2" xlink:title="label: DisclosureOfRecoverableAmountOfAssetsExplanatory to label_DisclosureOfRecoverableAmountOfAssetsExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableAmountOfAssetsExplanatory_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfRecoverableAmountOfAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfRecoverableAmountOfAssetsExplanatory_3">The disclosure for the higher of an asset&#8217;s fair value less costs of disposal and its value in use.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableAmountOfAssetsExplanatory" xlink:to="label_DisclosureOfRecoverableAmountOfAssetsExplanatory_3" xlink:title="label: DisclosureOfRecoverableAmountOfAssetsExplanatory to label_DisclosureOfRecoverableAmountOfAssetsExplanatory"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_NumberOfIterations" xlink:label="NumberOfInterations" xlink:title="NumberOfInterations"/>
    <label xlink:type="resource" xlink:label="label_NumberOfInterations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfInterations" xml:lang="en-US" id="label_NumberOfInterations">The number of iterations required for the Monte Carlo simulation iterations.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInterations" xlink:to="label_NumberOfInterations" xlink:title="label: NumberOfInterations to label_NumberOfInterations"/>
    <label xlink:type="resource" xlink:label="label_NumberOfInterations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfInterations" xml:lang="en-US" id="label_NumberOfInterations_2">Number Of Iterations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInterations" xlink:to="label_NumberOfInterations_2" xlink:title="label: NumberOfInterations to label_NumberOfInterations"/>
    <label xlink:type="resource" xlink:label="label_NumberOfInterations_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfInterations" xml:lang="en-US" id="label_NumberOfInterations_3">Number of iterations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInterations" xlink:to="label_NumberOfInterations_3" xlink:title="label: NumberOfInterations to label_NumberOfInterations"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AverageLogarithmicPriceChangeAssumed" xlink:label="AverageLogarithmicPriceChangeAssumed" xlink:title="AverageLogarithmicPriceChangeAssumed"/>
    <label xlink:type="resource" xlink:label="label_AverageLogarithmicPriceChangeAssumed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AverageLogarithmicPriceChangeAssumed" xml:lang="en-US" id="label_AverageLogarithmicPriceChangeAssumed">Average Logarithmic Price Change Assumed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageLogarithmicPriceChangeAssumed" xlink:to="label_AverageLogarithmicPriceChangeAssumed" xlink:title="label: AverageLogarithmicPriceChangeAssumed to label_AverageLogarithmicPriceChangeAssumed"/>
    <label xlink:type="resource" xlink:label="label_AverageLogarithmicPriceChangeAssumed_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AverageLogarithmicPriceChangeAssumed" xml:lang="en-US" id="label_AverageLogarithmicPriceChangeAssumed_2">Average logarithmic price change</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageLogarithmicPriceChangeAssumed" xlink:to="label_AverageLogarithmicPriceChangeAssumed_2" xlink:title="label: AverageLogarithmicPriceChangeAssumed to label_AverageLogarithmicPriceChangeAssumed"/>
    <label xlink:type="resource" xlink:label="label_AverageLogarithmicPriceChangeAssumed_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AverageLogarithmicPriceChangeAssumed" xml:lang="en-US" id="label_AverageLogarithmicPriceChangeAssumed_3">The average logarithmic price change during the 6 month historical period, incorporated in the Monte Carlo simulation.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageLogarithmicPriceChangeAssumed" xlink:to="label_AverageLogarithmicPriceChangeAssumed_3" xlink:title="label: AverageLogarithmicPriceChangeAssumed to label_AverageLogarithmicPriceChangeAssumed"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_AssumedExpectedVolatilityRate" xlink:label="AssumedExpectedVolatilityRate" xlink:title="AssumedExpectedVolatilityRate"/>
    <label xlink:type="resource" xlink:label="label_AssumedExpectedVolatilityRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssumedExpectedVolatilityRate" xml:lang="en-US" id="label_AssumedExpectedVolatilityRate">Assumed Expected Volatility Rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumedExpectedVolatilityRate" xlink:to="label_AssumedExpectedVolatilityRate" xlink:title="label: AssumedExpectedVolatilityRate to label_AssumedExpectedVolatilityRate"/>
    <label xlink:type="resource" xlink:label="label_AssumedExpectedVolatilityRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssumedExpectedVolatilityRate" xml:lang="en-US" id="label_AssumedExpectedVolatilityRate_2">Assumed expected volatility rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumedExpectedVolatilityRate" xlink:to="label_AssumedExpectedVolatilityRate_2" xlink:title="label: AssumedExpectedVolatilityRate to label_AssumedExpectedVolatilityRate"/>
    <label xlink:type="resource" xlink:label="label_AssumedExpectedVolatilityRate_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AssumedExpectedVolatilityRate" xml:lang="en-US" id="label_AssumedExpectedVolatilityRate_3">The assumed daily volatility for the 6 month period preceding the valuation date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumedExpectedVolatilityRate" xlink:to="label_AssumedExpectedVolatilityRate_3" xlink:title="label: AssumedExpectedVolatilityRate to label_AssumedExpectedVolatilityRate"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MonteCarloSimulationMember" xlink:label="MonteCarloSimulationMember" xlink:title="MonteCarloSimulationMember"/>
    <label xlink:type="resource" xlink:label="label_MonteCarloSimulationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MonteCarloSimulationMember" xml:lang="en-US" id="label_MonteCarloSimulationMember">Monte Carlo Simulation [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonteCarloSimulationMember" xlink:to="label_MonteCarloSimulationMember" xlink:title="label: MonteCarloSimulationMember to label_MonteCarloSimulationMember"/>
    <label xlink:type="resource" xlink:label="label_MonteCarloSimulationMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MonteCarloSimulationMember" xml:lang="en-US" id="label_MonteCarloSimulationMember_2">Monte Carlo simulation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonteCarloSimulationMember" xlink:to="label_MonteCarloSimulationMember_2" xlink:title="label: MonteCarloSimulationMember to label_MonteCarloSimulationMember"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:label="RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:title="RecoverableAmountOfAssetOrCashgeneratingUnit"/>
    <label xlink:type="resource" xlink:label="label_RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RecoverableAmountOfAssetOrCashgeneratingUnit" xml:lang="en-US" id="label_RecoverableAmountOfAssetOrCashgeneratingUnit">Recoverable Amount Of Asset Or Cash generating Unit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:to="label_RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:title="label: RecoverableAmountOfAssetOrCashgeneratingUnit to label_RecoverableAmountOfAssetOrCashgeneratingUnit"/>
    <label xlink:type="resource" xlink:label="label_RecoverableAmountOfAssetOrCashgeneratingUnit_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RecoverableAmountOfAssetOrCashgeneratingUnit" xml:lang="en-US" id="label_RecoverableAmountOfAssetOrCashgeneratingUnit_2">Recoverable amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:to="label_RecoverableAmountOfAssetOrCashgeneratingUnit_2" xlink:title="label: RecoverableAmountOfAssetOrCashgeneratingUnit to label_RecoverableAmountOfAssetOrCashgeneratingUnit"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLoss" xlink:label="ImpairmentLoss" xlink:title="ImpairmentLoss"/>
    <label xlink:type="resource" xlink:label="label_ImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLoss" xml:lang="en-US" id="label_ImpairmentLoss">Impairment Loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLoss" xlink:to="label_ImpairmentLoss" xlink:title="label: ImpairmentLoss to label_ImpairmentLoss"/>
    <label xlink:type="resource" xlink:label="label_ImpairmentLoss_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_ImpairmentLoss" xml:lang="en-US" id="label_ImpairmentLoss_2">Impairment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLoss" xlink:to="label_ImpairmentLoss_2" xlink:title="label: ImpairmentLoss to label_ImpairmentLoss"/>
    <label xlink:type="resource" xlink:label="label_ImpairmentLoss_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLoss" xml:lang="en-US" id="label_ImpairmentLoss_3">Impairment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLoss" xlink:to="label_ImpairmentLoss_3" xlink:title="label: ImpairmentLoss to label_ImpairmentLoss"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment" xlink:label="DescriptionOfUsefulLifePropertyPlantAndEquipment_2" xlink:title="DescriptionOfUsefulLifePropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfUsefulLifePropertyPlantAndEquipment_4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfUsefulLifePropertyPlantAndEquipment" xml:lang="en-US" id="label_DescriptionOfUsefulLifePropertyPlantAndEquipment_4">Description Of Useful Life Property Plant And Equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfUsefulLifePropertyPlantAndEquipment_2" xlink:to="label_DescriptionOfUsefulLifePropertyPlantAndEquipment_4" xlink:title="label: DescriptionOfUsefulLifePropertyPlantAndEquipment to label_DescriptionOfUsefulLifePropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfUsefulLifePropertyPlantAndEquipment_5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfUsefulLifePropertyPlantAndEquipment" xml:lang="en-US" id="label_DescriptionOfUsefulLifePropertyPlantAndEquipment_5">Useful life</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfUsefulLifePropertyPlantAndEquipment_2" xlink:to="label_DescriptionOfUsefulLifePropertyPlantAndEquipment_5" xlink:title="label: DescriptionOfUsefulLifePropertyPlantAndEquipment to label_DescriptionOfUsefulLifePropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ClosingStockPrice" xlink:label="ClosingStockPrice" xlink:title="ClosingStockPrice"/>
    <label xlink:type="resource" xlink:label="label_ClosingStockPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClosingStockPrice" xml:lang="en-US" id="label_ClosingStockPrice">Closing Stock Price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingStockPrice" xlink:to="label_ClosingStockPrice" xlink:title="label: ClosingStockPrice to label_ClosingStockPrice"/>
    <label xlink:type="resource" xlink:label="label_ClosingStockPrice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClosingStockPrice" xml:lang="en-US" id="label_ClosingStockPrice_2">The last&#160;price&#160;at which the&#160;stock&#160;traded during the regular trading day.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingStockPrice" xlink:to="label_ClosingStockPrice_2" xlink:title="label: ClosingStockPrice to label_ClosingStockPrice"/>
    <label xlink:type="resource" xlink:label="label_ClosingStockPrice_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClosingStockPrice" xml:lang="en-US" id="label_ClosingStockPrice_3">Closing stock price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingStockPrice" xlink:to="label_ClosingStockPrice_3" xlink:title="label: ClosingStockPrice to label_ClosingStockPrice"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ProfitLossFromNonOperatingActivities" xlink:label="ProfitLossFromNonOperatingActivities" xlink:title="ProfitLossFromNonOperatingActivities"/>
    <label xlink:type="resource" xlink:label="label_ProfitLossFromNonOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossFromNonOperatingActivities" xml:lang="en-US" id="label_ProfitLossFromNonOperatingActivities">Profit Loss From Non Operating Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromNonOperatingActivities" xlink:to="label_ProfitLossFromNonOperatingActivities" xlink:title="label: ProfitLossFromNonOperatingActivities to label_ProfitLossFromNonOperatingActivities"/>
    <label xlink:type="resource" xlink:label="label_ProfitLossFromNonOperatingActivities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProfitLossFromNonOperatingActivities" xml:lang="en-US" id="label_ProfitLossFromNonOperatingActivities_2">The profit (loss) from non-operating activities of the entity.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromNonOperatingActivities" xlink:to="label_ProfitLossFromNonOperatingActivities_2" xlink:title="label: ProfitLossFromNonOperatingActivities to label_ProfitLossFromNonOperatingActivities"/>
    <label xlink:type="resource" xlink:label="label_ProfitLossFromNonOperatingActivities_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossFromNonOperatingActivities" xml:lang="en-US" id="label_ProfitLossFromNonOperatingActivities_3">Non-operating loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromNonOperatingActivities" xlink:to="label_ProfitLossFromNonOperatingActivities_3" xlink:title="label: ProfitLossFromNonOperatingActivities to label_ProfitLossFromNonOperatingActivities"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DebtInstrumentConvertibleRemainingTradingDays" xlink:label="DebtInstrumentConvertibleRemainingTradingDays" xlink:title="DebtInstrumentConvertibleRemainingTradingDays"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleRemainingTradingDays" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentConvertibleRemainingTradingDays" xml:lang="en-US" id="label_DebtInstrumentConvertibleRemainingTradingDays">Debt Instrument Convertible Remaining Trading Days</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleRemainingTradingDays" xlink:to="label_DebtInstrumentConvertibleRemainingTradingDays" xlink:title="label: DebtInstrumentConvertibleRemainingTradingDays to label_DebtInstrumentConvertibleRemainingTradingDays"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleRemainingTradingDays_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentConvertibleRemainingTradingDays" xml:lang="en-US" id="label_DebtInstrumentConvertibleRemainingTradingDays_2">The number of remaining trading days of convertible debt instrument.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleRemainingTradingDays" xlink:to="label_DebtInstrumentConvertibleRemainingTradingDays_2" xlink:title="label: DebtInstrumentConvertibleRemainingTradingDays to label_DebtInstrumentConvertibleRemainingTradingDays"/>
    <label xlink:type="resource" xlink:label="label_DebtInstrumentConvertibleRemainingTradingDays_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentConvertibleRemainingTradingDays" xml:lang="en-US" id="label_DebtInstrumentConvertibleRemainingTradingDays_3">Remaining trading days</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentConvertibleRemainingTradingDays" xlink:to="label_DebtInstrumentConvertibleRemainingTradingDays_3" xlink:title="label: DebtInstrumentConvertibleRemainingTradingDays to label_DebtInstrumentConvertibleRemainingTradingDays"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_PriceFloor" xlink:label="PriceFloorUsedInMonteCarloSimulation" xlink:title="PriceFloorUsedInMonteCarloSimulation"/>
    <label xlink:type="resource" xlink:label="label_PriceFloorUsedInMonteCarloSimulation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PriceFloorUsedInMonteCarloSimulation" xml:lang="en-US" id="label_PriceFloorUsedInMonteCarloSimulation">Price Floor Used In Monte Carlo Simulation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PriceFloorUsedInMonteCarloSimulation" xlink:to="label_PriceFloorUsedInMonteCarloSimulation" xlink:title="label: PriceFloorUsedInMonteCarloSimulation to label_PriceFloorUsedInMonteCarloSimulation"/>
    <label xlink:type="resource" xlink:label="label_PriceFloorUsedInMonteCarloSimulation_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PriceFloorUsedInMonteCarloSimulation" xml:lang="en-US" id="label_PriceFloorUsedInMonteCarloSimulation_2">Floor price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PriceFloorUsedInMonteCarloSimulation" xlink:to="label_PriceFloorUsedInMonteCarloSimulation_2" xlink:title="label: PriceFloorUsedInMonteCarloSimulation to label_PriceFloorUsedInMonteCarloSimulation"/>
    <label xlink:type="resource" xlink:label="label_PriceFloorUsedInMonteCarloSimulation_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PriceFloorUsedInMonteCarloSimulation" xml:lang="en-US" id="label_PriceFloorUsedInMonteCarloSimulation_3">Price floor incorporated in Monte Carlo Simulation.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PriceFloorUsedInMonteCarloSimulation" xlink:to="label_PriceFloorUsedInMonteCarloSimulation_3" xlink:title="label: PriceFloorUsedInMonteCarloSimulation to label_PriceFloorUsedInMonteCarloSimulation"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xlink:label="DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xlink:title="DisclosureOfValuationTechniquesAndSignificantUnobservableInputs"/>
    <label xlink:type="resource" xlink:label="label_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xml:lang="en-US" id="label_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs">Disclosure Of Valuation Techniques And Significant Unobservable Inputs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xlink:to="label_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xlink:title="label: DisclosureOfValuationTechniquesAndSignificantUnobservableInputs to label_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xlink:to="label_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_3" xlink:title="label: DisclosureOfValuationTechniquesAndSignificantUnobservableInputs to label_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory" xlink:label="DescriptionOfAccountingPolicyForRestrictedCashExplanatory" xlink:title="DescriptionOfAccountingPolicyForRestrictedCashExplanatory"/>
    <label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForRestrictedCashExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForRestrictedCashExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForRestrictedCashExplanatory">Description Of Accounting Policy For Restricted Cash Explanatory</label>
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    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_MinimumBidPriceContinuedListingRequirementDays" xlink:label="MinimumBidPriceContinuedListingRequirementDays" xlink:title="MinimumBidPriceContinuedListingRequirementDays"/>
    <label xlink:type="resource" xlink:label="label_MinimumBidPriceContinuedListingRequirementDays" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumBidPriceContinuedListingRequirementDays" xml:lang="en-US" id="label_MinimumBidPriceContinuedListingRequirementDays">Minimum Bid Price Continued Listing Requirement Days</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumBidPriceContinuedListingRequirementDays" xlink:to="label_MinimumBidPriceContinuedListingRequirementDays" xlink:title="label: MinimumBidPriceContinuedListingRequirementDays to label_MinimumBidPriceContinuedListingRequirementDays"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumBidPriceContinuedListingRequirementDays" xlink:to="label_MinimumBidPriceContinuedListingRequirementDays_2" xlink:title="label: MinimumBidPriceContinuedListingRequirementDays to label_MinimumBidPriceContinuedListingRequirementDays"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumBidPriceContinuedListingRequirementDays" xlink:to="label_MinimumBidPriceContinuedListingRequirementDays_3" xlink:title="label: MinimumBidPriceContinuedListingRequirementDays to label_MinimumBidPriceContinuedListingRequirementDays"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_ApplicableGracePeriod" xlink:label="ApplicableGracePeriod" xlink:title="ApplicableGracePeriod"/>
    <label xlink:type="resource" xlink:label="label_ApplicableGracePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ApplicableGracePeriod" xml:lang="en-US" id="label_ApplicableGracePeriod">Applicable Grace Period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableGracePeriod" xlink:to="label_ApplicableGracePeriod" xlink:title="label: ApplicableGracePeriod to label_ApplicableGracePeriod"/>
    <label xlink:type="resource" xlink:label="label_ApplicableGracePeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ApplicableGracePeriod" xml:lang="en-US" id="label_ApplicableGracePeriod_2">Applicable grace period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableGracePeriod" xlink:to="label_ApplicableGracePeriod_2" xlink:title="label: ApplicableGracePeriod to label_ApplicableGracePeriod"/>
    <label xlink:type="resource" xlink:label="label_ApplicableGracePeriod_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ApplicableGracePeriod" xml:lang="en-US" id="label_ApplicableGracePeriod_3">The applicable grace period to regain compliance for failing to meet the minimum bid price continued listing citeria for the Nasdaq Capital Market.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableGracePeriod" xlink:to="label_ApplicableGracePeriod_3" xlink:title="label: ApplicableGracePeriod to label_ApplicableGracePeriod"/>
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    <label xlink:type="resource" xlink:label="label_MinimumBidPriceContinuedListingRequirement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumBidPriceContinuedListingRequirement" xml:lang="en-US" id="label_MinimumBidPriceContinuedListingRequirement">Minimum Bid Price Continued Listing Requirement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumBidPriceContinuedListingRequirement" xlink:to="label_MinimumBidPriceContinuedListingRequirement" xlink:title="label: MinimumBidPriceContinuedListingRequirement to label_MinimumBidPriceContinuedListingRequirement"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumBidPriceContinuedListingRequirement" xlink:to="label_MinimumBidPriceContinuedListingRequirement_2" xlink:title="label: MinimumBidPriceContinuedListingRequirement to label_MinimumBidPriceContinuedListingRequirement"/>
    <label xlink:type="resource" xlink:label="label_MinimumBidPriceContinuedListingRequirement_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumBidPriceContinuedListingRequirement" xml:lang="en-US" id="label_MinimumBidPriceContinuedListingRequirement_3">The minimum bid price to be met for the Nasdaq Capital Market continued listing citeria.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumBidPriceContinuedListingRequirement" xlink:to="label_MinimumBidPriceContinuedListingRequirement_3" xlink:title="label: MinimumBidPriceContinuedListingRequirement to label_MinimumBidPriceContinuedListingRequirement"/>
    <loc xlink:type="locator" xlink:href="glbs-20191231.xsd#glbs_WrittenNotificationFromTheNasdaqStockMarketMember" xlink:label="WrittenNotificationFromTheNasdaqStockMarketMember" xlink:title="WrittenNotificationFromTheNasdaqStockMarketMember"/>
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>glbs-20191231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
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Taxonomy Presentation Links linkbase based on XBRL standard Version 2.1.
Created by UBmatrix Taxonomy Designer 3.0.2.2383 (2008-08-05 09:43).
Contact www.ubmatrix.com
Copyright (c) 2002-2018 UBmatrix inc., All Rights Reserved
Produced on 2018-01-09 12:04:48
-->
<linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
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  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/DividendsTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#DividendsTableDetails"/>
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  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/ShareBasedPaymentTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#ShareBasedPaymentTableDetails"/>
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  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/VoyageExpensesAndVesselOperatingExpensesVoyageExpensesTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#VoyageExpensesAndVesselOperatingExpensesVoyageExpensesTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/DocumentAndEntityInformation" xlink:type="simple" xlink:href="glbs-20191231.xsd#DocumentAndEntityInformation"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/LongTermDebtNetHamburgCommercialBankAGLoanAgreementAndMacquarieLoanAgreementDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#LongTermDebtNetHamburgCommercialBankAGLoanAgreementAndMacquarieLoanAgreementDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/LongTermDebtNetFirmentShippingIncAndConvertibleNoteDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#LongTermDebtNetFirmentShippingIncAndConvertibleNoteDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/LongTermDebtNetKeltyLoanAgreementDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#LongTermDebtNetKeltyLoanAgreementDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/FairValueMeasurementsDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#FairValueMeasurementsDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/FairValueMeasurementsTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#FairValueMeasurementsTableDetails"/>
  <roleRef roleURI="http://www.globusmaritime.gr/20191231/role/FinancialRiskManagementObjectivesAndPoliciesAdjustedBookCapitalizationTableDetails" xlink:type="simple" xlink:href="glbs-20191231.xsd#FinancialRiskManagementObjectivesAndPoliciesAdjustedBookCapitalizationTableDetails"/>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729511808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract', window );"><strong>Commitments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory', window );">Future minimum lease revenues receivable under non-cancellable operating leases</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:504.75pt; border-collapse:collapse"><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:122.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:77.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Within one year</font></p></td><td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; -</font></p></td><td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">2,991</font></p></td></tr><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total</font></p></td><td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,991</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfFutureMinimumLeasePaymentsExplanatory', window );">Future minimum lease payments</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:62.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Within one year</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">142</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">149</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">After one year but not more than five years</font><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">567</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">596</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">More than five years</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">142</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">299</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.75pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">851</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,044</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of future minimum lease payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6732115952">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and General Information (Details) - Common shares<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<tr>
<th class="th">
<div>Oct. 15, 2018 </div>
<div>shares</div>
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<th class="th">
<div>Oct. 14, 2018 </div>
<div>shares</div>
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<td class="text">&#160;<span></span>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6744616880">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term Debt, Net - Hamburg Commercial Bank AG Loan Agreement and Macquarie Loan Agreement (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
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<th class="th" colspan="3">12 Months Ended</th>
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<th class="th"><div>Mar. 03, 2015</div></th>
<th class="th"><div>Jun. 28, 2019</div></th>
<th class="th"><div>Jun. 27, 2019</div></th>
<th class="th"><div>Jul. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Feb. 28, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 43,700<span></span>
</td>
<td class="nump">$ 15,700<span></span>
</td>
<td class="nump">$ 280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,830<span></span>
</td>
<td class="nump">19,497<span></span>
</td>
<td class="nump">$ 4,399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_HamburgCommercialBankAGLoanAgreementMember', window );">Hamburg Commercial Bank AG</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Loan Facility, Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="nump">$ 29,405<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,776<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_CreditSuisseAGLoanAgreementMember', window );">Credit Suisse AG</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="nump">$ 30,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_MacquarieBankInternationalLimitedLoanAgreementMember', window );">Macquarie Bank International Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Loan Facility, Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,057<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_MacquarieBankInternationalLimitedLoanAgreementMember', window );">Macquarie Bank International Limited | Artful Advance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_MacquarieBankInternationalLimitedLoanAgreementMember', window );">Macquarie Bank International Limited | Longevity Advance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_HamburgCommercialBankAGLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_HamburgCommercialBankAGLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_CreditSuisseAGLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_CreditSuisseAGLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_MacquarieBankInternationalLimitedLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_MacquarieBankInternationalLimitedLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CreditFacilityAxis=glbs_ArtfulAdvanceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_ArtfulAdvanceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CreditFacilityAxis=glbs_LongevityAdvanceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_LongevityAdvanceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6747245728">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Long-Term Debt, net (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Mar. 13, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">$ 38,487<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 37,163<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_CurrentPortionOfLongTermBorrowingsGross', window );">Loan Balance - Current Portion</a></td>
<td class="num">(1,487)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(35,663)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LongTermBorrowingsGross', window );">Loan Balance - Long-Term Portion</a></td>
<td class="nump">37,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount</a></td>
<td class="num">(741)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(295)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount- Current Portion</a></td>
<td class="nump">292<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">295<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LongTermDebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount - Long-Term Portion</a></td>
<td class="num">(449)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">37,746<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">36,868<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Total Borrowings - Current Portion</a></td>
<td class="num">(1,195)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(35,368)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Total Borrowings - Long-Term Portion</a></td>
<td class="nump">36,551<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember', window );">Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">3,309<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">1,691,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Total Borrowings - Long-Term Portion</a></td>
<td class="nump">1,180<span></span>
</td>
<td class="nump">$ 1,783<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedMember', window );">Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A. &amp; Longevity Maritime Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">37,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount</a></td>
<td class="num">(741)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">36,259<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_GlobusMaritimeLtdMember', window );">Globus Maritime Ltd. | Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">307<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">307<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_GlobusMaritimeLtdMember', window );">Globus Maritime Ltd. | Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">1,180<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">$ 1,180<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of debt discount, after accumulated amortization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CurrentPortionOfLongTermBorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of  long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CurrentPortionOfLongTermBorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentUnamortisedDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt discount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentUnamortisedDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LongTermBorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LongTermBorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LongTermDebtInstrumentUnamortisedDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of debt discount, after accumulated amortization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LongTermDebtInstrumentUnamortisedDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_DevoceanMaritimeLtdDominaMaritimeLtdDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_GlobusMaritimeLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_GlobusMaritimeLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_FirmentShippingIncLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_FirmentShippingIncLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6733485024">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Share Capital and Share Premium (Table) (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ValueOfSharesAuthorised', window );">Value of shares authorised</a></td>
<td class="nump">$ 2,200<span></span>
</td>
<td class="nump">$ 2,200<span></span>
</td>
<td class="nump">$ 2,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember', window );">Common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ValueOfSharesAuthorised', window );">Value of shares authorised</a></td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Number of shares authorised</a></td>
<td class="nump">500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesMember', window );">Class B Common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ValueOfSharesAuthorised', window );">Value of shares authorised</a></td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">100<span></span>
</td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Number of shares authorised</a></td>
<td class="nump">100,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_PreferenceSharesMember', window );">Preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ValueOfSharesAuthorised', window );">Value of shares authorised</a></td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Number of shares authorised</a></td>
<td class="nump">100,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ValueOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ValueOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_PreferenceSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_PreferenceSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6741199552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the year</a></td>
<td class="num">$ (36,351)<span></span>
</td>
<td class="num">$ (3,568)<span></span>
</td>
<td class="num">$ (6,475)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments for:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationExpense', window );">Depreciation</a></td>
<td class="nump">4,721<span></span>
</td>
<td class="nump">4,601<span></span>
</td>
<td class="nump">4,854<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts', window );">Depreciation of deferred dry-docking costs</a></td>
<td class="nump">1,704<span></span>
</td>
<td class="nump">1,166<span></span>
</td>
<td class="nump">862<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_PaymentsOfDeferredDryDockingCosts', window );">Payment of deferred dry-docking costs</a></td>
<td class="num">(861)<span></span>
</td>
<td class="num">(1,204)<span></span>
</td>
<td class="num">(412)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForProvisions', window );">Provision for staff retirement indemnities</a></td>
<td class="num">(61)<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLoss', window );">Impairment loss</a></td>
<td class="nump">29,902<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives', window );">(Gain)/Loss on derivative financial instruments</a></td>
<td class="num">(1,950)<span></span>
</td>
<td class="nump">131<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Interest expense and finance costs</a></td>
<td class="nump">4,703<span></span>
</td>
<td class="nump">2,056<span></span>
</td>
<td class="nump">2,221<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForInterestIncome', window );">Interest income</a></td>
<td class="num">(47)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(3)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains', window );">Foreign exchange gains, net</a></td>
<td class="num">(11)<span></span>
</td>
<td class="num">(81)<span></span>
</td>
<td class="nump">181<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForSharebasedPayments', window );">Share based payment</a></td>
<td class="nump">40<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="nump">30<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Trade accounts receivable</a></td>
<td class="nump">337<span></span>
</td>
<td class="num">(400)<span></span>
</td>
<td class="nump">66<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="num">(895)<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="num">(145)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets', window );">Prepayments and other assets</a></td>
<td class="nump">18<span></span>
</td>
<td class="nump">255<span></span>
</td>
<td class="nump">591<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Trade accounts payable</a></td>
<td class="num">(1,013)<span></span>
</td>
<td class="nump">1,303<span></span>
</td>
<td class="num">(499)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables', window );">Accrued liabilities and other payables</a></td>
<td class="nump">63<span></span>
</td>
<td class="num">(258)<span></span>
</td>
<td class="num">(726)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AdjustmentsForIncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
<td class="num">(86)<span></span>
</td>
<td class="num">(216)<span></span>
</td>
<td class="nump">82<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash generated from operating activities</a></td>
<td class="nump">213<span></span>
</td>
<td class="nump">3,851<span></span>
</td>
<td class="nump">631<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Purchase of vessel equipment</a></td>
<td class="num">(54)<span></span>
</td>
<td class="num">(26)<span></span>
</td>
<td class="num">(245)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities', window );">Purchases of office furniture and equipment</a></td>
<td class="num">(13)<span></span>
</td>
<td class="num">(100)<span></span>
</td>
<td class="num">(21)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestReceivedClassifiedAsInvestingActivities', window );">Interest received</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
<td class="num">(20)<span></span>
</td>
<td class="num">(126)<span></span>
</td>
<td class="num">(263)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from loans</a></td>
<td class="nump">43,700<span></span>
</td>
<td class="nump">15,700<span></span>
</td>
<td class="nump">280<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayment of long-term debt</a></td>
<td class="num">(1,830)<span></span>
</td>
<td class="num">(19,497)<span></span>
</td>
<td class="num">(4,399)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentPrepaymentAmount', window );">Prepayment of long-term debt</a></td>
<td class="num">(33,833)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuance of share capital</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">600<span></span>
</td>
<td class="nump">9,653<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents', window );">Increase in restricted cash</a></td>
<td class="num">(1,085)<span></span>
</td>
<td class="num">(1,140)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsForDebtIssueCosts', window );">Payment of financing costs</a></td>
<td class="num">(880)<span></span>
</td>
<td class="num">(203)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Payment of lease liability - principal</a></td>
<td class="num">(30)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Interest paid</a></td>
<td class="num">(3,915)<span></span>
</td>
<td class="num">(1,895)<span></span>
</td>
<td class="num">(3,309)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash generated from/(used in) financing activities</a></td>
<td class="nump">2,127<span></span>
</td>
<td class="num">(6,435)<span></span>
</td>
<td class="nump">2,225<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">Net increase/(decrease) in cash and cash equivalents</a></td>
<td class="nump">2,320<span></span>
</td>
<td class="num">(2,710)<span></span>
</td>
<td class="nump">2,593<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the beginning of the year</a></td>
<td class="nump">46<span></span>
</td>
<td class="nump">2,756<span></span>
</td>
<td class="nump">163<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the end of the year</a></td>
<td class="nump">$ 2,366<span></span>
</td>
<td class="nump">$ 46<span></span>
</td>
<td class="nump">$ 2,756<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation expense of deferred dry-docking costs to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in accrued liabilities and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AdjustmentsForIncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in deferred revenue to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AdjustmentsForIncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentPrepaymentAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of debt prepaid during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentPrepaymentAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PaymentsOfDeferredDryDockingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for deferred dry-docking costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PaymentsOfDeferredDryDockingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gains (losses) on changes in the fair value of derivatives to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: At fair value [member]; Derivatives [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForInterestIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest income expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Interest income; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForInterestIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for provisions to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Provisions; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForSharebasedPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForSharebasedPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for unrealised foreign exchange losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to a decrease (increase) in restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a reduction of the carrying amount of an asset or cash-generating unit to its recoverable amount. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 130<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_130_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 130<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_130_d_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestReceivedClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from interest received, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestReceivedClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsForDebtIssueCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt issue costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsForDebtIssueCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssuingShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuing shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssuingShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2019-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of long-term assets that the entity does not separately disclose in the same statement or note, classified as investing activities. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6740160144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2019 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DocumentEntityInformationAbstract', window );"><strong>Document Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">GLOBUS MARITIME LTD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001499780<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well Known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock Shares Outstanding</a></td>
<td class="nump">5,227,159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address Country</a></td>
<td class="text">MH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Shares, par value $0.004 per  share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">GLBS<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 20-F, 40-F<br> -Number 240<br> -Section 15<br> -Subsection d-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1-<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6725666992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions With Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Disclosure of transactions between related parties [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory', window );">Transactions with Related Parties</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Transactions with Related Parties</font></h1><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The ultimate controlling party of the Company is Mr. George Feidakis who beneficially owns 1,252,258 common shares as of December 31, 2019, through Firment Shipping Inc., a Marshall Islands corporation controlled by Mr. George Feidakis. As at December 31, 2019 and 2018, Mr. George Feidakis beneficially owned 24% and 44.3%, respectively, of Globus&#8217; shares. Mr. George Feidakis is also the chairman of the Board of Directors of Globus.</font></p><p style="margin-top:0pt; margin-left:46.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following are the major transactions which the Company has entered into with related parties during the years ended December 31, 2019, 2018 and 2017:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s chairman).&#160; 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.&#160; During the years ended December 31, 2019, 2018 and 2017, the rent charged amounted to $139, $147 and $140, respectively. The rental expense for the years ended December 31, 2018 and 2017 was recognised in the respective income statement component of the consolidated statement of comprehensive loss under administrative expenses payable to related parties. As of December 31, 2018, $427 of rent expense was due and unpaid and was classified as trade accounts payable in the consolidated statement of financial position.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of January 1, 2019, following the adoption of IFRS 16, the Company identified the rental agreement with Cyberonica S.A. to give </font><font style="font-family:'Times New Roman'">rise to a right of use asset and a corresponding liability estimated to approximately $674 (please refer to note 2.2). The depreciation charge for right-of-use asset for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately $51 and </font><font style="font-family:'Times New Roman'">recognised in the income statement component of the consolidated statement of comprehensive loss under depreciation and interest expense and finance costs, respectively.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (&#8220;CEO&#8221;) 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&#8217;s international shipping and capital raising activities, including but not limited to assisting and advising the Company&#8217;s CEO at an annual fee of Euro 200,000 (absolute amount) (approx. $224). The related expense for the years ended December 31, 2019, 2018 and 2017, amounted to $224, $235 and $229, respectively.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In December 2013, Globus entered into a credit facility for up to $4,000 with Firment Trading Limited, an affiliate of the Company&#8217;s chairman, for the purpose of financing its general working capital needs (&#8220;Firment Credit Facility&#8221;). 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&#8217;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. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (&#8220;February 2017 private placement&#8221;) 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 &#8220;February 2017 Warrants&#8221;) 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. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s chairman, for the purpose of financing its general working capital needs (the &#8220;Silaner Credit Facility&#8221;) 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.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the year ended December 31, 2017, Globus recognised interest expense of $3. The expense was classified in the income statement component of the consolidated statement of comprehensive loss under interest expense and finance costs and the interest payable was classified in the statement of financial position under accrued liabilities and other payables. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In June 2016, Globus entered into a consultancy agreement with Eolos Shipmanagement S.A., an affiliate of the Company&#8217;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 2017, the total income from these fees amounted to $31 and is classified in the income statement component of the consolidated statement of comprehensive loss under management and consulting fee income.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In November 2018, Globus entered into a credit facility for up to $15,000 with Firment Shipping Inc., an affiliate of the Company&#8217;s chairman, for the purpose of financing its general working capital needs (&#8220;Firment Shipping Credit Facility&#8221;). The Firment Shipping Credit Facility is unsecured and remains available until its final maturity date at April 1, 2021, as amended (Note 22). The Company has the right to draw-down 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 Draw-down 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. (&#8220;VWAP&#8221;) over the pricing period multiplied by 80%, where the &#8220;Pricing Period&#8221; 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).</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On April 23, 2019, the Company converted to share capital, as per the conversion clause included in the Firment Shipping Credit Facility the outstanding principal amount of $3,100 plus the accrued interest of $70 at a conversion price of $2.80 per share and issued 1,132,191 new common shares to Firment Shipping Inc. This conversion resulted to a gain of approximately $117, which was classified under &#8220;gain on derivative financial instruments&#8221; in the income statement component of the consolidated statement of comprehensive loss.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 and 2018, the amount drawn and outstanding with respect to the Firment Shipping Credit Facility was $800 and $2,200, respectively 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 11). For the year ended December 31, 2019 and 2018, Globus recognised interest expense of $96 and $12, respectively 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, 2019 and 2018, there was an amount of $11,100 and $12,800, respectively, available to be drawn under the Firment Shipping Credit Facility.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Firment Shipping Credit Facility requires that Athanasios Feidakis remain the Company&#8217;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.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 and 2018, the Company was in compliance with the loan covenants of the Firment Shipping Credit Facility.</font></p><h6 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">Compensation of Key Management Personnel of the Company: </font></h6><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Compensation to Globus non-executive directors is analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_d5e5a9c5bc9c42faab08b8aa53974f77"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="3" style="width:216pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Director&#8217;s remuneration </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">147</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">187</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 and 2018, $318 and $201 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.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compensation to the Company&#8217;s executive director is analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_a166f7eab9c1495c98cab1ab0a4c61a4"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="3" style="width:214.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:80.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Short-term employee benefits </font></p></td><td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">224</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">235</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">229</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:80.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">224</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">235</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">229</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 and 2018, $556 and $391 of the compensation to the executive director was remaining due and unpaid, respectively.</font></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729446944">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Events after the reporting date<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">22&#160;&#160;&#160;&#160;&#160;&#160;&#160; Events after the reporting date</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Further to the conversion clause included into the Convertible Note up to March 2020 a total amount of approximately $1,168, principal and accrued interest, was converted to share capital with the conversion price of $1 per share and a total number of 1,167,767 new shares issued in name of the holder of the Convertible Note. On March 13, 2020, Company and the holder of the Convertible Note entered into a waiver regarding the Convertible Note (the &#8220;Waiver&#8221;). The Waiver waives the Company&#8217;s obligation to repay the Convertible Note on the existing maturity date of March 13, 2020 and does not require the Company to repay the Convertible Note until March 13, 2021.</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On March 23, 2020, the Company and Firment Shipping Inc. agreed to extend the final maturity of the Firment Shipping Credit Facility to April 1, 2021 keeping all the other terms of the Credit Facility unchanged.</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'">On March </font><font style="font-family:'Times New Roman'">6, 2020, the Company announced that it had received written notification from The Nasdaq Stock Market (&#8220;Nasdaq&#8221;) dated March 2, 2020, indicating that because the closing bid price of the Company&#8217;s common stock for the last 30 consecutive business days was below $1.00 per share, the Company no longer meet the minimum bid price continued listing requirement for the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until August 31, 2020. The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company&#8217;s common stock will continue to be listed and trade on the Nasdaq Capital Market.</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The World Health Organization has declared the outbreak of a novel coronavirus (COVID-19) a global pandemic. The measures taken by governments worldwide in response to the outbreak, which included numerous factory closures and restrictions on travel, as well as potential labor shortages resulting from the outbreak, are expected to slow down production of goods worldwide and decrease the amount of goods exported and imported worldwide. Some experts fear that the economic consequences of the coronavirus could cause a recession that outlives the pandemic.</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Besides reducing demand for cargo, coronavirus may functionally limit the amount of cargo that we and our competitors are able to move because countries worldwide have imposed quarantine checks on arriving vessels, which have caused delays in loading and delivery of cargoes. It is possible that charterers may try to invoke force majeure clauses as a result.</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Although it is too early to assess the full impact of the coronavirus outbreak on global markets, and particularly on the shipping industry, the pandemic has already added, and could continue to add, pressure to shipping freight rates. Further depressed rates could have a material adverse impact on </font><font style="font-family:'Times New Roman'">the Company&#8217;s</font><font style="font-family:'Times New Roman'"> business, financial condition, results of operations, and cash flows.</font></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6736303040">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract', window );"><strong>Commitments [Abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCommitmentsExplanatory', window );">Commitments</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-indent:9pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">18&#160; Commitments</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company enters into time charter and bareboat charter arrangements on its vessels. There were no non-cancellable arrangements as of December 31, 2019. As of December 31, 2018, the non-cancellable arrangements had remaining terms between five days to seven months, assuming redelivery at the earliest possible date. Future net minimum lease revenues receivable under non-cancellable operating leases as of December 31, 2019 and 2018, were as follows (vessel off-hires and dry-docking days that could occur but are not currently known are not taken into consideration and early delivery of the vessels by the charterers is not accounted for):</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:504.75pt; border-collapse:collapse; text-align:left"><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_d28dc19db1a04f7d8577dc01a9d5161d"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:122.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:77.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Within one year</font></p></td><td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; -</font></p></td><td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">2,991</font></p></td></tr><tr style="height:12.5pt"><td style="width:271.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total</font></p></td><td style="width:122.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:77.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,991</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">At December 31, 2019, 2018 and 2017, the Company was a party to a lease agreement as lessee (note 4). The lease relates to the rental of office premises at a monthly rate of Euro 10,360 (absolute amount) and for a lease period ending January 2, 2025. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_09978cc9ba694ae5bf6537be41672620"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:62.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Within one year</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">142</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">149</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">After one year but not more than five years</font><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">567</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">596</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">More than five years</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">142</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">299</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.75pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">851</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,044</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Total rent expense under operating leases for the years ended December 31, 2018 and 2017, amounted to $147 and 140 respectively.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As further discussed in note 4, on January 1, 2019, following the adoption of IFRS 16, the Company recognised a right of use asset and a corresponding liability of approximately $674 with respect to the rental agreement. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liability for the same period was approximately $51 and recognised in the income statement component of the consolidated statement of comprehensive loss under depreciation and interest expense and finance costs, respectively. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">At December 31, 2019, the current and non-current lease liability amounted to $208 and $469, respectively and are included in the accompanying consolidated statement of financial position.</font></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729515744">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Administrative Expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract', window );"><strong>Administrative Expenses [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory', window );">Administrative Expenses</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">14&#160;&#160;&#160;&#160;&#160;&#160; Administrative Expenses</font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amount shown in the consolidated statements of comprehensive loss is analysed as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:446.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_7c2e1aac96784c939a3637f4f73de78f"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="4" style="width:207.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Personnel expenses</font></p></td><td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,006</font></p></td><td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">778</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">628</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Audit fees</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">98</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">103</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">101</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Travelling expenses</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Consulting fees</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">191</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">76</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Communication</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Stationery</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Greek tax authorities (note 19) </font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">118</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">160</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">265</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">309</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,583</font></p></td><td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,356</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,224</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:228.85pt"></td><td style="width:72.95pt"></td><td style="width:72.6pt"></td><td style="width:68.3pt"></td><td style="width:4.05pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of general and administrative expenses. [Refer: Administrative expenses]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729446944">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loss per Share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10&#160;&#160;&#160;&#160;&#160;&#160;&#160; Loss per Share</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Basic loss per share (&#8216;&#8216;LPS&#8217;&#8217;) 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.&#160; </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation unless such inclusion would be anti-dilutive. As the Company reported losses for the years ended December 31, 2019, 2018 and 2017, the effect of any incremental shares would be antidilutive and thus excluded from the computation of the LPS.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following reflects the loss and share data used in the basic and diluted loss per share computations:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:471.6pt; margin-left:28.35pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_968271ca51a544dd8b4790039bf8d0d6"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="3" style="width:215pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss attributable to common equity holders</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(36,351)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(3,568)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,475)</font></p></td></tr><tr style="height:13.5pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Weighted average number of shares for basic and diluted LPS</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,165,919</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,200,927</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,574,995</font></p></td></tr></table><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></h1></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS33_g70-73A_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6736379936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Inventories [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInventoriesExplanatory', window );">Inventories</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Inventories</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Inventories in the consolidated statement of financial position are analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_427c4f3553444a19aed802edbd93b9f3"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td colspan="2" style="width:130.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:57.45pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:62.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">295</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">313</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Gas cylinders </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">79</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">78</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers</font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,171</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">259</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:57.45pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,545</font></p></td><td style="width:62.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">650</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div>
<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS02_g36-39_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6725441216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory', window );">Vessels, net - Consolidated statement of financial position</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:442.35pt; border-collapse:collapse"><tr style="height:34.9pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels cost</font></p></td><td style="width:49pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels accumulated depreciation</font></p></td><td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry docking costs</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated depreciation of dry-docking costs</font></p></td><td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book Value</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at January 1, 2017</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,156</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(87,871)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,854</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(3,347)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">91,792</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">245</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">976</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,221</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,831)</font></p></td><td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(862)</font></p></td><td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,693)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,401</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(92,702)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,830</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(4,209)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">87,320</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">26</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,148</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,174</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,578)</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,166)</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,744)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2018</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,427</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(97,280)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,978</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(5,375)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">83,750</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">676</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Impairment loss</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,902)</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,902)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,578)</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,704)</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,282)</font></p></td></tr><tr style="height:12.8pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2019</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">149,579</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(101,858)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,600</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(7,079)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">48,242</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory', window );">Vessels, net - Consolidated statement of comprehensive loss</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:232.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13.65pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels depreciation</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,578</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,578</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,831</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation on office furniture and equipment</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation of right of use asset</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">112</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:77.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,721</font></p></td><td style="width:74.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,601</font></p></td><td style="width:59.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,854</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory', window );">Impairment loss</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:267.5pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Vessel</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,920)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(8,074)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,197)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,797)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(2,914)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment loss</font></p></td><td style="width:41.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(29,902)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfRecoverableAmountOfAssetsExplanatory', window );">Recoverable amount</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:362.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:30.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> December 31,</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:15pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels</font></p></td><td style="width:76.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Recoverable amount</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,752</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,971</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,458</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11,165</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:16.5pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10,896</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At value in use</font></p></td></tr><tr style="height:15pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total:</font></p></td><td style="width:76.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">48,242</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the amounts of property, plant and equipment in the consolidated statement of comprehensive income / (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td style="white-space:nowrap;">glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the amounts of property, plant and equipment in the consolidated statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the higher of an asset&#8217;s fair value less costs of disposal and its value in use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DisclosureOfRecoverableAmountOfAssetsExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the impairment of assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS36_g126-137_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory</td>
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<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6741150976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loss per share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Loss per share [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfEarningsPerShareTableExplanatory', window );">Loss per Share</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:471.6pt; margin-left:28.35pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:215pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss attributable to common equity holders</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(36,351)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(3,568)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,475)</font></p></td></tr><tr style="height:13.5pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Weighted average number of shares for basic and diluted LPS</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,165,919</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,200,927</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,574,995</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R57.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6725768128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_WeightedAverageCostOfCapital', window );">Weighted Average Cost Of Capital rate</a></td>
<td class="nump">9.42%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AssumptionOfExpectedRatesOfInflation', window );">Expected rate of inflation</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_TimePeriodConsidered', window );">Time Period Considered</a></td>
<td class="text">The Company used the historical ten-year blended average one-year time charter rates.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">$ (29,902)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_SupramaxMember', window );">Supramax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel capacity</a></td>
<td class="nump">50,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AssumptionOfFleetUtilisationRate', window );">Expected fleet utilisation rate</a></td>
<td class="nump">87.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_PanamaxMember', window );">Panamax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel capacity</a></td>
<td class="nump">70,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AssumptionOfFleetUtilisationRate', window );">Expected fleet utilisation rate</a></td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of inflation that is used as an assumption to determine the discounted future cash flows of each vessel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AssumptionOfExpectedRatesOfInflation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AssumptionOfFleetUtilisationRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected fleet utilisation rate that is used as an assumption to determine the discounted future cash flows of each vessel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AssumptionOfFleetUtilisationRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_TimePeriodConsidered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period of time charter rates used to create an average to calculate cash flows for impairment purposes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_TimePeriodConsidered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The vessel's capacity in deadweight tonnage ("dwt").</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_WeightedAverageCostOfCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is proportionately weighted. All sources of capital, including common stock, preferred stock, bonds, and any other long-term debt, are included in a WACC calculation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_WeightedAverageCostOfCapital</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_SupramaxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_SupramaxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_PanamaxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_PanamaxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6741313280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net - Consolidated Statement of Financial Position (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance</a></td>
<td class="nump">$ 83,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions/ (Dry Docking Component)</a></td>
<td class="nump">676<span></span>
</td>
<td class="nump">$ 2,174<span></span>
</td>
<td class="nump">$ 1,221<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">(29,902)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation expense</a></td>
<td class="num">(6,282)<span></span>
</td>
<td class="num">(5,744)<span></span>
</td>
<td class="num">(5,693)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance</a></td>
<td class="nump">48,242<span></span>
</td>
<td class="nump">83,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=glbs_CarryingAmountIMember', window );">Carrying Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance</a></td>
<td class="nump">83,750<span></span>
</td>
<td class="nump">87,320<span></span>
</td>
<td class="nump">91,792<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions/ (Dry Docking Component)</a></td>
<td class="nump">676<span></span>
</td>
<td class="nump">2,174<span></span>
</td>
<td class="nump">1,221<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">(29,902)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation expense</a></td>
<td class="num">(6,282)<span></span>
</td>
<td class="num">(5,744)<span></span>
</td>
<td class="num">(5,693)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance</a></td>
<td class="nump">48,242<span></span>
</td>
<td class="nump">83,750<span></span>
</td>
<td class="nump">87,320<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember', window );">Vessels | Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance</a></td>
<td class="nump">179,427<span></span>
</td>
<td class="nump">179,401<span></span>
</td>
<td class="nump">179,156<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions/ (Dry Docking Component)</a></td>
<td class="nump">54<span></span>
</td>
<td class="nump">26<span></span>
</td>
<td class="nump">245<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">(29,902)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance</a></td>
<td class="nump">149,579<span></span>
</td>
<td class="nump">179,427<span></span>
</td>
<td class="nump">179,401<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember', window );">Vessels | Accumulated depreciation, amortisation and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance</a></td>
<td class="num">(97,280)<span></span>
</td>
<td class="num">(92,702)<span></span>
</td>
<td class="num">(87,871)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation expense</a></td>
<td class="num">(4,578)<span></span>
</td>
<td class="num">(4,578)<span></span>
</td>
<td class="num">(4,831)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance</a></td>
<td class="num">(101,858)<span></span>
</td>
<td class="num">(97,280)<span></span>
</td>
<td class="num">(92,702)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DryDockingMember', window );">Dry docking | Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance</a></td>
<td class="nump">6,978<span></span>
</td>
<td class="nump">4,830<span></span>
</td>
<td class="nump">3,854<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions/ (Dry Docking Component)</a></td>
<td class="nump">622<span></span>
</td>
<td class="nump">2,148<span></span>
</td>
<td class="nump">976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance</a></td>
<td class="nump">7,600<span></span>
</td>
<td class="nump">6,978<span></span>
</td>
<td class="nump">4,830<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DryDockingMember', window );">Dry docking | Accumulated depreciation, amortisation and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance</a></td>
<td class="num">(5,375)<span></span>
</td>
<td class="num">(4,209)<span></span>
</td>
<td class="num">(3,347)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation expense</a></td>
<td class="num">(1,704)<span></span>
</td>
<td class="num">(1,166)<span></span>
</td>
<td class="num">(862)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance</a></td>
<td class="num">$ (7,079)<span></span>
</td>
<td class="num">$ (5,375)<span></span>
</td>
<td class="num">$ (4,209)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AccumulatedDepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Ships">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment representing seafaring or other maritime vessels used in the entity's operations. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_37_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Ships</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=glbs_CarryingAmountIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=glbs_CarryingAmountIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DryDockingMember</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6744526864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Based Payment (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="6">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2019</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2018</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Stock issued during the year (value) - Share based compensation</a></td>
<td class="nump">$ 40<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 50<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 30<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_NumberOfOrdinarySharesMember', window );">Number of common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued', window );">Stock issued during the year (shares) - Share based compensation</a></td>
<td class="nump">17,998<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,797<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,094<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_NumberOfOrdinarySharesMember', window );">Number of common shares | Non-executive directors' payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued', window );">Stock issued during the year (shares) - Share based compensation</a></td>
<td class="nump">17,998<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">8,797<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">2,094<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_SharePremiumMember', window );">Share Premium</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Stock issued during the year (value) - Share based compensation</a></td>
<td class="nump">$ 40<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 50<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 30<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_SharePremiumMember', window );">Share Premium | Non-executive directors' payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Stock issued during the year (value) - Share based compensation</a></td>
<td class="nump">$ 40<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 50<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 30<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="7"></td></tr>
<tr><td colspan="7"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">These amounts relate to the shares issued in 2019, not to the shares approved for issuance for the year.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.</td>
</tr>
</table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares issued. [Refer: Ordinary shares [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_NumberOfOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_NumberOfOrdinarySharesMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_SharePremiumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_SharePremiumMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729367168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Interest rate risk (Table) (Details) - Interest rate risk<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_IncreaseInInterestRates', window );">Increase in Libor</a></td>
<td class="nump">15<span></span>
</td>
<td class="nump">15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DecreaseInInterestRates', window );">Decrease in Libor</a></td>
<td class="num">(20)<span></span>
</td>
<td class="num">(20)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit', window );">Effect on loss (Decrease in Libor)</a></td>
<td class="nump">$ 73<span></span>
</td>
<td class="nump">$ 80<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit', window );">Effect on loss (Increase in Libor)</a></td>
<td class="num">$ (55)<span></span>
</td>
<td class="num">$ (60)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DecreaseInInterestRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Decrease in market interest rates expressed in basis points. One basis point is equivalent to one hundredth of a percent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DecreaseInInterestRates</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseInInterestRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase in market interest rates expressed in basis points. One basis point is equivalent to one hundredth of a percent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseInInterestRates</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the negative effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the positive effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6735359456">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Capital management 1 (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Financial risk management objectives and policies [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Interest bearing loans</a></td>
<td class="nump">$ 38,487<span></span>
</td>
<td class="nump">$ 37,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash (including restricted cash)</a></td>
<td class="num">(4,801)<span></span>
</td>
<td class="num">(1,396)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NetDebtIncludingEmbeddedDerivative', window );">Net debt</a></td>
<td class="nump">33,686<span></span>
</td>
<td class="nump">35,767<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">9,879<span></span>
</td>
<td class="nump">41,050<span></span>
</td>
<td class="nump">$ 43,968<span></span>
</td>
<td class="nump">$ 20,760<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_PropertyPlantAndEquipmentFairValueAdjustment', window );">Adjustment for the market value of vessels (charter-free)</a></td>
<td class="num">(2,902)<span></span>
</td>
<td class="num">(27,500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AdjustedBookCapitalisation', window );">Adjusted book capitalization</a></td>
<td class="nump">6,977<span></span>
</td>
<td class="nump">13,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AdjustedBookCapiltaisationPlusNetDebt', window );">Adjusted book capitalization plus net debt</a></td>
<td class="nump">$ 40,663<span></span>
</td>
<td class="nump">$ 49,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio', window );">Ratio</a></td>
<td class="nump">83.00%<span></span>
</td>
<td class="nump">73.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AdjustedBookCapiltaisationPlusNetDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjusted amount of assets less the amount of liabilities taking into consideration all required fair value adjustments plus the amount of net debt of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AdjustedBookCapiltaisationPlusNetDebt</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjusted amount of assets less the amount of liabilities taking into consideration all required fair value adjustments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents including cash and cash equivalents restricted to withdrawal or usage</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NetDebtIncludingEmbeddedDerivative">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net debt including embedded derivative component.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NetDebtIncludingEmbeddedDerivative</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net debt to adjusted book capitalisation plus net debt ratio.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PropertyPlantAndEquipmentFairValueAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of addition (reduction) to the property plant and equipment from carrying amount to fair value, when the fair value is materially different from the carrying amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PropertyPlantAndEquipmentFairValueAdjustment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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</body>
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</DOCUMENT>
<DOCUMENT>
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<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6732371408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest Expense and Finance Costs (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsAbstract', window );"><strong>Interest Expense and Finance Costs [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpense', window );">Interest payable on long-term borrowings</a></td>
<td class="nump">$ 3,603<span></span>
</td>
<td class="nump">$ 2,004<span></span>
</td>
<td class="nump">$ 1,778<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BankAndSimilarCharges', window );">Bank charges</a></td>
<td class="nump">28<span></span>
</td>
<td class="nump">29<span></span>
</td>
<td class="nump">34<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AmortizationOfDebtDiscount', window );">Amortization of debt discount</a></td>
<td class="nump">383<span></span>
</td>
<td class="nump">23<span></span>
</td>
<td class="nump">84<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Operating lease liability interest</a></td>
<td class="nump">51<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other finance expenses</a></td>
<td class="nump">638<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">325<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Total</a></td>
<td class="nump">$ 4,703<span></span>
</td>
<td class="nump">$ 2,056<span></span>
</td>
<td class="nump">$ 2,221<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AmortizationOfDebtDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense included in finance costs to amortize debt discount associated with the related debt instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AmortizationOfDebtDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BankAndSimilarCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of bank and similar charges recognised by the entity as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BankAndSimilarCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestCostsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestCostsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance costs that the entity does not separately disclose in the same statement or note. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6740320896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>&#8364; / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>&#8364; / $</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>EUR (&#8364;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageForeignExchangeRate', window );">Euro: US dollar exchange rate | &#8364; / $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.14<span></span>
</td>
<td class="nump">1.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use asset</a></td>
<td class="nump">$ 562<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liability</a></td>
<td class="nump">800<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation of right of use asset</a></td>
<td class="nump">112<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="nump">51<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current lease liabilities</a></td>
<td class="nump">208<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Non-current lease liabilities</a></td>
<td class="nump">469<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_CyberonicaSAMember', window );">Cyberonica S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MonthlyRentalExpense', window );">Monthly rental expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,900<span></span>
</td>
<td class="nump">&#8364; 10,360<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">674<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">674<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation of right of use asset</a></td>
<td class="nump">112<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="nump">51<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeasesAsLesseeRelatedPartyTransactions', window );">Rental expense</a></td>
<td class="nump">$ 139<span></span>
</td>
<td class="nump">$ 147<span></span>
</td>
<td class="nump">$ 140<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_MonthlyRentalExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of monthly expense recognised on rental activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_MonthlyRentalExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average exchange rate used by the entity. Exchange rate is the ratio of exchange for two currencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeasesAsLesseeRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of leases where the entity was the lessee in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeasesAsLesseeRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_CyberonicaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_CyberonicaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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</html>
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<TYPE>XML
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<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729852048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Events after the reporting date (Details)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1">15 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Mar. 06, 2020 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments', window );">Issuance of share capital due conversion of loan | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,140<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember', window );">Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments', window );">Issuance of share capital due conversion of loan | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,168<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionPrice', window );">Conversion price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,167,767<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=glbs_WrittenNotificationFromTheNasdaqStockMarketMember', window );">Written notification from the Nasdaq Stock Market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MinimumBidPriceContinuedListingRequirementDays', window );">Minimum bid price continued listing requirement days</a></td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MinimumBidPriceContinuedListingRequirement', window );">Minimum bid price continued listing requirement | $ / shares</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ApplicableGracePeriod', window );">Applicable grace period</a></td>
<td class="nump">180<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ApplicableGracePeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable grace period to regain compliance for failing to meet the minimum bid price continued listing citeria for the Nasdaq Capital Market.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ApplicableGracePeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleConversionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleConversionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_MinimumBidPriceContinuedListingRequirement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The minimum bid price to be met for the Nasdaq Capital Market continued listing citeria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_MinimumBidPriceContinuedListingRequirement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_MinimumBidPriceContinuedListingRequirementDays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of days for which the minimum bid price continued listing citeria should be met.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_MinimumBidPriceContinuedListingRequirementDays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the conversion of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729512960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital And Share Premium<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract', window );"><strong>Disclosure of classes of share capital [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory', window );">Share Capital and Share Premium</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">9&#160;&#160; Share Capital and Share Premium</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The authorised share capital of Globus consisted of the following:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_942dcce0bce44448814c5fa5f9ecf163"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="3" style="width:173.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Authorised share capital:</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">500,000,000 Common shares of par value $0.004 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Class B Common shares of par value $0.001 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Preferred shares of par value $0.001 each </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total authorised share capital</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Holders of the Company&#8217;s common shares and Class B shares have equivalent economic rights, but holders of Company&#8217;s common shares are entitled to one vote per share and holders of the Company&#8217;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.&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-left:42.55pt; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:1.6pt; font-size:9pt"><a name="DM_MAP_044e7d2b6c034322b03b9b96cd201853"><font style="font-family:'Times New Roman'; font-weight:bold">Common Shares issued and fully paid</font></a></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of shares </font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">USD</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at January 1, 2017</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">262,755</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,094</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,750,000</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">148,181</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2017</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,163,030</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,797</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,500</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2018</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,209,327</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,998</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to conversion of loan</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,999,834</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2019</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,227,159</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">21</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (&#8220;February 2017 private placement&#8221;) 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 &#8220;February 2017 Warrants&#8221;) 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&#8217;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. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;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. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, in connection with the February 2017 private placement, the February 2017 Warrants outstanding had not been exercised and had expired, while as of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 3,052,321 common shares.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On October 19, 2017, the Company entered into a Share and Warrant Purchase Agreement (the &#8220;October 2017 SPA&#8221;) 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 &#8220;October 2017 Warrant&#8221;) to purchase 1.25 million of its common shares at a price of $16 per share to an investor in a private placement (the &#8220;October 2017 Private Placement&#8221;). 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.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under the terms of the October 2017 Warrant, the purchaser could 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 could be increased upon no less than 61 days&#8217; notice, but not to exceed 9.99%) of Globus&#8217;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 were not exercised. This provision did not limit the purchaser from acquiring up to 4.99% of the Company&#8217;s common shares, selling all of its common shares, and re-acquiring up to 4.99% of the Company&#8217;s&#160; common shares. The October 2017 Warrant were exercisable for 24 months after its issuance. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, in connection with the October 2017 SPA, the October 2017 Warrant outstanding had not been exercised and had expired,&#160; while as of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 1,250,000 common shares.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company during 2017 had recorded $218 expense in connection with these warrants which was deducted from share premium in equity.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During the years ended December 31, 2019, 2018 and 2017, Globus issued 17,998,&#160; 8,797 and 2,094 common shares, respectively as share-based payments. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, 2018 and 2017, </font><font style="font-family:'Times New Roman'">the Company had no series A preferred shares outstanding</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, 2018 and 2017, no Class B shares were outstanding.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On April 23, 2019, the outstanding principal amount of $3,100 plus the accrued interest of $70 outstanding under the Firment Shipping Inc. Credit Facility was converted to share capital at a conversion price of $2.80 per share and, accordingly, the Company issued 1,132,191 new common shares to Firment Shipping Inc.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During the year ended December 31, 2019, an amount corresponding to $ 1,691,250 plus the accrued interest of $97,311 under the Convertible Note with Arnaki (Note 11) was converted to share capital and the Company issued 867,643 new common shares to Arnaki</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share premium includes the contribution of Globus&#8217; shareholders to the acquisition of the Company&#8217;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&#8217;s common shares and the effects of the share based payments described in note 12. Accordingly, at December 31, 2019, 2018 and 2017, Globus share premium amounted to $145,506, $140,334 and $139,684, respectively. </font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share capital, reserves and other equity interest.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6740571552">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">Vessels, net</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">5&#160;&#160;&#160; Vessels, net </font></h1><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'">The amounts in the consolidated statement of financial position are analysed as follows:</font></p><table cellspacing="0" cellpadding="0" style="width:442.35pt; border-collapse:collapse; text-align:left"><tr style="height:34.9pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_a5f8fa0098a1487889a59fea621df62c"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels cost</font></p></td><td style="width:49pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels accumulated depreciation</font></p></td><td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry docking costs</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated depreciation of dry-docking costs</font></p></td><td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book Value</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at January 1, 2017</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,156</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(87,871)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,854</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(3,347)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">91,792</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">245</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">976</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,221</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,831)</font></p></td><td style="width:42.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(862)</font></p></td><td style="width:56.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,693)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,401</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(92,702)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,830</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(4,209)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">87,320</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">26</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,148</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,174</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,578)</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,166)</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,744)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2018</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,427</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(97,280)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,978</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(5,375)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">83,750</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">676</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Impairment loss</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,902)</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,902)</font></p></td></tr><tr style="height:12.1pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td style="width:34.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:49pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,578)</font></p></td><td style="width:42.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,704)</font></p></td><td style="width:56.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,282)</font></p></td></tr><tr style="height:12.8pt"><td style="width:139.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2019</font></p></td><td style="width:34.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">149,579</font></p></td><td style="width:49pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(101,858)</font></p></td><td style="width:42.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,600</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(7,079)</font></p></td><td style="width:56.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">48,242</font></p></td></tr></table><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; </font></h1><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the purpose of the consolidated statement of comprehensive loss, depreciation, as stated in the income statement component, comprises the following:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_909b836552a742b7b0db60eced832857"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td colspan="3" style="width:232.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13.65pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels depreciation</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,578</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,578</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,831</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation on office furniture and equipment</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation of right of use asset</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">112</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:77.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,721</font></p></td><td style="width:74.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,601</font></p></td><td style="width:59.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,854</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#8217;s vessels have been pledged as collateral to secure the bank loans discussed in note 11.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment of non-financial assets:</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">As of December 31, 2019, 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&#8217;s carrying value. For the discount factor, the Company applied the Weighted Average Cost of Capital rate that was calculated to be 9.42% as at December 31, 2019. 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 2020 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 2009. 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 derived from actual results for the Company&#8217;s vessels since their delivery under Company&#8217;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&#8217;s operating fleet (Supramax and Panamax vessels with a deadweight (&#8220;dwt&#8221;) of over 50,000 and 70,000, respectively) and they covered at least one full business cycle. Effective fleet utilization was assumed at 87% and 90% (including ballast days) for the Supramaxes and the Panamaxes, respectively 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&#8217;s expectations for future fleet utilization under the current fleet deployment strategy. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized an impairment loss of $29,902. As of December 31, 2018 and 2017, no impairment loss was recognized </font><font style="font-family:'Times New Roman'">as the vessels&#8217; recoverable amounts exceeded their carrying amounts</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The impairment loss for the year ended December 31, 2019, analysed by vessel is as follows:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:267.5pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_e296befba4fa43719a07cf20ea9cdc58"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Vessel</font></a></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,920)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(8,074)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,197)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,797)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td><td style="width:41.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(2,914)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment loss</font></p></td><td style="width:41.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(29,902)</font></p></td><td style="width:2.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019 the recoverable amount for each vessel was as follows:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:362.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:30.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_eba653c9f60e420d9c96004921553360"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> December 31,</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:15pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels</font></p></td><td style="width:76.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:134.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Recoverable amount</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,752</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,971</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,458</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:15.75pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11,165</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At fair value less costs of disposal</font></p></td></tr><tr style="height:16.5pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td><td style="width:76.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10,896</font></p></td><td style="width:8.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:134.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">At value in use</font></p></td></tr><tr style="height:15pt"><td style="width:99.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; 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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6710083104">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Voyage Expenses And Vessel Operating Expenses<br></strong></div></th>
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<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13&#160;&#160;&#160;&#160;&#160;&#160; Voyage Expenses and Vessel Operating Expenses</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Voyage expenses and vessel operating expenses in the consolidated statements of comprehensive loss consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_0e15f53dc67a48fe95077defbc6cae8f"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Voyage expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:195.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:60.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:59.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,634</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">716</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">968</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other voyage expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">240</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">191</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">143</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:53.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,098</font></p></td><td style="width:60.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,188</font></p></td><td style="width:59.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,352</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessel operating expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:441.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td colspan="2" style="width:228.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:191.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:57.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:58.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:54.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Crew wages and related costs</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,670</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,766</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,645</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance </font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">664</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">607</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">742</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Spares, repairs and maintenance</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,884</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,721</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,222</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">517</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">501</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">496</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Stores</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">820</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,000</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">783</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">327</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">330</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">247</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td colspan="2" style="width:57.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,882</font></p></td><td style="width:58.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,925</font></p></td><td style="width:54.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,135</font></p></td></tr><tr style="height:0pt"><td style="width:239.05pt"></td><td style="width:0.3pt"></td><td style="width:68.4pt"></td><td style="width:68.85pt"></td><td style="width:65.2pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div>
<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other operating expense. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6736437056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Inventories [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory', window );">Inventories</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:130.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:57.45pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:62.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">295</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">313</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Gas cylinders </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">79</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">78</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers</font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,171</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">259</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:57.45pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,545</font></p></td><td style="width:62.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">650</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the amounts of inventories in the consolidated statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6710105840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term Debt, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract', window );"><strong>Disclosure of detailed information about borrowings [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition', window );">Long-Term Debt, net - Consolidated statement of financial position</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:495.05pt; border-collapse:collapse"><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:14.4pt; margin-bottom:0pt; text-indent:-14.4pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Borrower</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Loan Balance</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unamortized Debt Discount</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Borrowings</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., </font><font style="font-family:'Times New Roman'">Artful Shipholding S.A. &amp; Longevity Maritime Limited</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,000</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(741)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">36,259</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Maritime Ltd. &#8211; Firment Shipping Inc.</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(c) </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Maritime Ltd. &#8211; Convertible Note</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,180</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,180</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2019</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">38,487</font></p></td><td style="width:60.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(741)</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,746</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,487)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">292</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,195)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,000</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(449)</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">36,551</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:60.05pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2018</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,163</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(295)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">36,868</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(35,663)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">295</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(35,368)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,500</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,500</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments', window );">Long-Term Debt, net - Annual loan principal paymetns</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per lender to be made subsequent to December 31, 2019, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:396.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:15pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> (c)</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td><td style="width:67.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">EnTrust</font></p></td><td style="width:38.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment</font></p></td><td style="width:72.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Convertible Note</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">800*</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,309*</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,109</font></p></td></tr><tr style="height:12.75pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,970</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,970</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2022 and thereafter&#160; </font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31,030</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31,030</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:67.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,000</font></p></td><td style="width:38.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">800</font></p></td><td style="width:72.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,309</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,109</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">* This table represents the maturities before the waivers/extensions acquired within the first quarter of 2020 (see note 22).</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2018, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:404.3pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d)</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(e)</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:24pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Hamburg Commercial Bank AG</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment Shipping Inc. </font></p></td><td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Macquarie Bank International Limited</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31</font></p></td><td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Advance (A)</font></p></td><td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Advance (B)</font></p></td><td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22,163</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">23.934</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,200</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.971</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1.771</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1.771</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2023 and thereafter&#160; </font></p></td><td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,444</font></p></td><td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3.972</font></p></td><td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6.416</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:35.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">22,163</font></p></td><td style="width:63.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:56.7pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,000</font></p></td><td style="width:51pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,500</font></p></td><td style="width:45.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37.863</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the amounts of long-term debt in the consolidated statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of annual loan principal payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R56.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6732914256">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Vessels, net - Recoverable amount (Table) (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit', window );">Recoverable amount</a></td>
<td class="nump">$ 48,242<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVRiverGlobeMember', window );">m/v River Globe</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit', window );">Recoverable amount</a></td>
<td class="nump">7,752<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSkyGlobeMember', window );">m/v Sky Globe</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit', window );">Recoverable amount</a></td>
<td class="nump">8,971<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVStarGlobeMember', window );">m/v Star Globe</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit', window );">Recoverable amount</a></td>
<td class="nump">9,458<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSunGlobeMember', window );">m/v Sun Globe</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit', window );">Recoverable amount</a></td>
<td class="nump">11,165<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVMoonGlobeMember', window );">m/v Moon Globe</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit', window );">Recoverable amount</a></td>
<td class="nump">$ 10,896<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The higher of an asset&#8217;s (or cash-generating unit&#8217;s) fair value less costs of disposal and its value in use. [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 130<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_130_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVRiverGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVRiverGlobeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSkyGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSkyGlobeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVStarGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVStarGlobeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSunGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSunGlobeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVMoonGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVMoonGlobeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R52.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6748668624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties (Details)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">8 Months Ended</th>
<th class="th" colspan="1">11 Months Ended</th>
<th class="th" colspan="6">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Feb. 10, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 08, 2017 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jan. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 23, 2019 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Aug. 18, 2016 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Nov. 30, 2018 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 30, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfSharesHeldByControllingParty', window );">Number of common shares held by the controlling party | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,252,258<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty', window );">Proportion of ownership interests held by the controlling party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24.00%<span></span>
</td>
<td class="nump">44.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ConsultingFeesExpense', window );">Consulting fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 191<span></span>
</td>
<td class="nump">$ 76<span></span>
</td>
<td class="nump">$ 54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,746<span></span>
</td>
<td class="nump">36,868<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpense', window );">Interest expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,603<span></span>
</td>
<td class="nump">2,004<span></span>
</td>
<td class="nump">1,778<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuance of share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">600<span></span>
</td>
<td class="nump">9,653<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gains (losses) on change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,950<span></span>
</td>
<td class="num">(131)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,830<span></span>
</td>
<td class="nump">19,497<span></span>
</td>
<td class="nump">4,399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionIncome', window );">Consulting fee income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,700<span></span>
</td>
<td class="nump">15,700<span></span>
</td>
<td class="nump">280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawn borrowing facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,100<span></span>
</td>
<td class="nump">12,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">562<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">800<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation of right of use asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">112<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_CyberonicaSAMember', window );">Cyberonica S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MonthlyRentalExpense', window );">Monthly rental expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,900<span></span>
</td>
<td class="nump">&#8364; 10,360<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeasesAsLesseeRelatedPartyTransactions', window );">Rental expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">139<span></span>
</td>
<td class="nump">147<span></span>
</td>
<td class="nump">140<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Unpaid rent expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">427<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">674<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">674<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation of right of use asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">112<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_AffiliatedCompanyOfCompanysCEOMember', window );">Affiliated Company of Company's CEO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ConsultingFeesExpense', window );">Consulting fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 224<span></span>
</td>
<td class="nump">235<span></span>
</td>
<td class="nump">229<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentTradingLimitedMember', window );">Firment Trading Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Credit Facility, Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000<span></span>
</td>
<td class="nump">$ 8,000<span></span>
</td>
<td class="nump">$ 4,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples', window );">Credit Facility, Drawn down amounts multiples</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,524<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDecreaseForgiveness', window );">Credit Facility, Decrease, Forgiveness</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,885<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,688,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number of shares called by warrants | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">623,058<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ExercisePriceOfOutstandingWarrants', window );">Warrants exercise price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="nump">$ 1,639<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">April 12, 2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_SilanerInvestmentsLimitedMember', window );">Silaner Investments Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Credit Facility, Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples', window );">Credit Facility, Drawn down amounts multiples</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpense', window );">Interest expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDecreaseForgiveness', window );">Credit Facility, Decrease, Forgiveness</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,115<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">311,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number of shares called by warrants | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">114,944<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ExercisePriceOfOutstandingWarrants', window );">Warrants exercise price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">280<span></span>
</td>
<td class="nump">74<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">January 12, 2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_EolosShipmanagementSAMember', window );">Eolos Shipmanagement S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DailyConsultingFeeIncome', window );">Daily consulting fee income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionIncome', window );">Consulting fee income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember', window );">Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Credit Facility, Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples', window );">Credit Facility, Drawn down amounts multiples</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Accrued interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpense', window );">Interest expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 96<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,132,191<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gains (losses) on change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 117<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 135<span></span>
</td>
<td class="nump">131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">April 1, 2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionIncome', window );">Consulting fee income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 800<span></span>
</td>
<td class="nump">2,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsDefaultInterestRate', window );">Default Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionPrice', window );">Conversion price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleThresholdTradingDays', window );">Threshold trading days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionMultiplier', window );">Pricing period multiplied</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawn borrowing facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,100<span></span>
</td>
<td class="nump">12,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember', window );">Firment Shipping Inc. | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty', window );">Proportion of ownership interests held by the controlling party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember', window );">Non-Executive Directors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AccruedDirectorsCompensation', window );">Accrued compensation to directors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 318<span></span>
</td>
<td class="nump">201<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorsMember', window );">Executive Director</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AccruedDirectorsCompensation', window );">Accrued compensation to directors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 556<span></span>
</td>
<td class="nump">$ 391<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_February2017PrivatePlacementMember', window );">February 2017 Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuance of share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number of shares called by warrants | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,052,321<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ExercisePriceOfOutstandingWarrants', window );">Warrants exercise price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AccruedDirectorsCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of the obligations incurred through that date and payable for directors' services provided.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AccruedDirectorsCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsDefaultInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The default interest per annum above the regular interest charged, in case of failure to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsDefaultInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ConsultingFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable for consulting fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ConsultingFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DailyConsultingFeeIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of daily income relating to consulting fee income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DailyConsultingFeeIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleConversionMultiplier">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The multiplier used in order to calculate the price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleConversionMultiplier</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleConversionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleConversionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleThresholdTradingDays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Threshold number of specified consecutive trading days immediately preceding the date on which the Conversion Notice was executed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleThresholdTradingDays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ExercisePriceOfOutstandingWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exercise price of outstanding warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ExercisePriceOfOutstandingWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityDecreaseForgiveness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in line of credit facility from forgiveness by the holder of the line of credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityDecreaseForgiveness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The multiples of amounts that the company has the right to drawdown under the relevant credit facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityDrawndownAmountsMultiples</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_MonthlyRentalExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of monthly expense recognised on rental activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_MonthlyRentalExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfSharesCalledByWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares into which the warrants may be converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfSharesCalledByWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfSharesHeldByControllingParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of common shares held by the controlling party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfSharesHeldByControllingParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interests held by the controlling party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ProportionOfOwnershipInterestsHeldByControllingParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsPayableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts payable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsPayableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maturity of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FeeAndCommissionIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income relating to fees and commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FeeAndCommissionIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest recognised as a liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeasesAsLesseeRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of leases where the entity was the lessee in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeasesAsLesseeRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssuingShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuing shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssuingShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UndrawnBorrowingFacilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UndrawnBorrowingFacilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_CyberonicaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_CyberonicaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_AffiliatedCompanyOfCompanysCEOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_AffiliatedCompanyOfCompanysCEOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentTradingLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentTradingLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_SilanerInvestmentsLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_SilanerInvestmentsLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_EolosShipmanagementSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_EolosShipmanagementSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_February2017PrivatePlacementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_February2017PrivatePlacementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6736318592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Income Tax [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Greek tax authorities (note 19)</a></td>
<td class="nump">$ 116<span></span>
</td>
<td class="nump">$ 118<span></span>
</td>
<td class="nump">$ 116<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729468992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Voyage Expenses and Vessel Operating Expenses - Voyage Expenses (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Voyage Expenses and Vessel Operating Expenses [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Commissions</a></td>
<td class="nump">$ 224<span></span>
</td>
<td class="nump">$ 281<span></span>
</td>
<td class="nump">$ 241<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FuelExpense', window );">Bunkers expenses</a></td>
<td class="nump">1,634<span></span>
</td>
<td class="nump">716<span></span>
</td>
<td class="nump">968<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_OtherVoyageExpense', window );">Other voyage expenses</a></td>
<td class="nump">240<span></span>
</td>
<td class="nump">191<span></span>
</td>
<td class="nump">143<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesExpense', window );">Total</a></td>
<td class="nump">$ 2,098<span></span>
</td>
<td class="nump">$ 1,188<span></span>
</td>
<td class="nump">$ 1,352<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_OtherVoyageExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of voyage expense classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_OtherVoyageExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNatureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FeeAndCommissionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to fees and commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FeeAndCommissionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FuelExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from the consumption of fuel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FuelExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServicesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6743494416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Foreign currency risk (Table) (Details) - Currency risk - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_IncreaseInExchangeRates', window );">Increase in Euro exchange rate</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DecreaseInExchangeRates', window );">Decrease in Euro exchange rate</a></td>
<td class="num">(10.00%)<span></span>
</td>
<td class="num">(10.00%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit', window );">Effect on loss (Decrease in Euro exchange rate)</a></td>
<td class="nump">$ 255<span></span>
</td>
<td class="nump">$ 284<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit', window );">Effect on loss (Increase in Euro exchange rate)</a></td>
<td class="num">$ (255)<span></span>
</td>
<td class="num">$ (284)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DecreaseInExchangeRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Decrease in market exchange rates expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DecreaseInExchangeRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseInExchangeRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase in market exchange rates expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseInExchangeRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the negative effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the positive effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
<FILENAME>R85.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6735064000">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Capital management 2 (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Financial risk management objectives and policies [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt in accordance with IFRS (long and short-term borrowings)</a></td>
<td class="nump">$ 37,746<span></span>
</td>
<td class="nump">$ 36,868<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentUnamortisedDiscount', window );">Add: Unamortized debt discount</a></td>
<td class="nump">741<span></span>
</td>
<td class="nump">295<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Interest bearing loans</a></td>
<td class="nump">38,487<span></span>
</td>
<td class="nump">37,163<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Less: Cash and bank balances and bank deposits (including restricted cash)</a></td>
<td class="nump">4,801<span></span>
</td>
<td class="nump">1,396<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDebt', window );">Net debt</a></td>
<td class="nump">$ 33,686<span></span>
</td>
<td class="nump">$ 35,767<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents including cash and cash equivalents restricted to withdrawal or usage</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentUnamortisedDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt discount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentUnamortisedDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net debt of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R75.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6647237376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Dividends (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DividendsPayableLineItems', window );"><strong>Dividends Payable [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Dividends paid</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DividendsPayableLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DividendsPayableLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6742611248">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Financial risk management objectives and policies [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfInterestRateRiskExplanatory', window );">Interest rate risk</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:476.75pt; margin-left:36pt; border-collapse:collapse"><tr style="height:12.9pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Increase/(Decrease) in basis point</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss</font></p></td></tr><tr style="height:17.2pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:14.65pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(55)</font></p></td></tr><tr style="height:26.35pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 2018</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:15.9pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(60)</font></p></td></tr><tr style="height:26.35pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">-20</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">80</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfForeignCurrencyRiskExplanatory', window );">Foreign currency risk</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:460.25pt; margin-left:36pt; border-collapse:collapse"><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Change in rate</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss </font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(255)</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">255</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(284)</font></p></td></tr><tr style="height:15.05pt"><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">284</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfConcentrationOfCreditRiskExplanatory', window );">Concentration of credit risk table</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:487.7pt; border-collapse:collapse"><tr style="height:13.75pt"><td style="width:167.65pt; border:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:37.8pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:36.95pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:29.65pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,476</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,679</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">21%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,404</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">B</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,873</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">C</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,849</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">13%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">D</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,459</font></p></td><td style="width:29.65pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12,147</font></p></td><td style="width:46.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">78%</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10,802</font></p></td><td style="width:37.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">62%</font></p></td><td style="width:36.95pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,140</font></p></td><td style="width:29.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">66%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">15,623</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,354</font></p></td><td style="width:37.8pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:36.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13,852</font></p></td><td style="width:29.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfManagingLiquidityRisk', window );">Liquidity risk</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2019</font><font style="font-family:'Times New Roman'; font-weight:bold">*</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,674</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,776</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">42,247</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50,697</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> Lease liabilities</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">126</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">106</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">567</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">800</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,971</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,971</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,735</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,735</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">11,506</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,882</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">42,814</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">58,203</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; * This table includes both </font><font style="font-family:'Times New Roman'">the derivative component and the non-derivative host </font><font style="font-family:'Times New Roman'">of the hybrid agreements of both the Firment Shipping Credit Facility and the Convertible Note (see note 11)</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2018</font><font style="font-family:'Times New Roman'; font-weight:bold">*</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,720</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">24,502</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,</font><font style="font-family:'Times New Roman'">465</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">42,</font><font style="font-family:'Times New Roman'">687</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,319</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,319</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,433</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,433</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,472</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">24,502</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,46</font><font style="font-family:'Times New Roman'; font-weight:bold">5</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50,43</font><font style="font-family:'Times New Roman'; font-weight:bold">9</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; * This table includes both </font><font style="font-family:'Times New Roman'">the derivative component and the non-derivative host </font><font style="font-family:'Times New Roman'">of the hybrid agreement with Firment Shipping Credit Facility (see note 11)</font></p></div>
<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfCapitalManagementExplanatory', window );">Capital management</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Adjusted book capitalization refers to total equity adjusted for the market value of the Company&#8217;s vessels. The Company&#8217;s policy is to keep the ratio described above between a range of 60% - 80%.</font></p><table cellspacing="0" cellpadding="0" style="width:523.8pt; margin-left:7.1pt; border-collapse:collapse"><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:160.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> December 31,</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest bearing loans</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash (including restricted cash)</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(4,801)</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(1,396)</font></p></td></tr><tr style="height:12.2pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net debt</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">33,686</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">35,767</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Equity</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">9,879</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">41,050</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Adjustment for the market value of vessels (charter-free)</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(2,902)</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(27,500)</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">6,977</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">13,550</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization plus net debt</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">40,663</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">49,317</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ratio</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">83%</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">73%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#8217;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 (&#8220;IFRS&#8221;) definition of debt. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following reconciliation is provided:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:537.95pt; border-collapse:collapse"><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:160.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; 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margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Add: Unamortized debt discount</font></p></td><td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">741</font></p></td><td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">295</font></p></td></tr><tr style="height:12.15pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Less: Cash and bank balances and bank deposits (including restricted cash)</font></p></td><td style="width:82.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">4,801</font></p></td><td style="width:67.4pt; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 39<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_39_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6746971408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Preparation And Significant Accounting Policies (Details)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1">15 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 24, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 30, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 23, 2019 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Nov. 30, 2018 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsLiabilities', window );">Working capital deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (3,242)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(135,648)<span></span>
</td>
<td class="num">$ (99,297)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Borrowing costs capitalised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 880<span></span>
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<td class="nump">253<span></span>
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<td class="nump">$ 0<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan', window );">Description of the nature of the benefits provided by the defined benefit plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">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.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Net defined benefit liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26<span></span>
</td>
<td class="nump">87<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current portion of long-term borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,195<span></span>
</td>
<td class="nump">35,368<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">562<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawn borrowing facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,100<span></span>
</td>
<td class="nump">12,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">800<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge for right-of-use assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">112<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue from rendering of services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,623<span></span>
</td>
<td class="nump">17,354<span></span>
</td>
<td class="nump">13,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,700<span></span>
</td>
<td class="nump">15,700<span></span>
</td>
<td class="nump">280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38,487<span></span>
</td>
<td class="nump">37,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments', window );">Issuance of common stock due to conversion of loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,140<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AllowanceForDoubtfulTradeReceivables', window );">Provision for doubtful trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23<span></span>
</td>
<td class="nump">68<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Borrowing costs capitalised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 37,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Credit Facility, Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 37,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember', window );">Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawn borrowing facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,100<span></span>
</td>
<td class="nump">12,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">800<span></span>
</td>
<td class="nump">2,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionPrice', window );">Conversion price | $ / shares | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.8<span></span>
</td>
<td class="nump">$ 2.8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Credit Facility, Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ConvertibleNoteMember', window );">Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,579<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments', window );">Issuance of common stock due to conversion of loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_CyberonicaSAMember', window );">Cyberonica S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 562<span></span>
</td>
<td class="nump">674<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">674<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16', window );">Incremental cost of borrowing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge for right-of-use assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 112<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis=ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember', window );">Time charters leases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue from rendering of services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,169<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingLeaseIncome', window );">Operating lease income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,454<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DeferredDryDockingCostsMember', window );">Deferred dry docking costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationMethodPropertyPlantAndEquipment', window );">Depreciation method</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">straight-line basis<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_IntervalBetweenVesselDrydockingSpecialSurvey', window );">Interval between vessel drydockings / special surveys</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years 6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember', window );">Vessels</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationMethodPropertyPlantAndEquipment', window );">Depreciation method</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">straight-line basis<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_VesselsScrapRatePerTon', window );">Vessels scrap rate</a></td>
<td class="nump">$ 300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="nump">$ 300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ExtraDepreciationPropertyPlantAndEquipment', window );">Increase / (decrease) in depreciation expense due to changes in scrap rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (178)<span></span>
</td>
<td class="num">$ (86)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment', window );">Useful life</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis=glbs_BlackScholesOptionPricingModelMember', window );">Black-Scholes option pricing model</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities', window );">Expected Dividend Yield Significant Unobservable Inputs Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1', window );">Historical volatility for shares, significant unobservable inputs, liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">85.00%<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_InterestRateSignificantUnobservableInputsLiabilities1', window );">Risk free rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.59%<span></span>
</td>
<td class="nump">2.48%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageSharePrice2019', window );">Weighted average share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.99<span></span>
</td>
<td class="nump">$ 2.88<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DerivativeLifeSignificantUnobservableInputsLiabilities', window );">Expected life</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">0,89 years<span></span>
</td>
<td class="text">1,89 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis=glbs_MonteCarloSimulationMember', window );">Monte Carlo simulation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Basis of Preparation and Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_InterestRateSignificantUnobservableInputsLiabilities1', window );">Risk free rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.535%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ClosingStockPrice', window );">Closing stock price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.99<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AverageLogarithmicPriceChangeAssumed', window );">Average logarithmic price change</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(0.68%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AssumedExpectedVolatilityRate', window );">Assumed expected volatility rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.31%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfIterations', window );">Number of iterations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleRemainingTradingDays', window );">Remaining trading days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_PriceFloor', window );">Floor price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AllowanceForDoubtfulTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for trade receivables due from companies that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AllowanceForDoubtfulTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AssumedExpectedVolatilityRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The assumed daily volatility for the 6 month period preceding the valuation date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AssumedExpectedVolatilityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AverageLogarithmicPriceChangeAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average logarithmic price change during the 6 month historical period, incorporated in the Monte Carlo simulation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AverageLogarithmicPriceChangeAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ClosingStockPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The last&#160;price&#160;at which the&#160;stock&#160;traded during the regular trading day.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ClosingStockPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleConversionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleConversionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleRemainingTradingDays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of remaining trading days of convertible debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleRemainingTradingDays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DerivativeLifeSignificantUnobservableInputsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The derivative life used as a significant Level 3 unobservable input for liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DerivativeLifeSignificantUnobservableInputsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected dividend yield  used as a significant Level 3 unobservable input for liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ExtraDepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The extra depreciation expense recognised during the period, due to changes in scrap rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ExtraDepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element refers to historical volatility for shares used as a significant Level 3 unobservable input for liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_InterestRateSignificantUnobservableInputsLiabilities1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element refers to interest rate used as a significant Level 3 unobservable input for liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_InterestRateSignificantUnobservableInputsLiabilities1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IntervalBetweenVesselDrydockingSpecialSurvey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the period of review of drydocking and special survey costs in order to be amortized or deferred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IntervalBetweenVesselDrydockingSpecialSurvey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfIterations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of iterations required for the Monte Carlo simulation iterations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfIterations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfOperatingSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfOperatingSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PriceFloor">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price floor incorporated in Monte Carlo Simulation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PriceFloor</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselsScrapRatePerTon">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated vessels' scrap rate per ton.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselsScrapRatePerTon</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2019-01-01<br> -Paragraph 26<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=23&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_26_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets less the amount of current liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationMethodPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The depreciation method used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationMethodPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the nature of the benefits provided by a defined benefit plan (for example, final salary defined benefit plan or contribution-based plan with guarantee). [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 139<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_139_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of useful life used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the conversion of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OperatingLeaseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating lease income. Operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 90<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_90_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingLeaseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UndrawnBorrowingFacilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UndrawnBorrowingFacilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average lessee's incremental borrowing rate applied to lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph C12<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_C12_a&amp;doctype=Appendix&amp;subtype=C<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageSharePrice2019">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average share price. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageSharePrice2019</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ConvertibleNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ConvertibleNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=glbs_CyberonicaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_CyberonicaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis=ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis=ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DeferredDryDockingCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DeferredDryDockingCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis=glbs_BlackScholesOptionPricingModelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis=glbs_BlackScholesOptionPricingModelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis=glbs_MonteCarloSimulationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6735862480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loss per Share (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Loss per share [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity', window );">Loss attributable to common equity holders</a></td>
<td class="num">$ (36,351)<span></span>
</td>
<td class="num">$ (3,568)<span></span>
</td>
<td class="num">$ (6,475)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of shares for basic and diluted LPS</a></td>
<td class="nump">4,165,919<span></span>
</td>
<td class="nump">3,200,927<span></span>
</td>
<td class="nump">2,574,995<span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to ordinary equity holders of the parent entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2019-01-01<br> -Paragraph 70<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_70_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity</td>
</tr>
<tr>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2019-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>52
<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6740797520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accrued liabilities and other payables (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousCurrentLiabilitiesAbstract', window );"><strong>Accrued liabilities and other payables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInterestPayable', window );">Accrued interest</a></td>
<td class="nump">$ 307<span></span>
</td>
<td class="nump">$ 114<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AccruedAuditFeesCurrent', window );">Accrued audit fees</a></td>
<td class="nump">56<span></span>
</td>
<td class="nump">57<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_OtherAccruals', window );">Other accruals</a></td>
<td class="nump">1,435<span></span>
</td>
<td class="nump">999<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_CurrentInsuranceDeductibles', window );">Insurance deductibles</a></td>
<td class="nump">132<span></span>
</td>
<td class="nump">102<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables</a></td>
<td class="nump">41<span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Total</a></td>
<td class="nump">$ 1,971<span></span>
</td>
<td class="nump">$ 1,319<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AccruedAuditFeesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current audit fees payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AccruedAuditFeesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CurrentInsuranceDeductibles">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current insurance deductibles payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CurrentInsuranceDeductibles</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_OtherAccruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accruals payable classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_OtherAccruals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current interest payable. [Refer: Interest payable]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInterestPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousCurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousCurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>53
<FILENAME>R68.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6734251616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term Debt, Net - Firment Shipping Inc. and Convertible Note (Details)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">11 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Mar. 13, 2019 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Apr. 23, 2019 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 30, 2018 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawn borrowing facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,100<span></span>
</td>
<td class="nump">$ 12,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,700<span></span>
</td>
<td class="nump">15,700<span></span>
</td>
<td class="nump">$ 280<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Long-term borrowings, net of current portion</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 36,551<span></span>
</td>
<td class="nump">$ 1,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty', window );">Proportion of ownership interests held by the controlling party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24.00%<span></span>
</td>
<td class="nump">44.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Fair value of derivative financial instruments, net of current portion</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 831<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,746<span></span>
</td>
<td class="nump">36,868<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38,487<span></span>
</td>
<td class="nump">37,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gain/(Loss) on derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,950<span></span>
</td>
<td class="num">(131)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember', window );">Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Loan Facility, Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples', window );">Line Of Credit Facility Drawndown Amounts Multiples</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">April 1, 2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsDefaultInterestRate', window );">Default Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionMultiplier', window );">Pricing period multiplied</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionPrice', window );">Conversion price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.8<span></span>
</td>
<td class="nump">$ 2.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawn borrowing facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,100<span></span>
</td>
<td class="nump">12,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">800<span></span>
</td>
<td class="nump">2,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleThresholdTradingDays', window );">Threshold trading days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Long-term borrowings, net of current portion</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">307<span></span>
</td>
<td class="nump">1,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Fair value of derivative financial instruments, net of current portion</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">524<span></span>
</td>
<td class="nump">831<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Accrued interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,132,191<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gain/(Loss) on derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 117<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 135<span></span>
</td>
<td class="nump">$ 131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember', window );">Weighted average</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.66%<span></span>
</td>
<td class="nump">4.97%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty', window );">Proportion of ownership interests held by the controlling party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember', window );">Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionPrice', window );">Conversion price | $ / shares</a></td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DebtSecurities', window );">Debt instruments issued</a></td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms', window );">Line of Credit Facility, Frequency of Payment and Payment Terms</a></td>
<td class="text">annually<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Long-term borrowings, net of current portion</a></td>
<td class="nump">1,783<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,180<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Fair value of derivative financial instruments, net of current portion</a></td>
<td class="nump">$ 3,217<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,691,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,309<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Accrued interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">97,311<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gain/(Loss) on derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,815<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsDefaultInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The default interest per annum above the regular interest charged, in case of failure to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsDefaultInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleConversionMultiplier">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The multiplier used in order to calculate the price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleConversionMultiplier</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleConversionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleConversionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleThresholdTradingDays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Threshold number of specified consecutive trading days immediately preceding the date on which the Conversion Notice was executed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleThresholdTradingDays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The multiples of amounts that the company has the right to drawdown under the relevant credit facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityDrawndownAmountsMultiples</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the frequency of the required periodic payments of interest, principal, or both, and the amount, if set, or a description of a formula upon which payment is based.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interests held by the controlling party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ProportionOfOwnershipInterestsHeldByControllingParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maturity of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DebtSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of instruments issued by the entity that represent indebtedness.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DebtSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest recognised as a liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UndrawnBorrowingFacilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UndrawnBorrowingFacilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember</td>
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<td>na</td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
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<td></td>
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<td>na</td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6736365024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents And Restricted cash<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">3&#160;&#160;&#160;&#160; Cash and cash equivalents and Restricted cash</font></h1><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise the following:</font></p><table cellspacing="0" cellpadding="0" style="width:428.3pt; margin-left:36pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_dab6900a289048449fdcd1e5cfacd4a3"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="2" style="width:106.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:21.9pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:43.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash on hand</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">46</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash at banks</font></p></td><td style="width:52.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,356</font></p></td><td style="width:43.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,366</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">46</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash held in banks earns interest at floating rates based on daily bank deposit rates.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The fair value of cash and cash equivalents as at December 31, 2019 and 2018, was $2,366 and $46, respectively. In addition, as of December 31, 2019, the Company had available $11,100 (2018: $12,800) of undrawn borrowing facilities (note 11).&#160; </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at December 31, 2019, the Company had pledged an amount of $2,435, $1,250 in non-current assets and $1,185 in current assets ($1,350 as at December 2018 in current assets) in order to fulfil collateral requirements. The fair value of the restricted cash as at December 31, 2019, was $2,435, $1,250 in non-current assets and $1,185 in current assets and at December 31, 2018, was $1,350 in current assets.</font><font style="font-family:'Times New Roman'"> The cash and cash equivalents are held with reputable bank and financial institution counterparties.</font><font style="font-family:'Times New Roman'"> </font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6740360784">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Changes in Equity - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Issued Share Capital</div></th>
<th class="th"><div>Share Premium</div></th>
<th class="th"><div>(Accumulated Deficit)</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">As at Dec. 31, 2016</a></td>
<td class="nump">$ 20,760<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 110,013<span></span>
</td>
<td class="num">$ (89,254)<span></span>
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<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">TOTAL COMPREHENSIVE LOSS FOR THE YEAR</a></td>
<td class="num">(6,475)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,475)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the year</a></td>
<td class="num">(6,475)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,475)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Share-based payments (note 12)</a></td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issuance of common shares (note 9)</a></td>
<td class="nump">27,282<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="nump">27,271<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of warrants (note 9)</a></td>
<td class="nump">2,371<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">2,370<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">As at Dec. 31, 2017</a></td>
<td class="nump">43,968<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="nump">139,684<span></span>
</td>
<td class="num">(95,729)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">TOTAL COMPREHENSIVE LOSS FOR THE YEAR</a></td>
<td class="num">(3,568)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,568)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the year</a></td>
<td class="num">(3,568)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,568)<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Share-based payments (note 12)</a></td>
<td class="nump">50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of warrants (note 9)</a></td>
<td class="nump">600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">As at Dec. 31, 2018</a></td>
<td class="nump">41,050<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="nump">140,334<span></span>
</td>
<td class="num">(99,297)<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">TOTAL COMPREHENSIVE LOSS FOR THE YEAR</a></td>
<td class="num">(36,351)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(36,351)<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the year</a></td>
<td class="num">(36,351)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(36,351)<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Share-based payments (note 12)</a></td>
<td class="nump">40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments', window );">Issuance of common stock due to conversion (note 11)</a></td>
<td class="nump">5,140<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="nump">5,132<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">As at Dec. 31, 2019</a></td>
<td class="nump">$ 9,879<span></span>
</td>
<td class="nump">$ 21<span></span>
</td>
<td class="nump">$ 145,506<span></span>
</td>
<td class="num">$ (135,648)<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the conversion of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2019-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729407680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair values<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract', window );"><strong>Disclosure of fair value measurement of assets [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementExplanatory', window );">Fair values</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-indent:-54pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">21&#160;&#160;&#160;&#160;&#160;&#160; Fair values</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-indent:-54pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; line-height:13pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">Carrying amounts and fair values</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_a93dc9ebab254a84bce4136d7c77d371"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:472.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying amount</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:157.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value</font></p></td></tr><tr style="height:27.7pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">(in thousands of USD)</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td><td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2019</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels (see also note 5)</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,346</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,346</font></p></td><td style="width:33.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:28.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,346</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,346</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other financial liabilities</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">622</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">622</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.6pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities not measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">39,853</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">39,853</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">38,487</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:474.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying amount</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:160.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value</font></p></td></tr><tr style="height:27.7pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">(in thousands of USD)</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other financial liabilities</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td><td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2018</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">831</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">831</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">831</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">831</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.6pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities not measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; 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text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,030</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,163</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"><font style="font-family:'Times New Roman'; font-size:9pt">&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">Measurement of fair values</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">&#160;&#160; Valuation techniques and significant unobservable inputs</font></p><p style="margin-top:0pt; margin-left:7.1pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font><a name="FIS_UNIDENTIFIED_TABLE_33"></a><a name="FIS_UNIDENTIFIED_TABLE_34"></a></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:471pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_f804ad6280e94fc5a55a7788f3faaa63"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Financial instruments measured at fair value</font></a></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.35pt"><td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="RANGE_B372"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Type</font></a></p></td><td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Valuation Techniques</font></p></td><td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Significant unobservable inputs</font></p></td></tr><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Quoted (unadjusted) prices in active markets for identical assets less costs of disposal</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments:</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Firment </font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Black-Scholes model </font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160; Refer to note </font><font style="font-family:'Times New Roman'"> 2.30</font></p></td></tr><tr style="height:3.4pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; 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<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">17&#160;&#160;&#160; Contingencies </font></h1><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business.&#160; 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&#8217;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which are material for disclosure. </font></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729467264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related parties (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Disclosure of transactions between related parties [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfCompensationOfNonExecutiveDirectors', window );">Compensation of non-executive directors</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:216pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Director&#8217;s remuneration </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">147</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">187</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
<span></span>
</td>
</tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfCompensationOfExecutiveDirector', window );">Compensation of executive director</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:214.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:80.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Short-term employee benefits </font></p></td><td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">224</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">235</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">229</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:80.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">224</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">235</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">229</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729395344">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital and Share Premium (Tables)<br></strong></div></th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory', window );">Authorised share capital</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:173.25pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Authorised share capital:</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">500,000,000 Common shares of par value $0.004 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Class B Common shares of par value $0.001 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Preferred shares of par value $0.001 each </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total authorised share capital</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfCommonSharesExplanatory', window );">Common shares issued and fully paid</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-left:42.55pt; border-collapse:collapse"><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:1.6pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Common Shares issued and fully paid</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of shares </font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">USD</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at January 1, 2017</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">262,755</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,094</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,750,000</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">148,181</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2017</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,163,030</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,797</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,500</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2018</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,209,327</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 12)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,998</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to conversion of loan</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,999,834</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2019</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,227,159</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">21</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6650084048">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Voyage Expenses and Vessel Operating Expenses (Tables)<br></strong></div></th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfVoyageAndVesselOperatingExpenses', window );">Voyage Expenses and Vessel Operating Expenses</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Voyage expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:195.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:60.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:59.35pt; border-bottom-style:solid; border-bottom-width:1pt; 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padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">241</font></p></td></tr><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,634</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">716</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">968</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other voyage expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">240</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">191</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; 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font-weight:bold">1,188</font></p></td><td style="width:59.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,352</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessel operating expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:441.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td colspan="2" style="width:228.55pt; 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vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:58.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:54.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Crew wages and related costs</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,670</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,766</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,645</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance </font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">664</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">607</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">742</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Spares, repairs and maintenance</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,884</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,721</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,222</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">517</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">501</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">496</font></p></td></tr><tr style="height:13pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Stores</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">820</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,000</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">783</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td colspan="2" style="width:57.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">327</font></p></td><td style="width:58.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">330</font></p></td><td style="width:54.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">247</font></p></td></tr><tr style="height:13.8pt"><td style="width:228.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td colspan="2" style="width:57.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,882</font></p></td><td style="width:58.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,925</font></p></td><td style="width:54.4pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,135</font></p></td></tr><tr style="height:0pt"><td style="width:239.05pt"></td><td style="width:0.3pt"></td><td style="width:68.4pt"></td><td style="width:68.85pt"></td><td style="width:65.2pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6736379936">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term Debt, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBorrowingsExplanatory', window );">Long-Term Debt, net</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">11&#160;&#160;&#160;&#160;&#160;&#160;&#160; Long-Term Debt, net&#160; </font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Long-term debt in the consolidated statement of financial position is analysed as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:495.05pt; border-collapse:collapse; text-align:left"><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:14.4pt; margin-bottom:0pt; text-indent:-14.4pt; text-align:justify; font-size:9pt"><a name="DM_MAP_be7352fbd79d45a99b6e9cc48b3dde42"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td style="width:273pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Borrower</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Loan Balance</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unamortized Debt Discount</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Borrowings</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., </font><font style="font-family:'Times New Roman'">Artful Shipholding S.A. &amp; Longevity Maritime Limited</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,000</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(741)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">36,259</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Maritime Ltd. &#8211; Firment Shipping Inc.</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(c) </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Maritime Ltd. &#8211; Convertible Note</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,180</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,180</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2019</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">38,487</font></p></td><td style="width:60.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(741)</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,746</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,487)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">292</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,195)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,000</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(449)</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">36,551</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:60.05pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2018</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,163</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(295)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">36,868</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(35,663)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">295</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(35,368)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,500</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,500</font></p></td></tr></table><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ol type="a" style="margin:0pt; padding-left:0pt"><li style="margin-left:14.75pt; text-align:justify; padding-left:3.25pt; font-family:'Times New Roman'; font-size:9pt; font-weight:bold"><font style="font-weight:normal">In June 2019, </font><font style="font-weight:normal">Globus through its wholly owned subsidiaries</font><font style="font-weight:normal">, </font><font style="font-weight:normal">Devocean Maritime Ltd.(the &#8220;Borrower A&#8221;), Domina Maritime Ltd.(the &#8220;Borrower B&#8221;), Dulac Maritime S.A. (the &#8220;Borrower C&#8221;), </font><font style="font-weight:normal">Artful Shipholding S.A.</font><font style="font-weight:normal"> (the &#8220;Borrower D&#8221;)</font><font style="font-weight:normal"> and Longevity Maritime Limited </font><font style="font-weight:normal">(the &#8220;Borrower E&#8221;)</font><font style="font-weight:normal">, </font><font style="font-weight:normal">vessel owning companies of m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe, respectively, </font><font style="font-weight:normal">entered a new term loan facility for up to $37,000 with EnTrust Global&#8217;s Blue Ocean Fund for the purpose of refinancing the existing indebtedness secured on the ships and for general corporate purposes. The loan facility is in the names of Devocean Maritime Ltd., Domina Maritime Ltd, Dulac Maritime S.A.</font><font style="font-weight:normal">, </font><font style="font-weight:normal">Artful Shipholding S.A. and Longevity Maritime Limited</font><font style="font-weight:normal"> as the borrowers and is guaranteed by Globus. The loan facility bears interest at LIBOR plus a margin of 8.50% (or 10.5% default interest) for interest periods of three months. This loan facility will be referred as EnTrust loan facility. </font></li></ol><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; color:#0000ff">&#xa0;</font></h1><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On June 24, 2019, the Company drew down $37,000 under the EnTrust loan facility and fully prepaid the existing loan facilities with </font><font style="font-family:'Times New Roman'">Hamburg Commercial Bank AG (formerly known as HSH Nordbank AG) and </font><font style="font-family:'Times New Roman'">Macquarie Bank International Limited. The </font><font style="font-family:'Times New Roman'">&#8220;EnTrust&#8221; loan facility consists of five Tranches:</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (A) of $6,375 for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v River Globe. The balance outstanding of tranche (A) at December 31, 2019, was $6,375 payable in 6 equal quarterly instalments of $266 starting, March 2021, as well as a balloon payment of $4,779 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (B) of $7,375 for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Sky Globe. The balance outstanding of tranche (B) at December 31, 2019, was $7,375 payable in 6 equal quarterly instalments of $230 starting, March 2021, as well as a balloon payment of $5,995 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (C) of $7,750 for the purpose of prepaying to Hamburg Commercial Bank AG the amount outstanding with respect to the m/v Star Globe. The balance outstanding of tranche (C) at December 31, 2019, was $7,750 payable in 6 equal quarterly instalments of $215 starting, March 2021, as well as a balloon payment of $6,460 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (D) of $6,500 for the purpose of prepaying to Macquarie Bank International Limited the amount outstanding with respect to the m/v Moon Globe. The balance outstanding of tranche (D) at December 31, 2019, was $6,500 payable in 6 equal quarterly instalments of $406 starting, March 2021, as well as a balloon payment of $4,064 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (E) of $9,000 for the purpose of prepaying to Macquarie Bank International Limited the amount outstanding with respect to the m/v Sun Globe. The balance outstanding of tranche (E) at December 31, 2019, was $9,000 payable in 6 equal quarterly instalments of $375 starting, March 2021, as well as a balloon payment of $6,750 due together with the 6th and final instalment due in June 2022. This repayment schedule is subject to alterations depending on the amount of &#8220;Excess cash&#8221;, as described in the loan agreement, which will be applied against the balloon amount.</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The total amount of borrowing costs that were capitalized for this loan facility amounted to $880 which will be amortized over the term of this loan facility.</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin:0pt 7.05pt 0pt 18pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The loan is secured by, among other things:</font></p><ul type="circle" style="margin:0pt; padding-left:0pt"><li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">First preferred mortgage over m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe. </font></li><li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Guarantee from Globus and joint liability of the vessel owning companies.</font></li><li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Shares pledges respecting each borrower.</font></li><li style="margin-left:46.4pt; text-align:justify; padding-left:7.6pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Pledges of bank accounts, charter assignments, and a general assignment over each ship&#8217;s earnings, insurances and any requisition compensation in relation of that ship.</font></li></ul><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The EnTrust loan facility contains various covenants requiring the vessels owning companies and/or Globus to, amongst others things, ensure that:</font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:48.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">The Borrowers shall maintain a minimum liquidity at all times of not less than $250 for each mortgaged ship. </font></li></ul><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:48.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">The Parent Guarantor shall maintain, on a consolidated basis, at the end of each calendar quarter liquid funds in an amount, in aggregate, of not less than 5 per cent of the consolidated &#8220;Financial Indebtedness&#8221;, </font><font style="font-family:'Times New Roman'">as described in the loan agreement,</font><font style="font-family:'Times New Roman'"> of the Group as reflected in the most recent financial statements of the Parent Guarantor.</font></li></ul><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:48.15pt; text-align:justify; 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margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font><font style="font-family:'Times New Roman'">&#160;&#160; 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&#8217;s chairman, for the purpose of financing its general working capital needs (Note 4). 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Interest is payable the last day of a period of three months after the draw-down 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. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. (&#8220;VWAP&#8221;) over the pricing period multiplied by 80%, where the &#8220;Pricing Period&#8221; 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). </font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As per the conversion clause included in the Firment Shipping Credit Facility, the Company has recognized this agreement as a hybrid financial instrument which includes an embedded derivative. 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The derivative component at December 31, 2019 and 2018 amounted to $524 and $831, respectively and was classified under &#8220;fair value of derivative financial instruments, current&#8221; and &#8220;fair value of derivative financial instruments, non-current&#8221;, respectively in the consolidated statements of financial position.</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On April 23, 2019, the Company converted to share capital, as per the conversion clause included in the Firment Shipping Credit Facility the outstanding principal amount of $3,100 plus the accrued interest of $70 with a conversion price of $2.80 per share and issued 1,132,191 new common shares on behalf of Firment Shipping Inc. 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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.&#160; 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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.25pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As per the conversion clause included in the Convertible Note, the Company has recognized this agreement as a hybrid financial instrument which includes an embedded derivative. This embedded derivative component was separated from 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 income statement component of the consolidated statement of comprehensive loss. The initial amount drawn with respect to the Convertible Note was $5,000. The non-derivative host and the derivative component that was initially recognized amounted to $1,783 and $3,217, respectively.</font></p><p style="margin-top:0pt; margin-left:21.25pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:25.55pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The non-derivative host at December 31, 2019, amounted to $1,180 and was classified under &#8220;current portion of long-term borrowings&#8221; in the consolidated statement of financial position. 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(&#8220;Devocean et al.&#8221;), 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 &#8220;Bank&#8221;) for the purpose of partially prepaying the then outstanding secured reducing revolving credit facility with Credit Suisse AG. On March 3, 2015, Devocean et al. drew down $29,405 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. As at June 27, 2019, the balances of all tranches of $20,776 were fully repaid using the proceedings from the new loan agreement with </font><font style="font-family:'Times New Roman'">EnTrust loan facility</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">(e)</font><font style="font-family:'Times New Roman'; font-size:9pt">&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:9pt">In December 2018, Globus through its wholly owned subsidiaries, Artful Shipholding S.A. (&#8220;Artful&#8221;) and Longevity Maritime Limited (&#8220;Longevity&#8221;), entered into the Macquarie Loan Agreement for an amount up to $13,500 with Macquarie Bank International Limited. 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. As at June 28, 2019, the balance of all tranches of $13,057 were fully repaid using the proceedings from the new loan agreement with EnTrust loan facility.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_3aac705f4e8b4f76bc6f66b09973cf22"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per lender to be made subsequent to December 31, 2019, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:</font></a></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:396.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:15pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> (c)</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td><td style="width:67.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">EnTrust</font></p></td><td style="width:38.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment</font></p></td><td style="width:72.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Convertible Note</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">800*</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,309*</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,109</font></p></td></tr><tr style="height:12.75pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,970</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,970</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2022 and thereafter&#160; </font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31,030</font></p></td><td style="width:38.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:72.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">31,030</font></p></td></tr><tr style="height:13.5pt"><td style="width:95.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:67.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,000</font></p></td><td style="width:38.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">800</font></p></td><td style="width:72.05pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,309</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,109</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">* This table represents the maturities before the waivers/extensions acquired within the first quarter of 2020 (see note 22).</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2018, assuming that the lenders will not demand the repayment of the loans before their maturity, were as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:404.3pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d)</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(e)</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:24pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Hamburg Commercial Bank AG</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment Shipping Inc. </font></p></td><td colspan="2" style="width:118.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Macquarie Bank International Limited</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31</font></p></td><td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Advance (A)</font></p></td><td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Advance (B)</font></p></td><td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22,163</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">23.934</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,200</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.971</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1.771</font></p></td></tr><tr style="height:12.75pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:35.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">889</font></p></td><td style="width:51pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">882</font></p></td><td style="width:45.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1.771</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2023 and thereafter&#160; </font></p></td><td style="width:35.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:63.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:56.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,444</font></p></td><td style="width:51pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3.972</font></p></td><td style="width:45.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6.416</font></p></td></tr><tr style="height:13.5pt"><td style="width:88.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:35.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">22,163</font></p></td><td style="width:63.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:56.7pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,000</font></p></td><td style="width:51pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,500</font></p></td><td style="width:45.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37.863</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The weighted average interest rate for the years ended December 31, 2019 and 2018 was 8.66% and 4.97%, respectively. </font></p></div>
<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBorrowingsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBorrowingsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract</td>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6736398704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade Accounts Payable<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Trade accounts payable [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory', window );">Trade accounts payable</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7&#160;&#160;&#160;&#160; Trade accounts payable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade accounts payable in the consolidated statement of financial position as at December 31, 2019 and 2018, amounted to $4,735 and $6,433, respectively. Trade accounts payable are non-interest bearing.</font></p></div>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesAbstract</td>
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<TYPE>XML
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<TEXT>
<html>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729508000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Administrative Expenses (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract', window );"><strong>Administrative Expenses [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_PersonnelExpense', window );">Personnel expenses</a></td>
<td class="nump">$ 1,006<span></span>
</td>
<td class="nump">$ 778<span></span>
</td>
<td class="nump">$ 628<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemuneration', window );">Audit fees</a></td>
<td class="nump">98<span></span>
</td>
<td class="nump">103<span></span>
</td>
<td class="nump">101<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TravelExpense', window );">Travelling expenses</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ConsultingFeesExpense', window );">Consulting fees</a></td>
<td class="nump">191<span></span>
</td>
<td class="nump">76<span></span>
</td>
<td class="nump">54<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Communication</a></td>
<td class="nump">7<span></span>
</td>
<td class="nump">9<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_StationeryExpense', window );">Stationery</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Greek tax authorities (note 19)</a></td>
<td class="nump">116<span></span>
</td>
<td class="nump">118<span></span>
</td>
<td class="nump">116<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other</a></td>
<td class="nump">160<span></span>
</td>
<td class="nump">265<span></span>
</td>
<td class="nump">309<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Total</a></td>
<td class="nump">$ 1,583<span></span>
</td>
<td class="nump">$ 1,356<span></span>
</td>
<td class="nump">$ 1,224<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable for consulting fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ConsultingFeesExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to administrative personnel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense for writing and other office materials.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_StationeryExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemuneration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemuneration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CommunicationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from communication.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CommunicationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'nature of expense' form for its analysis of expenses. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TravelExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from travel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TravelExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6735032304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Liquidity risk (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">$ 50,697<span></span>
</td>
<td class="nump">$ 42,687<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">800<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">1,971<span></span>
</td>
<td class="nump">1,319<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">4,735<span></span>
</td>
<td class="nump">6,433<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="nump">58,203<span></span>
</td>
<td class="nump">50,439<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanThreeMonthsMember', window );">Less than 3 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">4,674<span></span>
</td>
<td class="nump">1,720<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">126<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">1,971<span></span>
</td>
<td class="nump">1,319<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">4,735<span></span>
</td>
<td class="nump">6,433<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="nump">11,506<span></span>
</td>
<td class="nump">9,472<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanOneYearMember', window );">3 to 12 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">3,776<span></span>
</td>
<td class="nump">24,502<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">106<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="nump">3,882<span></span>
</td>
<td class="nump">24,502<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember', window );">1 to 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">42,247<span></span>
</td>
<td class="nump">16,465<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">567<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="nump">42,814<span></span>
</td>
<td class="nump">16,465<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">More than 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanThreeMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanThreeMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6733431808">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fair values (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Vessels (see also note 5)</a></td>
<td class="nump">$ 48,242<span></span>
</td>
<td class="nump">$ 83,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">831<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial Liabilities at fair value</a></td>
<td class="nump">39,853<span></span>
</td>
<td class="nump">37,030<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Long -term borrowings</a></td>
<td class="nump">38,487<span></span>
</td>
<td class="nump">37,163<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Long -term borrowings</a></td>
<td class="nump">58,203<span></span>
</td>
<td class="nump">50,439<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember', window );">At fair value | Financial assets measured at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Vessels (see also note 5)</a></td>
<td class="nump">37,346<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial Assets at fair value</a></td>
<td class="nump">37,346<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember', window );">At fair value | Financial assets measured at fair value | Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Vessels (see also note 5)</a></td>
<td class="nump">37,346<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember', window );">At fair value | Financial liabilities measured at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">622<span></span>
</td>
<td class="nump">831<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial Liabilities at fair value</a></td>
<td class="nump">622<span></span>
</td>
<td class="nump">831<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember', window );">At fair value | Financial liabilities measured at fair value | Level 3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">622<span></span>
</td>
<td class="nump">831<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember', window );">Financial liabilities not measured at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Long -term borrowings</a></td>
<td class="nump">38,487<span></span>
</td>
<td class="nump">37,163<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Long -term borrowings</a></td>
<td class="nump">38,487<span></span>
</td>
<td class="nump">37,163<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember', window );">Financial liabilities not measured at fair value | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial Liabilities at fair value</a></td>
<td class="nump">$ 39,853<span></span>
</td>
<td class="nump">$ 37,030<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial assets. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Ships">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment representing seafaring or other maritime vessels used in the entity's operations. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_37_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Ships</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtFairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtFairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MeasurementAxis=ifrs-full_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MeasurementAxis=ifrs-full_NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6647348912">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments - Future minimum lease payments (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Total</a></td>
<td class="nump">$ 851<span></span>
</td>
<td class="nump">$ 1,044<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Within one year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Total</a></td>
<td class="nump">142<span></span>
</td>
<td class="nump">149<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember', window );">After one year but not more than five years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Total</a></td>
<td class="nump">567<span></span>
</td>
<td class="nump">596<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">More than five years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Total</a></td>
<td class="nump">$ 142<span></span>
</td>
<td class="nump">$ 299<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>68
<FILENAME>R58.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6741143728">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Inventories (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Inventories [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LubricantsInventoryCurrent', window );">Lubricants</a></td>
<td class="nump">$ 295<span></span>
</td>
<td class="nump">$ 313<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_GasCylindersInventoryCurrent', window );">Gas cylinders</a></td>
<td class="nump">79<span></span>
</td>
<td class="nump">78<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BunkerInventoryCurrent', window );">Bunkers</a></td>
<td class="nump">1,171<span></span>
</td>
<td class="nump">259<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Total</a></td>
<td class="nump">$ 1,545<span></span>
</td>
<td class="nump">$ 650<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BunkerInventoryCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of bunkers' inventory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BunkerInventoryCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_GasCylindersInventoryCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of gas cylinder's inventory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_GasCylindersInventoryCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LubricantsInventoryCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of lubricants' inventory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LubricantsInventoryCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>69
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6741132320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net - Consolidated Statement of Comprehensive Income (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Vessels, net [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Vessels depreciation</a></td>
<td class="nump">$ 4,578<span></span>
</td>
<td class="nump">$ 4,578<span></span>
</td>
<td class="nump">$ 4,831<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DepreciationOfficeFurnitureAndEquipment', window );">Depreciation on office furniture and equipment</a></td>
<td class="nump">31<span></span>
</td>
<td class="nump">23<span></span>
</td>
<td class="nump">23<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation of right of use asset</a></td>
<td class="nump">112<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Total</a></td>
<td class="nump">$ 4,721<span></span>
</td>
<td class="nump">$ 4,601<span></span>
</td>
<td class="nump">$ 4,854<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DepreciationOfficeFurnitureAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of office furniture and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DepreciationOfficeFurnitureAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>70
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6732717328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties - Compensation to the Company's Non-Executive Directors (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DirectorsCompensationSharebasedPayment', window );">Share-based payments</a></td>
<td class="nump">$ 40<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember', window );">Non-Executive Directors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DirectorsRemunerationExpense', window );">Director's remuneration</a></td>
<td class="nump">147<span></span>
</td>
<td class="nump">145<span></span>
</td>
<td class="nump">145<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DirectorsCompensationSharebasedPayment', window );">Share-based payments</a></td>
<td class="nump">40<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">40<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Total</a></td>
<td class="nump">$ 187<span></span>
</td>
<td class="nump">$ 185<span></span>
</td>
<td class="nump">$ 185<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DirectorsCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to directors in the form of share-based payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DirectorsCompensationSharebasedPayment</td>
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<td>xbrli:monetaryItemType</td>
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<td>debit</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DirectorsRemunerationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of remuneration paid or payable to the entity's directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DirectorsRemunerationExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6742482800">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Long-Term Debt, net - Annual Loan Principal Payments (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">$ 38,487<span></span>
</td>
<td class="nump">$ 37,163<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ConvertibleDebtIncludingEmbeddedDerivative', window );">Loan Balance</a></td>
<td class="nump">41,109<span></span>
</td>
<td class="nump">37,863<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">37,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_FirmentShippingIncLoanAgreementMember', window );">Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ConvertibleDebtIncludingEmbeddedDerivative', window );">Loan Balance</a></td>
<td class="nump">800<span></span>
</td>
<td class="nump">2,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember', window );">Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">3,309<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_HamburgCommercialBankAGLoanAgreementMember', window );">Hamburg Commercial Bank AG</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,163<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_MacquarieBankInternationalLimitedLoanAgreementMember', window );">Macquarie Bank International Limited | Advance (A)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_MacquarieBankInternationalLimitedLoanAgreementMember', window );">Macquarie Bank International Limited | Advance (B)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">23,934<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year | EnTrust</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year | Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year | Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year | Hamburg Commercial Bank AG</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,163<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year | Macquarie Bank International Limited | Advance (A)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">889<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year | Macquarie Bank International Limited | Advance (B)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">882<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">10,079<span></span>
</td>
<td class="nump">3,971<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years | EnTrust</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">5,970<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years | Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ConvertibleDebtIncludingEmbeddedDerivative', window );">Loan Balance</a></td>
<td class="nump">800<span></span>
</td>
<td class="nump">2,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years | Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">3,309<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years | Hamburg Commercial Bank AG</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years | Macquarie Bank International Limited | Advance (A)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">889<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years | Macquarie Bank International Limited | Advance (B)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">882<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">Later than two years and not later than three years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,771<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">Later than two years and not later than three years | Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">Later than two years and not later than three years | Hamburg Commercial Bank AG</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">Later than two years and not later than three years | Macquarie Bank International Limited | Advance (A)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">889<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">Later than two years and not later than three years | Macquarie Bank International Limited | Advance (B)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">882<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">Later than three years and not later than four years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,771<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">Later than three years and not later than four years | Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">Later than three years and not later than four years | Hamburg Commercial Bank AG</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">Later than three years and not later than four years | Macquarie Bank International Limited | Advance (A)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">889<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">Later than three years and not later than four years | Macquarie Bank International Limited | Advance (B)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">882<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">Later than four years and not later than five years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,416<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">Later than four years and not later than five years | Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">Later than four years and not later than five years | Hamburg Commercial Bank AG</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">Later than four years and not later than five years | Macquarie Bank International Limited | Advance (A)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,444<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">Later than four years and not later than five years | Macquarie Bank International Limited | Advance (B)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,972<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=glbs_LaterThanTwoYearsMember', window );">Later than two years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">31,030<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=glbs_LaterThanTwoYearsMember', window );">Later than two years | EnTrust</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">31,030<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=glbs_LaterThanTwoYearsMember', window );">Later than two years | Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=glbs_LaterThanTwoYearsMember', window );">Later than two years | Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ConvertibleDebtIncludingEmbeddedDerivative">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of convertible debt, including the amount of the embedded derivative component.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ConvertibleDebtIncludingEmbeddedDerivative</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_FirmentShippingIncLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_FirmentShippingIncLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_HamburgCommercialBankAGLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_HamburgCommercialBankAGLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_MacquarieBankInternationalLimitedLoanAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_MacquarieBankInternationalLimitedLoanAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CreditFacilityAxis=glbs_AdvanceAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_AdvanceAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CreditFacilityAxis=glbs_AdvanceBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_AdvanceBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R62.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6742953216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital and Share Premium - Common Shares (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ValueOfSharesIssuedAbstract', window );"><strong>USD</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">As at December 31</a></td>
<td class="nump">$ 13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Issued during the year for share based compensation (note 12)</a></td>
<td class="nump">40<span></span>
</td>
<td class="nump">$ 50<span></span>
</td>
<td class="nump">$ 30<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issuance of common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">27,282<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">600<span></span>
</td>
<td class="nump">$ 2,371<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments', window );">Issuance of common stock due to conversion of loan</a></td>
<td class="nump">5,140<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">As at December 31</a></td>
<td class="nump">$ 21<span></span>
</td>
<td class="nump">$ 13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember', window );">Common Shares issued and fully paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Number of shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid', window );">As at December 31</a></td>
<td class="nump">3,209,327<span></span>
</td>
<td class="nump">3,163,030<span></span>
</td>
<td class="nump">262,755<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions', window );">Issued during the year for share based compensation (note 12)</a></td>
<td class="nump">17,998<span></span>
</td>
<td class="nump">8,797<span></span>
</td>
<td class="nump">2,094<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity', window );">Issuance of common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,750,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,500<span></span>
</td>
<td class="nump">148,181<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments', window );">Issuance of common stock due conversion of loan</a></td>
<td class="nump">1,999,834<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid', window );">As at December 31</a></td>
<td class="nump">5,227,159<span></span>
</td>
<td class="nump">3,209,327<span></span>
</td>
<td class="nump">3,163,030<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ValueOfSharesIssuedAbstract', window );"><strong>USD</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">As at December 31</a></td>
<td class="nump">$ 13<span></span>
</td>
<td class="nump">$ 13<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Issued during the year for share based compensation (note 12)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issuance of common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments', window );">Issuance of common stock due to conversion of loan</a></td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">As at December 31</a></td>
<td class="nump">$ 21<span></span>
</td>
<td class="nump">$ 13<span></span>
</td>
<td class="nump">$ 13<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares issued through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares resulting from the conversion of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares resulting from the exercise of warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares issued resulting from share-based payment transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ValueOfSharesIssuedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ValueOfSharesIssuedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the conversion of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssuedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssuedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity, for which full payment has been received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssuedAndFullyPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6632275120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest Expense and Finance Costs (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsAbstract', window );"><strong>Interest Expense and Finance Costs [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory', window );">Interest Expense and Finance Costs</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:445.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="width:188.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest payable on long-term borrowings</font></p></td><td style="width:48.6pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,603</font></p></td><td style="width:60.65pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,004</font></p></td><td style="width:57.2pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,778</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bank charges </font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">28</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">29</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">34</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Amortization of debt discount</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">383</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">84</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Operating lease liability interest</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">51</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other finance expenses</font></p></td><td style="width:48.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">638</font></p></td><td style="width:60.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:57.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">325</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:48.6pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,703</font></p></td><td style="width:60.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,056</font></p></td><td style="width:57.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of interest expense and finance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6741618304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and General Information (Table) (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_GlobusShipmanagementCorpMember', window );">Globus Shipmanagement Corp.</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall Islands<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">Management Co. <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DevoceanMaritimeLtdMember', window );">Devocean Maritime Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall Islands<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">December 18, 2007<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">m/v River Globe<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DominaMaritimeLtdMember', window );">Domina Maritime Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall Islands<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">May 19, 2010<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">m/v Sky Globe<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DulacMaritimeSAMember', window );">Dulac Maritime S.A.</a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall Islands<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">May 25, 2010<span></span>
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<td class="text">m/v Star Globe<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_ArtfulShipholdingSAMember', window );">Artful Shipholding S.A.</a></td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall Islands<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">June 22, 2011<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">m/v Moon Globe<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_LongevityMaritimeLimitedMember', window );">Longevity Maritime Limited</a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Malta<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">September 15, 2011<span></span>
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<td class="text">m/v Sun Globe<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The date of the vessel delivery to the Company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The country in which a subsidiary of the entity is incorporated. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 12<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_12_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 19B<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_19B_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of a subsidiary. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 12<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_12_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 19B<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_19B_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_GlobusShipmanagementCorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_GlobusShipmanagementCorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DevoceanMaritimeLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DevoceanMaritimeLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DominaMaritimeLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DominaMaritimeLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DulacMaritimeSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DulacMaritimeSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_ArtfulShipholdingSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_ArtfulShipholdingSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_LongevityMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_LongevityMaritimeLimitedMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729663904">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cash and cash equivalents and Restricted Cash (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_CashAndCashEquivalentsFairValueDisclosure', window );">Fair value of cash and cash equivalents</a></td>
<td class="nump">$ 2,366<span></span>
</td>
<td class="nump">$ 46<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawn borrowing facilities</a></td>
<td class="nump">11,100<span></span>
</td>
<td class="nump">12,800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Pledged cash</a></td>
<td class="nump">2,435<span></span>
</td>
<td class="nump">1,350<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentRestrictedCashAndCashEquivalents', window );">Non current restricted cash and cash equivalents</a></td>
<td class="nump">1,250<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentRestrictedCashAndCashEquivalents', window );">Current restricted cash and cash equivalents</a></td>
<td class="nump">1,185<span></span>
</td>
<td class="nump">1,350<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure', window );">Fair value of restricted cash and cash equivalents</a></td>
<td class="nump">2,435<span></span>
</td>
<td class="nump">1,350<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure', window );">Fair value of non current restricted cash and cash equivalents</a></td>
<td class="nump">1,250<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure', window );">Fair value of current restricted cash and cash equivalents</a></td>
<td class="nump">$ 1,185<span></span>
</td>
<td class="nump">$ 1,350<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CashAndCashEquivalentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CashAndCashEquivalentsFairValueDisclosure</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of current cash and cash equivalent items which are restricted as to withdrawal or usage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of non current cash and cash equivalent items which are restricted as to withdrawal or usage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of cash and cash equivalent items which are restricted as to withdrawal or usage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents whose use or withdrawal is restricted. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UndrawnBorrowingFacilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UndrawnBorrowingFacilities</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>77
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6741199120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis Of Preparation And Significant Accounting Policies (Policy)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsAbstract', window );"><strong>Significant Accounting Policies and Recent Accounting Pronouncements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGoingConcernExplanatory', window );">Going concern basis of accounting:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Basis of Preparation: </font><font style="font-family:'Times New Roman'">The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments which are measured at fair value. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Going concern basis of accounting: </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company was in compliance with the loan covenants of the agreement with EnTrust with loan balance of $37,000 as of December 31, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company reported a working capital deficit of $3,242 and accumulated deficit of $135,648. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The current low charter rates for drybulk vessels as a result of the coronavirus outbreak and its effects on world trade and financial markets have been adversely affecting the Company. The Company&#8217;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 and the Company might not be able to meet the minimum liquidity requirements included in the loan agreement with EnTrust at certain measurement dates falling due within the 12 month period from the issuance of these financial statements.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The above conditions raise substantial doubt about the entity&apos;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 $11,100 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 indebtedness. With respect to the Convertible Note that matures during March 2021 (Note 11), the Company anticipates that it will be converted to equity and no cash will be required for its repayment. As of December 31, 2019, the balance of the Convertible Note was approximately $3,579, principal and accrued interest.&#160; As of the date of issue of these consolidated financial statements, within the first quarter of 2020, an amount of approximately $1,168, principal and accrued interest, has already been converted to equity (see also Note 22).</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 including the available line of credit under the facility with Firment Shipping Inc. The Company is dependent upon the continuous support of its shareholder Firment Shipping Inc to continue as a going concern. If for any reason the Company is unable to continue as a going concern, this could have an impact on the Company&#8217;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.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Compliance: </font><font style="font-family:'Times New Roman'">These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Basis of Consolidation:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations', window );">Standards amendments and interpretations:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Standards amendments and interpretations:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#160; </font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRS 16: Leases</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 (&#8220;lessee&#8221;) and the supplier (&#8220;lessor&#8221;). 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. </font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company has initially adopted IFRS 16 on January 1, 2019 using the modified retrospective approach under which the comparative information presented for 2018 has not been restated and is presented as it was previously reported under IAS 17 and related interpretations. On transition, the Company has elected to apply the practical expedients available for leases with a remaining lease term of less than one year and leases of low value assets. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">At transition, 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, amounting to 8%. In addition, the nature and recognition of expenses related to those leases changed as IFRS 16 replaced the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately $51. As of December 31, 2019, the net carrying amount of the right of use asset was $562.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For time charters that qualify as leases, the Company is 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. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company&#8217;s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component, including crewing services, is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department, which consist of the crew expenses, maintenance and consumable costs and was approximately $9,169 for the year ended December 31, 2019. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and was approximately $6,454 for the year ended December 31, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRS 9: Prepayment features with negative compensation (Amendment)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 &#8216;negative compensation&#8217;), to be measured at amortized cost or at fair value through other comprehensive income. Management has assessed that this amendment has no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 28: Long-term Interests in Associates and Joint Ventures (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 &#8216;net investment&#8217; 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 has assessed that these amendments have no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments </font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. Management has assessed that this interpretation has no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 19: Plan Amendment, Curtailment or Settlement (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 has assessed that these amendments have no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">The IASB has issued the Annual Improvements to IFRSs 2015 &#8211; 2017 Cycle</font><font style="font-family:'Times New Roman'">, which is a collection of amendments to IFRSs. Management has assessed that these amendments have no impact on its financial position or performance.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Standards issued but not yet effective and not early adopted:</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">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.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.&#160; 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. The application of this amendment will have no impact on the financial position or the performance of the Company since the Company is not an investment entity.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Conceptual Framework in IFRS standards</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The IASB issued the revised Conceptual Framework for Financial Reporting on March 29, 2018. The Conceptual Framework sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. IASB also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Its objective is to support transition to the revised Conceptual Framework for companies that develop accounting policies using the Conceptual Framework when no IFRS Standard applies to a particular transaction. For preparers who develop accounting policies based on the Conceptual Framework, it is effective for annual periods beginning on or after January 1, 2020.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRS 3: Business Combinations (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 January 1, 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&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of &#8216;material&#8217; (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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, &#8217;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&#8217;. 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&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest Rate Benchmark Reform - IFRS 9, IAS 39 and IFRS 7 (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amendments are effective for annual periods beginning on or after January 1, 2020 and must be applied retrospectively. Earlier application is permitted. In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7, which concludes phase one of its work to respond to the effects of Interbank Offered Rates (IBOR) reform on financial reporting. Phase two will focus on issues that could affect financial reporting when an existing interest rate benchmark is replaced with a risk-free interest rate (an RFR). The amendments published, deal with issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative interest rate and address the implications for specific hedge accounting requirements in IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement, which require forward-looking analysis. The amendments provided temporary reliefs, applicable to all hedging relationships that are directly affected by the interest rate benchmark reform, which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate. There are also amendments to IFRS 7 Financial Instruments: Disclosures regarding additional disclosures around uncertainty arising from the interest rate benchmark reform. </font><font style="font-family:'Times New Roman'">Management has assessed that these amendments will have no impact on the Company&#8217;s financial position or performanc</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory', window );">Significant accounting policies, judgments, estimates and assumptions:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.3</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Significant accounting policies, judgments, estimates and assumptions:</font><font style="font-family:'Times New Roman'; font-style:italic"> </font><font style="font-family:'Times New Roman'">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.&#160; 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. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-21.25pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-21.25pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Judgments: </font><font style="font-family:'Times New Roman'">In the process of applying the Company&#8217;s accounting policies, management has made the following judgments that had a significant effect on the amounts recognised in the consolidated financial statements.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:22.5pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Allowance for doubtful trade accounts receivable:&#160; </font><font style="font-family:'Times New Roman'">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 (&#8220;ECL&#8221;) 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.</font><font style="font-size:10pt"> </font><font style="font-family:'Times New Roman'">Provisions for doubtful trade accounts receivable as of December 31, 2019 and 2018, were $23 and $68, respectively. No extra allowance for impairment over these receivables was recognized in opening accumulated deficit at January 1, 2018, on transition to IFRS 9.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Estimates and assumptions: </font><font style="font-family:'Times New Roman'">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. </font><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Carrying amount of vessels, net</font><font style="font-family:'Times New Roman'">: Vessels are stated at cost, less accumulated depreciation </font><font style="font-family:'Times New Roman'">(including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms)</font><font style="font-family:'Times New Roman'"> 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. </font></li></ul><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Impairment of Non-Financial Assets</font><font style="font-family:'Times New Roman'">: The Company&#8217;s impairment test for non-financial assets is based on the assets&#8217; 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, 2019. 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. See notes 2.13 and 5</font><font style="font-family:'Times New Roman'">.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Share based payments</font><font style="font-family:'Times New Roman'; font-weight:bold">: </font><font style="font-family:'Times New Roman'">The</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">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 12. </font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Accounting for revenue and related expenses:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 2.4&#160;&#160;&#160;&#160; Accounting for revenue and related expenses:</font><font style="font-family:'Times New Roman'"> 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 IFRS 16 and the Company is required to disclose lease and non-lease components of lease revenue as explained in note 2.2 above. 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. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest income</font><font style="font-family:'Times New Roman'">: interest income is recognised as interest on an accrual basis.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Voyage expenses</font><font style="font-family:'Times New Roman'">: 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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vessel operating expenses</font><font style="font-family:'Times New Roman'">:&#160; Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil,&#160;&#160; insurance, maintenance and repairs. Under bareboat charter arrangements, these expenses are paid by the charterer and by the Company under time charter and voyage charter arrangements. Vessel operating expenses are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes responsibility for all vessel operating expenses and risk of operation.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">Foreign currency translation:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.5&#160;&#160;&#160;&#160;&#160;&#160; Foreign currency translation:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">presentation currency of the Company, since the Company&#8217;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. </font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory', window );">Cash and cash equivalents:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"> 2.6</font><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">Cash and cash equivalents:</font><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold; font-style:italic">&#160; </font><font style="font-family:'Times New Roman'; font-size:9pt">The Company considers highly liquid investments such as time deposits and certificates of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; deposit with original maturity of three months or less to be cash and cash equivalents.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory', window );">Trade receivables, net:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">2.7&#160;&#160;&#160;&#160;&#160;&#160; Trade accounts receivable, net</font><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold; font-style:italic">: </font><font style="font-family:'Times New Roman'; font-size:9pt">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</font><font> </font><font style="font-family:'Times New Roman'; font-size:9pt">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, 2019 was $23 (2018: $68). </font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Inventories:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.8&#160;&#160;&#160;&#160;&#160; Inventories:</font><font style="font-family:'Times New Roman'"> 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.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Vessels, net:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.9&#160;&#160;&#160;&#160;&#160;&#160; Vessels, net:</font><font style="font-family:'Times New Roman'"> 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.&#160; 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). 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. </font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory', window );">Deferred dry-docking costs:</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">2.10&#160;&#160; Deferred dry-docking costs: </font><font style="font-family:'Times New Roman'; font-weight:normal">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.</font><font style="font-family:'Times New Roman'">&#160; </font><font style="font-family:'Times New Roman'; font-weight:normal">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.</font></h1></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory', window );">Depreciation:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.11</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> The cost of each of the Company&#8217;s vessels is depreciated on a straight-line basis over each vessel&#8217;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 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. During 2019 the Company maintained the same scrap rate.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Amortization of lease component:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.12&#160;&#160;&#160; Amortization of lease component:</font><font style="font-family:'Times New Roman'"> 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</font><font style="font-family:'Times New Roman'; background-color:#ffffff">. The amortization is included in the line &#8220;amortization</font><font style="font-family:'Times New Roman'"> of fair value of time charter attached to vessels&#8221; in the income statement component of the consolidated statement of comprehensive loss.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">Impairment of non-financial assets:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.13&#160;&#160; Impairment of non-financial assets:</font><font style="font-family:'Times New Roman'"> The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. The vessel&#8217;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&#8217;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&#8217;s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5).</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory', window );">Long-term debt:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.14&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Long-term debt</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> Long-term debt is initially recognised at the fair value of the consideration received net of financing costs directly attributable to the borrowing.&#160; After initial recognition, long-term debt is subsequently measured at amortized cost using the effective interest rate method.&#160; 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.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory', window );">Financing costs:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.15</font><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Financing costs:</font><font style="font-family:'Times New Roman'"> 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. </font><font style="font-family:'Times New Roman'">For the year ended December 31, 2019, the Company deferred financing costs of $880, which relate to the costs incurred for the new loan agreement with EnTrust Global&#8217;s Blue Ocean Fund (see Note 11 for more details). 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 11 for more details). For the year ended December 31, 2017, the Company did not incur any financing costs.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory', window );">Borrowing costs:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2</font><font style="font-family:'Times New Roman'; font-weight:bold">.16&#160;&#160;&#160; Borrowing costs:</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds.</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive loss as incurred under &#8220;interest expense and finance costs&#8221; 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.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory', window );">Operating segment:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.17&#160;&#160;&#160;&#160;&#160; Operating segment:</font><font style="font-family:'Times New Roman'"> 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. </font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions and contingencies:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.18&#160;&#160; Provisions and contingencies: </font><font style="font-family:'Times New Roman'">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. </font><font style="font-family:'Times New Roman'">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.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits', window );">Pension and retirement benefit obligations:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.19&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Pension and retirement benefit obligations: </font><font style="font-family:'Times New Roman'">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, the Company is not liable for any pension or post-retirement benefits payable to the crew.</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; Provision for employees&#8217; severance compensation: </font><font style="font-family:'Times New Roman'">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&#8217; retirement compensation liability which amounted to $26 as at December 31, 2019 (2018: $87), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory', window );">Offsetting of financial assets and liabilities:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.20&#160;&#160; Offsetting of financial assets and liabilities: </font><font style="font-family:'Times New Roman'">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.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory', window );">Financial assets and liabilities:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.21&#160;&#160;&#160; Financial assets and liabilities:</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">i.&#160;&#160;&#160; Classification and measurement of financial assets and financial liabilities</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 1, 2018, the Company adopted IFRS 9. 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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">ii.&#160;&#160;&#160; Impairment of financial assets</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">IFRS 9 replaces the &apos;incurred loss&apos; model in IAS 39 with an &apos;expected credit loss&apos; (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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The financial assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under IFRS 9, loss allowances are measured on either of the following bases:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&apos;s historical experience and informed credit assessment and including forward-looking information.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company considers a financial asset to be in default when:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the financial asset is more than 1 year past due.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&apos;s impairment requirements at January 1, 2018, has not resulted to any additional impairment allowance.</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">iii.&#160;&#160; Derecognition of financial assets </font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the rights to receive cash flows from the asset have expired;</font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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 &#8220;pass-through&#8221; arrangement; or </font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s continuing involvement in the asset. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">iv. Derecognition of Financial liabilities: </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p></div>
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<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.22&#160;&#160;&#160; Leases &#8211; where the Company is the lessee: </font><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">The Company applies a single recognition and measurement approach for all leases, except for short term leases and leases of low value assets. The Company recognizes lease liabilities to make payments and right of use assets representing the right of use of the underlying asset. The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">&#xa0;</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DescriptionOfAccountingPolicyForLessorExplanatory', window );">Leases - where an entity is the lessor:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.23&#160;&#160; Leases &#8211; where an entity is the lessor: </font><font style="font-family:'Times New Roman'">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. </font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInsuranceContracts', window );">Insurance:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.24&#160;&#160; Insurance: </font><font style="font-family:'Times New Roman'">The Company recognizes insurance claim recoveries for insured losses incurred on damage to vessels.&#160; Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company&#8217;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.&#160; </font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory', window );">Share based compensation:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.25&#160;&#160;&#160;&#160; Share based compensation: </font><font style="font-family:'Times New Roman'">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.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory', window );">Share capital:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt">2.26&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Share capital</font><font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt">: </font><font style="font-family:'Times New Roman'">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.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory', window );">Dividends:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.27&#160;&#160;&#160;&#160;&#160;&#160; Dividends</font><font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt">: </font><font style="font-family:'Times New Roman'">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. </font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory', window );">Fair value measurement:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.28&#160;&#160;&#160; Fair value measurement:</font><font style="font-family:'Times New Roman'"> 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 21. 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&#8217;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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.</font></p><p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:63.8pt; margin-bottom:0pt; text-indent:-27.8pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:63.8pt; margin-bottom:0pt; text-indent:-27.8pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company engaged independent valuation specialists to determine the fair value of non-financial assets</font><font style="font-family:'Times New Roman'">&#160;&#160;&#160; </font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements', window );">Current versus non-current classification:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.29</font><font style="font-family:'Times New Roman'">&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Current versus non-current classification:</font><font style="font-family:'Times New Roman'"> The Company presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An asset as current when it is:</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Expected to be realised or intended to be sold or consumed in a normal operating cycle </font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Held primarily for the purpose of trading </font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Expected to be realised within twelve months after the reporting period</font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Cash or cash equivalent</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All other assets are classified as non-current. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A liability is current:</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'">It is expected to be settled in a normal operating cycle</font></li><li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'">It is held primarily for the purpose of trading </font></li><li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'">It is due to be settled within twelve months after the reporting period</font></li><li style="margin-left:49.65pt; text-indent:-21.3pt; text-align:justify; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'">There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All other liabilities are classified as non-current.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory', window );">Embedded Derivatives:</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.30</font><font style="font-family:'Times New Roman'">&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Embedded Derivatives:</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">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):</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(a) the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(b) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(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).</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#8217;s embedded derivatives are 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. </font><font style="font-family:'Times New Roman'">The Company has determined there are derivative financial liabilities as of December 31, 2019 (see Note 11). </font><font style="font-family:'Times New Roman'">The fair value of the embedded derivative instruments at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, is estimated using: i) the Black-Scholes option-pricing model for the embedded derivative included in the Firment Shipping Inc. Credit Facility with the following assumptions: (a) no dividend yield as the Company does not expect to pay a dividend in the foreseeable future, (b) weighted average expected volatility of 85%, (c) risk free rate of 1.59% determined by management using the applicable Treasury Bill as of the measurement date, (d) market value of common stock of $0.99 and (e) expected life of 0.89 years as at December 31, 2019 and ii) the least squares approach on the Monte Carlo simulation for the embedded derivative included into the Convertible Note with the following assumptions: (a) the closing stock price on December 31, 2019, of $0.99, (b) the average logarithmic price change during the 6 month historical period of -0.68%, (c) the daily volatility for the 6 month period preceding the valuation date of 5.31%, (d) 10,000 iterations, (e) 50 remaining trading days as at December 31, 2019, (f) 1.535% risk free rate determined by management using the applicable 3 month Treasury Bill as at December 31, 2019 and, (g) conversion and floor price of $1.00 per share</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the year ended December 31, 2018, t</font><font style="font-family:'Times New Roman'">he fair value of the embedded derivative included into the Firment Shipping Credit Facility, was estimated using the Black-Scholes option-pricing model with the following assumptions: (a) no dividend yield as the Company did not expect to pay a dividend in 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 of $2.88 and (e) expected life of 1.89 years as at December 31, 2018.</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory', window );">Restricted cash</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.31 Restricted Cash:</font><font style="font-family:'Times New Roman'"> Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company&apos;s borrowing arrangements. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets. Otherwise they are classified as non-current assets.</font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases acting as lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases acting as lessor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for restricted cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the accounting policy used to determine the characteristics of current and noncurrent elements as in the statement of financial position.</p></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for interest and other costs that the entity incurs in connection with the borrowing of funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for depreciation expense. [Refer: Depreciation and amortisation expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for derivative financial instruments. [Refer: Financial instruments, class [member]; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for fair value measurement. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for finance costs. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInsuranceContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for insurance contracts and related assets, liabilities, income and expense. [Refer: Types of insurance contracts [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_37_a&amp;doctype=Standard&amp;book=b<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInsuranceContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for issued capital. [Refer: Issued capital]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the offsetting of financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for regulatory deferral accounts. [Refer: Regulatory deferral account balances [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for termination benefits. [Refer: Termination benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the initial application of an IFRS. [Refer: IFRSs [member]]</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6646579552">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Income Tax [abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">Income Tax</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">19&#160;&#160;&#160;&#160;&#160;&#160;&#160; Income Tax</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160; Under the laws of the countries of the vessel owning companies&#8217; incorporation and / or vessels&#8217; 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.</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Greek Authorities Tax</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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, 2019, 2018 and 2017, the tax expense under the law amounted to $116, $118 and $116, respectively and is included in administrative expenses in the consolidated statements of comprehensive loss. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">U.S. Federal Income Tax</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">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 (&#8220;U.S&#8221;) source shipping income for U.S. federal income tax purposes.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">Globus believes that to the best of its knowledge, under &#167; 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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">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.&#160; The discussion and its conclusion are based upon existing U.S. federal income tax law, including the Internal Revenue Code (the &#8220;Code&#8221;) and final U.S. Treasury Regulations (the &#8220;Regs&#8221;) as currently in effect, all of which are subject to change, possibly with retroactive effect.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Application of &#167; 883 of the Code for the year ended December 31, 2019</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">In general, under &#167; 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 (&#8220;gross transportation income&#8221;). Absent &#167; 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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">Shipping income attributable to transportation exclusively between non-U.S. ports is generally not subject to any U.S. Federal income tax. &#8220;Shipping income&#8221; generally means income that is derived from:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(a) the use of vessels;</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(b) the hiring or leasing of vessels for use on a time, operating or bareboat charter basis;</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(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</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(d) the performance of services directly related to those uses.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">The Regs provide that a foreign corporation will qualify for the benefits of </font><a name="_Hlk4142017"><font style="font-family:'Times New Roman'">&#167;</font></a><font style="font-family:'Times New Roman'"> 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.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Qualified Shareholder Test</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">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&apos;s taxable year by one or more qualified shareholders will meet the qualified shareholder test.&#160; 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.&#160; 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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Publicly Traded Test</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 &#8220;primarily and regularly traded&#8221; on an established securities market either in the United States or in a foreign country that grants an equivalent exemption. Among others, &#167; 883 provides, in relevant part, that the shares of a non-United States corporation will be considered to be &#8220;primarily traded&#8221; 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. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Notwithstanding the foregoing, &#167; 883 provides, in relevant part, that a class of shares will not be considered to be &#8220;regularly traded&#8221; 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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In the event that the 5 Percent Override Rule is triggered, &#167; 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 &#167; 883 to preclude non-qualified shareholders in such group from owning 50% or more of the total value of the Company&#8217;s common shares for more than half the number of days during the taxable year.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">For the year ended December 31, 2019, 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&#8217;s common shares, representing more than 50% of the voting power and value in Globus, were primarily and regularly traded on the Nasdaq Capital Market, which is an established securities market. Although Globus&#8217;s ship-owning and operating subsidiaries were not publicly traded, they should qualify for the qualified shareholder test by virtue of their ownership by Globus.&#160; Accordingly, all of Globus&#8217; and its ship-owning or operating subsidiaries that rely on &#167; 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, 2019. Globus anticipates it and its relevant subsidiaries income will continue to be exempt in the future from U.S. federal income tax. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under the laws of the Republic of Malta, the country of incorporation of one of the Company&#8217;s vessel-owning company&#8217;s, this vessel-owning company is not liable for any income tax on its income derived from shipping operations. The Republic of Malta is a country that has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the Republic of Malta may qualify for a treaty-based exemption. Specifically, under Article 8 (Shipping and Air Transport) of the treaty sets out the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic shall be taxable only in that State.</font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS12_g79-88_TI<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729381328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest Expense And Finance Costs<br></strong></div></th>
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<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">15&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest Expense and Finance Costs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:27pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amounts in the consolidated statements of comprehensive loss are analysed as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:445.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:236pt; 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margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:60.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:57.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest payable on long-term borrowings</font></p></td><td style="width:48.6pt; border-top-style:solid; border-top-width:1pt; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of interest expense. [Refer: Interest expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation And General Information<br></strong></div></th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory', window );">Basis of presentation and general information</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-left:46.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 1. Basis of presentation and general information</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="_DV_M2"></a><a name="_DV_M5"></a><a name="_DV_M6"></a><a name="_DV_M14"></a><a name="_DV_M16"></a><a name="_DV_M30"></a><a name="_DV_M31"></a><a name="_DV_M32"></a><a name="_DV_M33"></a><a name="_DV_M34"></a><a name="_DV_M35"></a><font style="font-family:'Times New Roman'">The accompanying consolidated financial statements include the financial statements of </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Globus Maritime Limited</font><font style="font-family:'Times New Roman'"> (&#8220;Globus&#8221;) and its wholly owned subsidiaries (collectively the &#8220;Company&#8221;). 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 (&#8220;AIM&#8221;). 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&#8217; shares were effectively delisted from AIM. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.&#160; </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (&#8220;m/v&#8221;), providing maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its vessel owning subsidiaries.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The operations of the vessels are managed by Globus Shipmanagement Corp. (the &#8220;Manager&#8221;), 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, 2019:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"><tr><td style="width:154.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><a name="DM_MAP_5f5fea74946b42939093e61b681f35f2"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Company</font></p></td><td style="width:85.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Country of Incorporation</font></p></td><td style="width:78.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Vessel Delivery</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Date</font></p></td><td colspan="2" style="width:145.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Vessel Owned</font></p></td></tr><tr style="height:3.25pt"><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Shipmanagement Corp.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td colspan="2" style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Management Co.</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">December 18, 2007</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Domina Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 19, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Dulac Maritime S.A.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 25, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Artful Shipholding S.A. </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands </font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">June 22, 2011</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Longevity Maritime Limited</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Malta</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">September 15, 2011</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:165pt"></td><td style="width:96.2pt"></td><td style="width:89.7pt"></td><td style="width:7.1pt"></td><td style="width:148.85pt"></td></tr></table><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="_DV_M40"></a><a name="_DV_M42"></a><font style="font-family:'Times New Roman'">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 the reverse stock split.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The consolidated financial statements as of December 31, 2019 and 2018 and for the three years in the period ended December 31, 2019, were approved for issuance by the Board of Directors on March 30, 2020. </font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for general information about financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 51<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_51&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6740369808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Loss - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>REVENUE:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Voyage revenues</a></td>
<td class="nump">$ 15,623<span></span>
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<td class="nump">$ 17,354<span></span>
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<td class="nump">$ 13,852<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionIncome', window );">Management and consulting fee income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">31<span></span>
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<tr class="rou">
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<td class="nump">15,623<span></span>
</td>
<td class="nump">17,354<span></span>
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<td class="nump">13,883<span></span>
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<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesExpense', window );">Voyage expenses</a></td>
<td class="num">(2,098)<span></span>
</td>
<td class="num">(1,188)<span></span>
</td>
<td class="num">(1,352)<span></span>
</td>
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<tr class="re">
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<td class="num">(8,882)<span></span>
</td>
<td class="num">(9,925)<span></span>
</td>
<td class="num">(9,135)<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation</a></td>
<td class="num">(4,721)<span></span>
</td>
<td class="num">(4,601)<span></span>
</td>
<td class="num">(4,854)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DepreciationOfDryDockingCosts', window );">Depreciation of dry-docking costs</a></td>
<td class="num">(1,704)<span></span>
</td>
<td class="num">(1,166)<span></span>
</td>
<td class="num">(862)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="num">(1,583)<span></span>
</td>
<td class="num">(1,356)<span></span>
</td>
<td class="num">(1,224)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_AdministrativeExpenseRelatedPartyTransactions', window );">Administrative expenses payable to related parties</a></td>
<td class="num">(371)<span></span>
</td>
<td class="num">(528)<span></span>
</td>
<td class="num">(514)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DirectorsCompensationSharebasedPayment', window );">Share-based payments</a></td>
<td class="num">(40)<span></span>
</td>
<td class="num">(40)<span></span>
</td>
<td class="num">(40)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLoss', window );">Impairment loss</a></td>
<td class="num">(29,902)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other income, net</a></td>
<td class="nump">29<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">83<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating loss</a></td>
<td class="num">(33,649)<span></span>
</td>
<td class="num">(1,448)<span></span>
</td>
<td class="num">(4,015)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromInterest', window );">Interest income</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Interest expense and finance costs</a></td>
<td class="num">(4,703)<span></span>
</td>
<td class="num">(2,056)<span></span>
</td>
<td class="num">(2,221)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gain/(Loss) on derivative financial instruments</a></td>
<td class="nump">1,950<span></span>
</td>
<td class="num">(131)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss', window );">Foreign exchange gains/(losses), net</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">67<span></span>
</td>
<td class="num">(242)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ProfitLossFromNonOperatingActivities', window );">Non-operating loss</a></td>
<td class="num">(2,702)<span></span>
</td>
<td class="num">(2,120)<span></span>
</td>
<td class="num">(2,460)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">TOTAL LOSS FOR THE YEAR</a></td>
<td class="num">(36,351)<span></span>
</td>
<td class="num">(3,568)<span></span>
</td>
<td class="num">(6,475)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other Comprehensive Income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">TOTAL COMPREHENSIVE LOSS FOR THE YEAR</a></td>
<td class="num">$ (36,351)<span></span>
</td>
<td class="num">$ (3,568)<span></span>
</td>
<td class="num">$ (6,475)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract', window );"><strong>Loss per share (U.S.$):</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">- Basic and Diluted loss per share for the year</a></td>
<td class="num">$ (8.73)<span></span>
</td>
<td class="num">$ (1.11)<span></span>
</td>
<td class="num">$ (2.51)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AdministrativeExpenseRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AdministrativeExpenseRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DepreciationOfDryDockingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of dry-docking costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DepreciationOfDryDockingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DirectorsCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to directors in the form of share-based payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DirectorsCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_OperatingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_OperatingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ProfitLossFromNonOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from non-operating activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ProfitLossFromNonOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FeeAndCommissionIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income relating to fees and commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FeeAndCommissionIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of exchange differences recognised in profit or loss that arise from foreign currency transactions, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: At fair value [member]; Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;doctype=Illustrative%20Examples&amp;dita_xref=IAS07_IE_A_TI<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2019-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a reduction of the carrying amount of an asset or cash-generating unit to its recoverable amount. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 130<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_130_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 130<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_130_d_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaterialIncomeAndExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaterialIncomeAndExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2019-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2019-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.
Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income arising from interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_e&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServicesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6743488736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term Debt, Net - EnTrust Loan Agreement (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jun. 30, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 24, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 43,700<span></span>
</td>
<td class="nump">$ 15,700<span></span>
</td>
<td class="nump">$ 280<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,746<span></span>
</td>
<td class="nump">36,868<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Pledged cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,435<span></span>
</td>
<td class="nump">1,350<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Borrowing costs capitalised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 880<span></span>
</td>
<td class="nump">$ 253<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Loan Facility, Maximum borrowing capacity</a></td>
<td class="nump">$ 37,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Borrowings, interest rate basis</a></td>
<td class="text">Libor<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Borrowings, adjustment to interest rate basis</a></td>
<td class="nump">8.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsDefaultInterestRate', window );">Default Interest Rate</a></td>
<td class="nump">10.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 37,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtSecuritiesCovenants', window );">Debt Instrument Covenant Description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Each Borrower shall maintain in its earnings account during a &#8220;Cash Sweep Period&#8221;, which is the period commencing on the relevant Utilisation Date and ending on 30 September 2019 and each three-month period thereafter commencing on 1 January, 1 April, 1 July and 1 October in each financial year of that Borrower, with the last such three-month period commencing on 30 June 2020 and ending on 30 September 2020, the applicable &#8220;Buffer Amount&#8221;, which is in relation to a Borrower for a Cash Sweep Period, the product of: (a) an amount equal to the lower of: (i) $1,000; and (ii) the difference between the daily time charter equivalent rate of the Ship owned by that Borrower, as evidenced in the management accounts, and the &#8220;Break-Even Expenses&#8221;, as described in the loan agreement, of that ship for that Cash Sweep Period; and (b) the actual number of days lapsed during that Cash Sweep Period for that Borrower. No Borrower shall incur or permit to be outstanding any Financial Indebtedness except &#8220;Permitted Financial Indebtedness&#8221;. "Permitted Financial Indebtedness" means: (a) any Financial Indebtedness incurred under the Finance Documents; (b) any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a Subordination Agreement or otherwise and which is, in the case of any such Financial Indebtedness of the Borrower, the subject of Subordinated Debt Security; and (c) any &#8220;Permitted Trade Debt&#8221;. "Permitted Trade Debt" means any trade debt on arm's length commercial terms reasonably incurred in the ordinary course of owning, operating, trading, chartering, maintaining and repairing a Ship which remains unpaid for over 15 days of its due date and which does not exceeds $400 (or the equivalent in any other currency) per Ship at any relevant time


<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Borrowing costs capitalised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust | Tranche A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsNumberOfPeriodicPayments', window );">Borrowings Number Of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsFrequencyOfPeriodicPayment', window );">Borrowings Frequency Of Periodic Payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">quarterly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPayment', window );">Periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,779<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">June 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust | Tranche B</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsNumberOfPeriodicPayments', window );">Borrowings Number Of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsFrequencyOfPeriodicPayment', window );">Borrowings Frequency Of Periodic Payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">quarterly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPayment', window );">Periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 230<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,995<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">June 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust | Tranche C</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsNumberOfPeriodicPayments', window );">Borrowings Number Of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsFrequencyOfPeriodicPayment', window );">Borrowings Frequency Of Periodic Payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">quarterly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPayment', window );">Periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 215<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,460<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">June 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust | Tranche D</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsNumberOfPeriodicPayments', window );">Borrowings Number Of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsFrequencyOfPeriodicPayment', window );">Borrowings Frequency Of Periodic Payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">quarterly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPayment', window );">Periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 406<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,064<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">June 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust | Tranche E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsNumberOfPeriodicPayments', window );">Borrowings Number Of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsFrequencyOfPeriodicPayment', window );">Borrowings Frequency Of Periodic Payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">quarterly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPayment', window );">Periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">June 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust | Borrower B, C and D</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtSecuritiesCovenants', window );">Debt Instrument Covenant Description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Each of Borrower B, Borrower C and Borrower D shall create a reserve fund in the Reserve Account to meet the anticipated dry docking and special survey fees and expenses for the Ship owned by it, by maintaining in the Reserve Account a minimum credit balance (the "Accruing Dry Docking and Special Survey Reserves") which may not be withdrawn (other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship), in an amount equal to, at each Quarter End Date, the product of: (i) $500; and (ii) the number of days elapsed from the relevant Utilisation Date until such Quarter End Date, and that Borrower shall ensure that the credit balance of the Reserve Account shall be increased to meet the required amount of the Accruing Dry Docking and Special Survey Reserves by no later than each Quarter End Date.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust | Borrower A and E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtSecuritiesCovenants', window );">Debt Instrument Covenant Description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Each of Borrower A and Borrower E shall deposit on the relevant Utilisation Date in the Reserve Account to meet the anticipated dry docking and special survey fees and expenses for Ship which is owned by it, a minimum credit balance in an amount equal to $450 which may not be withdrawn (other than for the purpose of covering the documented and incurred costs and expenses for the next special survey of that Ship).<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_CashSegregatedUnderCovenantRequirements', window );">Cash Segregated Under Covenant Requirements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 450<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_CompensatingBalanceAmountPerVessel', window );">Compensating Balance, Amount per vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LiquidityToConsolidatedIndebtednessRatio', window );">Liquidity to indebtedness ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsDefaultInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The default interest per annum above the regular interest charged, in case of failure to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsDefaultInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsFrequencyOfPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the frequency of periodic payments (monthly, quarterly, annual).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsFrequencyOfPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsNumberOfPeriodicPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of periodic payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsNumberOfPeriodicPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payments including both interest and principal payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CashSegregatedUnderCovenantRequirements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash deposited in a special reserve account pursuant to debt covenant requirements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CashSegregatedUnderCovenantRequirements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CompensatingBalanceAmountPerVessel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a specific compensating balance arrangement that is maintained per vessel, under an agreement for a bank loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CompensatingBalanceAmountPerVessel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtSecuritiesCovenants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The descripriton of debt instruments' covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtSecuritiesCovenants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LiquidityToConsolidatedIndebtednessRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The ratio of the company's liquidity to its consolidated indebtedness.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LiquidityToConsolidatedIndebtednessRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2019-01-01<br> -Paragraph 26<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=23&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_26_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maturity of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents whose use or withdrawal is restricted. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CreditFacilityAxis=glbs_TrancheAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_TrancheAMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_TrancheBMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_TrancheCMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_TrancheDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CreditFacilityAxis=glbs_TrancheEMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_TrancheEMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_BorrowerBBorrowerCBorrowerDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityAxis=glbs_BorrowerABorrowerEMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>84
<FILENAME>R63.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6743671904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital and Share Premium (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">10 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jan. 31, 2018</div></th>
<th class="th"><div>Feb. 10, 2017</div></th>
<th class="th"><div>Feb. 08, 2017</div></th>
<th class="th"><div>Apr. 23, 2019</div></th>
<th class="th"><div>Oct. 19, 2017</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Mar. 13, 2019</div></th>
<th class="th"><div>Nov. 30, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_VotingRights', window );">Voting rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Holders of the Company&#8217;s common shares and Class B shares have equivalent economic rights, but holders of Company&#8217;s common shares are entitled to one vote per share and holders of the Company&#8217;s Class B shares are entitled to twenty votes per share. <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,830<span></span>
</td>
<td class="nump">$ 19,497<span></span>
</td>
<td class="nump">$ 4,399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuance of share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">600<span></span>
</td>
<td class="nump">9,653<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_WarrantsExpense', window );">Warrants expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">218<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharePremium', window );">Share premium</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">145,506<span></span>
</td>
<td class="nump">140,334<span></span>
</td>
<td class="nump">139,684<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,746<span></span>
</td>
<td class="nump">36,868<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 600<span></span>
</td>
<td class="nump">$ 2,371<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments', window );">Issuance of common stock due to conversion of loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,140<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_February2017PrivatePlacementMember', window );">February 2017 Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuance of share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">148,181<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,371<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfWarrantsExercised', window );">Number of warrants exercised</a></td>
<td class="nump">37,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ProceedsFromWarrantExercises', window );">Proceeds from warrant exercises</a></td>
<td class="nump">$ 600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfWarrantsOutstanding', window );">Number of outstanding warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,052,321<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number of shares called by warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,052,321<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ExercisePriceOfOutstandingWarrants', window );">Warrants exercise price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_October2017PrivatePlacementMember', window );">October 2017 Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuance of share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants', window );">Maximum proportion of owneship interest by a warrant holder after warrants exercises</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfWarrantsOutstanding', window );">Number of outstanding warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number of shares called by warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,250,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ExercisePriceOfOutstandingWarrants', window );">Warrants exercise price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_October2017PrivatePlacementMember', window );">October 2017 Private Placement | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants', window );">Maximum proportion of owneship interest by a warrant holder after warrants exercises</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_SeriesaPreferredSharesMember', window );">Series A Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesOutstandingMember', window );">Class B common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentTradingLimitedMember', window );">Firment Trading Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,639<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,524<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDecreaseForgiveness', window );">Credit Facility, Decrease, Forgiveness</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,885<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,688,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number of shares called by warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">623,058<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ExercisePriceOfOutstandingWarrants', window );">Warrants exercise price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_SilanerInvestmentsLimitedMember', window );">Silaner Investments Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 280<span></span>
</td>
<td class="nump">$ 74<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDecreaseForgiveness', window );">Credit Facility, Decrease, Forgiveness</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,115<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">311,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number of shares called by warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">114,944<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_ExercisePriceOfOutstandingWarrants', window );">Warrants exercise price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember', window );">Firment Shipping Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionPrice', window );">Conversion price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,132,191<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Accrued interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember', window );">Convertible Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,691,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionPrice', window );">Conversion price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Accrued interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 97,311<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued |$ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">867,643<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleConversionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleConversionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ExercisePriceOfOutstandingWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exercise price of outstanding warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ExercisePriceOfOutstandingWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares resulting from the exercise of warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityDecreaseForgiveness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in line of credit facility from forgiveness by the holder of the line of credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityDecreaseForgiveness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum proportion of ownership interest held by a warrant holder after the exercise of the warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfSharesCalledByWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares into which the warrants may be converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfSharesCalledByWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfWarrantsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of warrants exercised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfWarrantsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfWarrantsOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of outstanding warrants that permit the holder the right to purchase equity securities from the issuer at a specified price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfWarrantsOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ProceedsFromWarrantExercises">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ProceedsFromWarrantExercises</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VotingRights">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of voting rights of common stock. Includes eligibility to vote and votes per share owned.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VotingRights</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_WarrantsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense related to the warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_WarrantsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the conversion of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest recognised as a liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssuingShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuing shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssuingShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharePremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount received or receivable from the issuance of the entity's shares in excess of nominal value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharePremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_February2017PrivatePlacementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_February2017PrivatePlacementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_October2017PrivatePlacementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_October2017PrivatePlacementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_SeriesaPreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_SeriesaPreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesOutstandingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesOutstandingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentTradingLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentTradingLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_SilanerInvestmentsLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_SilanerInvestmentsLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6747001488">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cash and cash equivalents and Restricted cash (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOnHand', window );">Cash on hand</a></td>
<td class="nump">$ 10<span></span>
</td>
<td class="nump">$ 46<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BalancesWithBanks', window );">Cash at banks</a></td>
<td class="nump">2,356<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Total</a></td>
<td class="nump">$ 2,366<span></span>
</td>
<td class="nump">$ 46<span></span>
</td>
<td class="nump">$ 2,756<span></span>
</td>
<td class="nump">$ 163<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BalancesWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash balances held at banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashOnHand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash held by the entity. This does not include demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashOnHand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6740669296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Administrative Expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract', window );"><strong>Administrative Expenses [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfAdministrativeExpenses', window );">Administrative Expenses</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:446.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="4" style="width:207.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the year ended December 31,</font></p></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Personnel expenses</font></p></td><td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,006</font></p></td><td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">778</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">628</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Audit fees</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">98</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">103</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">101</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Travelling expenses</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Consulting fees</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">191</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">76</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Communication</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Stationery</font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Greek tax authorities (note 19) </font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">118</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:62.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">160</font></p></td><td style="width:61.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">265</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">309</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td style="width:218.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.15pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,583</font></p></td><td style="width:61.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,356</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,224</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:228.85pt"></td><td style="width:72.95pt"></td><td style="width:72.6pt"></td><td style="width:68.3pt"></td><td style="width:4.05pt"></td></tr></table></div><p style="margin-top:0pt; 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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729516560">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair values (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:472.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying amount</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:157.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value</font></p></td></tr><tr style="height:27.7pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">(in thousands of USD)</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels (see also note 5)</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,346</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,346</font></p></td><td style="width:33.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:28.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,346</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,346</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other financial liabilities</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">622</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">622</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">622</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.6pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities not measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">39,853</font></p></td><td style="width:28.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">39,853</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">38,487</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.75pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:474.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying amount</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:160.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value</font></p></td></tr><tr style="height:27.7pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">(in thousands of USD)</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other financial liabilities</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td><td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2018</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Derivative financial instruments</font></p></td><td style="width:79.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">831</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">831</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">831</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">831</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-top:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.6pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.1pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial liabilities not measured at fair value</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:79.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">37,030</font></p></td><td style="width:34.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#dbeef3"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,030</font></p></td></tr><tr style="height:12.8pt"><td style="width:186.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:79.35pt; border-top:1pt solid #002060; border-bottom:1pt solid #002060; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">37,163</font></p></td><td style="width:5.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.8pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.45pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs', window );">Valuation techniques and significant unobservable inputs</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:471pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Financial instruments measured at fair value</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.35pt"><td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="RANGE_B372"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Type</font></a></p></td><td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:124.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Valuation Techniques</font></p></td><td style="width:3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Significant unobservable inputs</font></p></td></tr><tr style="height:14.25pt"><td style="width:188.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:34.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.35pt; 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padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:92.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.2pt"><td style="width:188.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term borrowings</font></p></td><td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of valuation techniques and significant unobservable inputs.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729497392">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Financial risk management objectives and policies [abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory', window );">Financial risk management objectives and policies</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">20&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial risk management objectives and policies</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt">The Company&#8217;s financial liabilities are long term borrowings, trade and other payables and the financial derivative instrument. The main purpose of these financial liabilities is to assist in the financing of Company&#8217;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&#8217;s financial instruments are cash flow interest rate risk, credit risk, liquidity risk and foreign currency risk.&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest rate risk</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s exposure to the risk of changes in market interest rates relates primarily to the Company&#8217;s long-term debt obligations with floating interest rates. As of December 31, 2018, 6% of the Company&#8217;s long term borrowings were at a fixed rate of interest and as of December 31, 2019, 10% of the Company&#8217;s long term borrowings were at a fixed rate of interest.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest rate risk table</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Company&#8217;s loss. </font></p><table cellspacing="0" cellpadding="0" style="width:476.75pt; margin-left:36pt; border-collapse:collapse; text-align:left"><tr style="height:12.9pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_60c0f93a3a244c86b4ed6e9511744298"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Increase/(Decrease) in basis point</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss</font></p></td></tr><tr style="height:17.2pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:14.65pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(55)</font></p></td></tr><tr style="height:26.35pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 2018</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:15.9pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(60)</font></p></td></tr><tr style="height:26.35pt"><td style="width:172.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:152.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">-20</font></p></td><td style="width:119.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">80</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Foreign currency risk</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s loss due to changes in the fair value of monetary assets and liabilities. The Company&#8217;s exposure to foreign currency changes for all other currencies as of December 31, 2019 and 2018, was not material.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:460.25pt; margin-left:36pt; border-collapse:collapse; text-align:left"><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_56741cda1bfc4434819303d3e0ec233a"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Change in rate</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss </font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(255)</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">255</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(284)</font></p></td></tr><tr style="height:15.05pt"><td style="width:215.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:121.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">284</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-7.65pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Credit risk</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;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&#8217;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. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Concentration of credit risk table:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table provides information with respect to charterers who individually, accounted for approximately more than 10% of the Company&#8217;s revenue for the years ended December 31, 2019, 2018 and 2017:</font></p><table cellspacing="0" cellpadding="0" style="width:487.7pt; border-collapse:collapse; text-align:left"><tr style="height:13.75pt"><td style="width:167.65pt; border:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_85f2ca5ec362411abd4f0b83a4894f67"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:37.8pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:36.95pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:29.65pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,476</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,679</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">21%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,404</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">B</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,873</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">C</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,849</font></p></td><td style="width:29.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">13%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">D</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,459</font></p></td><td style="width:29.65pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12,147</font></p></td><td style="width:46.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">78%</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10,802</font></p></td><td style="width:37.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">62%</font></p></td><td style="width:36.95pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,140</font></p></td><td style="width:29.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">66%</font></p></td></tr><tr style="height:13.75pt"><td style="width:167.65pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">15,623</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,354</font></p></td><td style="width:37.8pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:36.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">13,852</font></p></td><td style="width:29.65pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-7.65pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liquidity risk</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;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.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The table below summarises the maturity profile of the Company&#8217;s financial liabilities (including interest) at December 31, 2019 and 2018, assuming that the lenders will not demand the repayment of the loans before their maturity, based on contractual undiscounted cash flows. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_b0c79c7bb3ef4393a92012617b849373"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2019</font><font style="font-family:'Times New Roman'; font-weight:bold">*</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,674</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,776</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">42,247</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50,697</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> Lease liabilities</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">126</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">106</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">567</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">800</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,971</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,971</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,735</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,735</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">11,506</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,882</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">42,814</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">58,203</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; * This table includes both </font><font style="font-family:'Times New Roman'">the derivative component and the non-derivative host </font><font style="font-family:'Times New Roman'">of the hybrid agreements of both the Firment Shipping Credit Facility and the Convertible Note (see note 11)</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2018</font><font style="font-family:'Times New Roman'; font-weight:bold">*</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,720</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">24,502</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,</font><font style="font-family:'Times New Roman'">465</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">42,</font><font style="font-family:'Times New Roman'">687</font></p></td></tr><tr style="height:16.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,319</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,319</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,433</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,433</font></p></td></tr><tr style="height:17.85pt"><td style="width:138.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,472</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">24,502</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,46</font><font style="font-family:'Times New Roman'; font-weight:bold">5</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:2.95pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50,43</font><font style="font-family:'Times New Roman'; font-weight:bold">9</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; * This table includes both </font><font style="font-family:'Times New Roman'">the derivative component and the non-derivative host </font><font style="font-family:'Times New Roman'">of the hybrid agreement with Firment Shipping Credit Facility (see note 11)</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Capital management</font></p><p style="margin-top:0pt; margin-left:96.4pt; margin-bottom:0pt; text-indent:-60.4pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The primary objective of the Company&#8217;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 11). No changes were made in the objectives, policies or processes during the years ended December 31, 2019 and 2018. The Company monitors capital using the ratio of net debt to book capitalisation adjusted for the market value of the Company&#8217;s vessels plus net debt. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company includes within net debt, interest bearing loans gross of unamortized debt discount, less cash. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_909cb08eff514a7dab2982d9ed6baf99"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Adjusted book capitalization refers to total equity adjusted for the market value of the Company&#8217;s vessels. The Company&#8217;s policy is to keep the ratio described above between a range of 60% - 80%.</font></p><table cellspacing="0" cellpadding="0" style="width:523.8pt; margin-left:7.1pt; border-collapse:collapse; text-align:left"><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:160.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> December 31,</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest bearing loans</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash (including restricted cash)</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(4,801)</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(1,396)</font></p></td></tr><tr style="height:12.2pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net debt</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">33,686</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">35,767</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Equity</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">9,879</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">41,050</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Adjustment for the market value of vessels (charter-free)</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(2,902)</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">(27,500)</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">6,977</font></p></td><td style="width:66.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">13,550</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization plus net debt</font></p></td><td style="width:83pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">40,663</font></p></td><td style="width:66.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">49,317</font></p></td></tr><tr style="height:12.95pt"><td style="width:342.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ratio</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">83%</font></p></td><td style="width:66.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">73%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company&#8217;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 (&#8220;IFRS&#8221;) definition of debt. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following reconciliation is provided:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:537.95pt; border-collapse:collapse; text-align:left"><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:160.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Debt in accordance with IFRS (long and short-term borrowings)</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,746</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">36,868</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Add: Unamortized debt discount</font></p></td><td style="width:82.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">741</font></p></td><td style="width:67.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">295</font></p></td></tr><tr style="height:12.15pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">38,487</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">37,163</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Less: Cash and bank balances and bank deposits (including restricted cash)</font></p></td><td style="width:82.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">4,801</font></p></td><td style="width:67.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">1,396</font></p></td></tr><tr style="height:12.9pt"><td style="width:355.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Net debt</font></p></td><td style="width:82.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">33,686</font></p></td><td style="width:67.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">35,767</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's financial risk management practices and policies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729348304">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Dividends<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">16&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dividends </font></p><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal">&#xa0;</font></h1><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal">No dividends were declared or paid on common shares during the years ended December 31, 2019, 2018 and 2017.</font></h1></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6725666992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of presentation and general information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract', window );"><strong>Disclosure of subsidiaries [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory', window );">Basis of presentation and general information</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"><tr><td style="width:154.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Company</font></p></td><td style="width:85.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Country of Incorporation</font></p></td><td style="width:78.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B4<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B4_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729541296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Preparation And Significant Accounting Policies<br></strong></div></th>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">Basis of Preparation and Significant Accounting Policies</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">2.Basis of Preparation and Significant Accounting Policies</font></h1><h1 style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></h1><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><a name="DM_MAP_cf265df9ab1c4d678426d0bee9d5b4a5"><font style="font-family:'Times New Roman'; font-weight:bold">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Basis of Preparation: </font><font style="font-family:'Times New Roman'">The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments which are measured at fair value. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated.</font></a></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Going concern basis of accounting: </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company was in compliance with the loan covenants of the agreement with EnTrust with loan balance of $37,000 as of December 31, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, the Company reported a working capital deficit of $3,242 and accumulated deficit of $135,648. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The current low charter rates for drybulk vessels as a result of the coronavirus outbreak and its effects on world trade and financial markets have been adversely affecting the Company. The Company&#8217;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 and the Company might not be able to meet the minimum liquidity requirements included in the loan agreement with EnTrust at certain measurement dates falling due within the 12 month period from the issuance of these financial statements.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The above conditions raise substantial doubt about the entity&apos;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 $11,100 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 indebtedness. With respect to the Convertible Note that matures during March 2021 (Note 11), the Company anticipates that it will be converted to equity and no cash will be required for its repayment. As of December 31, 2019, the balance of the Convertible Note was approximately $3,579, principal and accrued interest.&#160; As of the date of issue of these consolidated financial statements, within the first quarter of 2020, an amount of approximately $1,168, principal and accrued interest, has already been converted to equity (see also Note 22).</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 including the available line of credit under the facility with Firment Shipping Inc. The Company is dependent upon the continuous support of its shareholder Firment Shipping Inc to continue as a going concern. If for any reason the Company is unable to continue as a going concern, this could have an impact on the Company&#8217;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.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Compliance: </font><font style="font-family:'Times New Roman'">These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Basis of Consolidation:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_b03cd59f2b4847ad82b9963da5949338"><font style="font-family:'Times New Roman'; font-weight:bold">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Standards amendments and interpretations:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#160; </font></a></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRS 16: Leases</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 (&#8220;lessee&#8221;) and the supplier (&#8220;lessor&#8221;). 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. </font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company has initially adopted IFRS 16 on January 1, 2019 using the modified retrospective approach under which the comparative information presented for 2018 has not been restated and is presented as it was previously reported under IAS 17 and related interpretations. On transition, the Company has elected to apply the practical expedients available for leases with a remaining lease term of less than one year and leases of low value assets. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">At transition, 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, amounting to 8%. In addition, the nature and recognition of expenses related to those leases changed as IFRS 16 replaced the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. The depreciation charge for right-of-use assets for the year ended December 31, 2019, was approximately $112 and the interest expense on lease liabilities for the same period was approximately $51. As of December 31, 2019, the net carrying amount of the right of use asset was $562.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For time charters that qualify as leases, the Company is 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. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company&#8217;s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component, including crewing services, is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department, which consist of the crew expenses, maintenance and consumable costs and was approximately $9,169 for the year ended December 31, 2019. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and was approximately $6,454 for the year ended December 31, 2019.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRS 9: Prepayment features with negative compensation (Amendment)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 &#8216;negative compensation&#8217;), to be measured at amortized cost or at fair value through other comprehensive income. Management has assessed that this amendment has no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 28: Long-term Interests in Associates and Joint Ventures (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 &#8216;net investment&#8217; 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 has assessed that these amendments have no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments </font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. Management has assessed that this interpretation has no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 19: Plan Amendment, Curtailment or Settlement (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 has assessed that these amendments have no impact on the Company&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">The IASB has issued the Annual Improvements to IFRSs 2015 &#8211; 2017 Cycle</font><font style="font-family:'Times New Roman'">, which is a collection of amendments to IFRSs. Management has assessed that these amendments have no impact on its financial position or performance.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Standards issued but not yet effective and not early adopted:</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">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.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.&#160; 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. The application of this amendment will have no impact on the financial position or the performance of the Company since the Company is not an investment entity.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Conceptual Framework in IFRS standards</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The IASB issued the revised Conceptual Framework for Financial Reporting on March 29, 2018. The Conceptual Framework sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. IASB also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Its objective is to support transition to the revised Conceptual Framework for companies that develop accounting policies using the Conceptual Framework when no IFRS Standard applies to a particular transaction. For preparers who develop accounting policies based on the Conceptual Framework, it is effective for annual periods beginning on or after January 1, 2020.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IFRS 3: Business Combinations (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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 January 1, 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&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of &#8216;material&#8217; (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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, &#8217;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&#8217;. 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&#8217;s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:44.59pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest Rate Benchmark Reform - IFRS 9, IAS 39 and IFRS 7 (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amendments are effective for annual periods beginning on or after January 1, 2020 and must be applied retrospectively. Earlier application is permitted. In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7, which concludes phase one of its work to respond to the effects of Interbank Offered Rates (IBOR) reform on financial reporting. Phase two will focus on issues that could affect financial reporting when an existing interest rate benchmark is replaced with a risk-free interest rate (an RFR). The amendments published, deal with issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative interest rate and address the implications for specific hedge accounting requirements in IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement, which require forward-looking analysis. The amendments provided temporary reliefs, applicable to all hedging relationships that are directly affected by the interest rate benchmark reform, which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate. 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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. 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The Company engaged independent valuation specialists to determine the fair value of non-financial assets as at December 31, 2019. 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. 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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. 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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. </font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><h1 style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; page-break-after:avoid; font-size:9pt"><a name="DM_MAP_58be30bcc8354d8cbb0dabd0fa36a674"><font style="font-family:'Times New Roman'">2.10&#160;&#160; Deferred dry-docking costs: </font><font style="font-family:'Times New Roman'; font-weight:normal">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.</font><font style="font-family:'Times New Roman'">&#160; </font><font style="font-family:'Times New Roman'; font-weight:normal">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.</font></a></h1><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30.05pt; margin-bottom:0pt; text-indent:-30.05pt; text-align:justify; font-size:9pt"><a name="DM_MAP_bc518f9ae2a54289898dec389f8a87d0"><font style="font-family:'Times New Roman'; font-weight:bold">2.11</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> The cost of each of the Company&#8217;s vessels is depreciated on a straight-line basis over each vessel&#8217;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 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. 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The vessel&#8217;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&#8217;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. 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Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made. </font><font style="font-family:'Times New Roman'">For the year ended December 31, 2019, the Company deferred financing costs of $880, which relate to the costs incurred for the new loan agreement with EnTrust Global&#8217;s Blue Ocean Fund (see Note 11 for more details). 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 11 for more details). 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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. </font></a><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160; </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><a name="DM_MAP_5117ec51b1034be4bcf6581b14211af0"><font style="font-family:'Times New Roman'; font-weight:bold">2.18&#160;&#160; Provisions and contingencies: </font><font style="font-family:'Times New Roman'">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. </font><font style="font-family:'Times New Roman'">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.</font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><a name="DM_MAP_b3dbcd8a53d44ccd806dbe8ebd5b5c5a"><font style="font-family:'Times New Roman'; font-weight:bold">2.19&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">Pension and retirement benefit obligations: </font><font style="font-family:'Times New Roman'">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, the Company is not liable for any pension or post-retirement benefits payable to the crew.</font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160; Provision for employees&#8217; severance compensation: </font><font style="font-family:'Times New Roman'">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&#8217; retirement compensation liability which amounted to $26 as at December 31, 2019 (2018: $87), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><a name="DM_MAP_6a91f6fc1c2c4890ac6723cb05527466"><font style="font-family:'Times New Roman'; font-weight:bold">2.20&#160;&#160; Offsetting of financial assets and liabilities: </font><font style="font-family:'Times New Roman'">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.</font></a></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; font-size:9pt"><a name="DM_MAP_f56e87d739d142c39a4f2eeb9026bcb3"><font style="font-family:'Times New Roman'; font-weight:bold">2.21&#160;&#160;&#160; Financial assets and liabilities:</font></a></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">i.&#160;&#160;&#160; Classification and measurement of financial assets and financial liabilities</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On January 1, 2018, the Company adopted IFRS 9. 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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">ii.&#160;&#160;&#160; Impairment of financial assets</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">IFRS 9 replaces the &apos;incurred loss&apos; model in IAS 39 with an &apos;expected credit loss&apos; (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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The financial assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under IFRS 9, loss allowances are measured on either of the following bases:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&apos;s historical experience and informed credit assessment and including forward-looking information.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company considers a financial asset to be in default when:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the financial asset is more than 1 year past due.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">ECLs are a probability-weighted estimate of credit losses. 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The Company has determined that the application of IFRS 9&apos;s impairment requirements at January 1, 2018, has not resulted to any additional impairment allowance.</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">iii.&#160;&#160; Derecognition of financial assets </font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the rights to receive cash flows from the asset have expired;</font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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 &#8220;pass-through&#8221; arrangement; or </font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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&#8217;s continuing involvement in the asset. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">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.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">iv. 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The Company recognizes lease liabilities to make payments and right of use assets representing the right of use of the underlying asset. The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. 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The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. 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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6740591888">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Financial Position - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>NON-CURRENT ASSETS</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Ships', window );">Vessels, net</a></td>
<td class="nump">$ 48,242<span></span>
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<td class="nump">$ 83,750<span></span>
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<td class="nump">103<span></span>
</td>
<td class="nump">120<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use asset</a></td>
<td class="nump">562<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentRestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">1,250<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other non-current assets</a></td>
<td class="nump">10<span></span>
</td>
<td class="nump">10<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets</a></td>
<td class="nump">50,167<span></span>
</td>
<td class="nump">83,880<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade accounts receivable</a></td>
<td class="nump">240<span></span>
</td>
<td class="nump">577<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">1,545<span></span>
</td>
<td class="nump">650<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets', window );">Prepayments and other assets</a></td>
<td class="nump">153<span></span>
</td>
<td class="nump">171<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentRestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">1,185<span></span>
</td>
<td class="nump">1,350<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">2,366<span></span>
</td>
<td class="nump">46<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">5,489<span></span>
</td>
<td class="nump">2,794<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">55,656<span></span>
</td>
<td class="nump">86,674<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Issued share capital</a></td>
<td class="nump">21<span></span>
</td>
<td class="nump">13<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharePremium', window );">Share premium</a></td>
<td class="nump">145,506<span></span>
</td>
<td class="nump">140,334<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Accumulated deficit</a></td>
<td class="num">(135,648)<span></span>
</td>
<td class="num">(99,297)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">9,879<span></span>
</td>
<td class="nump">41,050<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>NON-CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Long-term borrowings, net of current portion</a></td>
<td class="nump">36,551<span></span>
</td>
<td class="nump">1,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Fair value of derivative financial instruments, net of current portion</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">831<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisionsForEmployeeBenefits', window );">Provision for staff retirement indemnities</a></td>
<td class="nump">26<span></span>
</td>
<td class="nump">87<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">469<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">37,046<span></span>
</td>
<td class="nump">2,418<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current portion of long-term borrowings</a></td>
<td class="nump">1,195<span></span>
</td>
<td class="nump">35,368<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade accounts payable</a></td>
<td class="nump">4,735<span></span>
</td>
<td class="nump">6,433<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">1,971<span></span>
</td>
<td class="nump">1,319<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current portion of lease liabilities</a></td>
<td class="nump">208<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current portion of fair value of derivative financial instruments</a></td>
<td class="nump">622<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncome', window );">Deferred revenue</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">86<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">8,731<span></span>
</td>
<td class="nump">43,206<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="nump">45,777<span></span>
</td>
<td class="nump">45,624<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL EQUITY AND LIABILITIES</a></td>
<td class="nump">$ 55,656<span></span>
</td>
<td class="nump">$ 86,674<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.
Effective 2020-01-01: The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current prepayments and other current assets. [Refer: Other current assets; Current prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liability representing income that has been received but is not yet earned. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
Effective 2020-01-01: The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisionsForEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions for employee benefits. [Refer: Provisions for employee benefits]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisionsForEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OfficeEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment representing equipment used to support office functions, not specifically used in the production process. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_37_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OfficeEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharePremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount received or receivable from the issuance of the entity's shares in excess of nominal value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharePremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Ships">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment representing seafaring or other maritime vessels used in the entity's operations. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_37_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Ships</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729466976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Based Payment (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfShareBasedPayment', window );">Share Based Payment</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2019</font></p></td><td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors&#8217; payment (1) </font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,998</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2019</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,998</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">40</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ol type="1" style="margin:0pt; padding-left:0pt"><li style="margin-left:50.75pt; text-align:justify; padding-left:3.25pt; font-family:'Times New Roman'; font-size:9pt"><font>These amounts relate to the shares issued in 2019, not to the shares approved for issuance for the year.</font></li></ol><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2018</font></p></td><td style="width:65.6pt; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:11.4pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors&#8217; payment (1)</font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,797</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2018</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,797</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(1) These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:21.85pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2017</font></p></td><td style="width:63.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:68pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:43.35pt; 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margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment </font><font style="font-family:'Times New Roman'; font-weight:bold">(1)</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:63.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,094</font></p></td><td style="width:68pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">30</font></p></td><td style="width:38.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,094</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">30</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Restricted cash (Tables)<br></strong></div></th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfCashAndBankBalancesExplanatory', window );">Cash and cash equivalents and Restricted cash</a></td>
<td class="text"><div class="Section1"><table cellspacing="0" cellpadding="0" style="width:428.3pt; margin-left:36pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:106.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:21.9pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:43.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash on hand</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">46</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash at banks</font></p></td><td style="width:52.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,356</font></p></td><td style="width:43.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,366</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">46</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for cash on hand and at banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6736333408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued liabilities and other payables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousCurrentLiabilitiesAbstract', window );"><strong>Accrued liabilities and other payables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory', window );">Accrued liabilities and other payables</a></td>
<td class="text"><div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:441.55pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:130.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:61.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:57.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued interest</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">114</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued audit fees</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">56</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">57</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other accruals</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,435</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">999</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance deductibles </font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">132</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">102</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other payables</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">47</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,971</font></p></td><td style="width:57.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,319</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the amounts of accrued liabilities and other payables in the consolidated statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729496192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Based Payment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory', window );">Share Based Payment</a></td>
<td class="text"><div class="Section1"><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">12&#160;&#160;&#160;&#160; Share Based Payment&#160;&#160;&#160; </font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments are quarterly restrictive share issued to the Company&#8217;s Non-executive directors for their services and in accordance with appointment letters.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share based payment comprise the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><a name="DM_MAP_7b029f60fc8943959922286788ad5584"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2019</font></p></td><td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:11.4pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors&#8217; payment (1) </font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,998</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2019</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,998</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">40</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ol type="1" style="margin:0pt; padding-left:0pt"><li style="margin-left:50.75pt; text-align:justify; padding-left:3.25pt; font-family:'Times New Roman'; font-size:9pt"><font>These amounts relate to the shares issued in 2019, not to the shares approved for issuance for the year.</font></li></ol><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2018</font></p></td><td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:11.4pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors&#8217; payment (1)</font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,797</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2018</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,797</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(1) These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:21.85pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2017</font></p></td><td style="width:63.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:68pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:43.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:38.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment </font><font style="font-family:'Times New Roman'; font-weight:bold">(1)</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:63.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,094</font></p></td><td style="width:68pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">30</font></p></td><td style="width:38.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,094</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">30</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 44<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_44&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6729436016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued Liabilities And Other Payables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousCurrentLiabilitiesAbstract', window );"><strong>Accrued liabilities and other payables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory', window );">Accrued liabilities and other payables</a></td>
<td class="text"><div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Accrued liabilities and other payables&#160; </font></p><p style="margin-top:0pt; margin-left:48pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables in the consolidated statement of financial position are analysed as follows:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:441.55pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_ef639462341540b1b398f73d06d6ae5c"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="2" style="width:130.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:61.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2019</font></p></td><td style="width:57.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued interest</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">307</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">114</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued audit fees</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">56</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">57</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other accruals</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,435</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">999</font></p></td></tr><tr style="height:12.75pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance deductibles </font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">132</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">102</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other payables</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41</font></p></td><td style="width:57.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">47</font></p></td></tr><tr style="height:13.5pt"><td style="width:289.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,971</font></p></td><td style="width:57.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,319</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Interest is normally settled quarterly throughout the year.</font></li><li style="margin-left:45.14pt; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Other payables are non-interest bearing.</font></li></ul></div>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of accrued expenses and other liabilities. [Refer: Accruals; Other liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousCurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousCurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6725924864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Voyage Expenses and Vessel Operating Expenses [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WagesAndSalaries', window );">Crew wages and related costs</a></td>
<td class="nump">$ 4,670<span></span>
</td>
<td class="nump">$ 4,766<span></span>
</td>
<td class="nump">$ 4,645<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InsuranceExpense', window );">Insurance</a></td>
<td class="nump">664<span></span>
</td>
<td class="nump">607<span></span>
</td>
<td class="nump">742<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepairsAndMaintenanceExpense', window );">Spares, repairs and maintenance</a></td>
<td class="nump">1,884<span></span>
</td>
<td class="nump">2,721<span></span>
</td>
<td class="nump">2,222<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RawMaterialsAndConsumablesUsed', window );">Lubricants</a></td>
<td class="nump">517<span></span>
</td>
<td class="nump">501<span></span>
</td>
<td class="nump">496<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_StoresExpense', window );">Stores</a></td>
<td class="nump">820<span></span>
</td>
<td class="nump">1,000<span></span>
</td>
<td class="nump">783<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other</a></td>
<td class="nump">327<span></span>
</td>
<td class="nump">330<span></span>
</td>
<td class="nump">247<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_OperatingCosts', window );">Total</a></td>
<td class="nump">$ 8,882<span></span>
</td>
<td class="nump">$ 9,925<span></span>
</td>
<td class="nump">$ 9,135<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_OperatingCosts">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_StoresExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of stores expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNatureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from purchased insurance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InsuranceExpense</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating expenses. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingExpense</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of raw materials and consumables used in the production process or in the rendering of services. [Refer: Current raw materials]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RawMaterialsAndConsumablesUsed</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepairsAndMaintenanceExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses incurred for the day-to-day servicing of assets, which may include the cost of labour, consumables or small parts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepairsAndMaintenanceExpense</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 9<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WagesAndSalaries</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6733653696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Concentration of credit risk (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 15,623<span></span>
</td>
<td class="nump">$ 17,354<span></span>
</td>
<td class="nump">$ 13,852<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererMember', window );">A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 3,476<span></span>
</td>
<td class="nump">$ 3,679<span></span>
</td>
<td class="nump">$ 1,404<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">22.00%<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererBMember', window );">B</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 2,873<span></span>
</td>
<td class="nump">$ 0<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">17.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererCMember', window );">C</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 1,849<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">13.00%<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererDMember', window );">D</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 1,459<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">11.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_OtherMajorCharterersMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 12,147<span></span>
</td>
<td class="nump">$ 10,802<span></span>
</td>
<td class="nump">$ 9,140<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">78.00%<span></span>
</td>
<td class="nump">62.00%<span></span>
</td>
<td class="nump">66.00%<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCreditRiskExposureLineItems</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfEntitysRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_MajorChartererMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_MajorChartererBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_MajorChartererCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_MajorChartererDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=glbs_OtherMajorCharterersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_OtherMajorCharterersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6727873872">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial risk management objectives and policies (Details)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_BorrowingsPercentageBearingFixedInterestRate', window );">Borrowings, Percentage Bearing Fixed Interest, Percentage Rate</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio', window );">Net debt to adjusted book capitalisation plus net debt ratio</a></td>
<td class="nump">83.00%<span></span>
</td>
<td class="nump">73.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio', window );">Net debt to adjusted book capitalisation plus net debt ratio</a></td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio', window );">Net debt to adjusted book capitalisation plus net debt ratio</a></td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsPercentageBearingFixedInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a set, unchanging rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsPercentageBearingFixedInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net debt to adjusted book capitalisation plus net debt ratio.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>102
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6741938368">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure Of Finance Lease And Operating Lease By Lessor [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Total</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 2,991<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Within one year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure Of Finance Lease And Operating Lease By Lessor [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Total</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 2,991<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum lease payments receivable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6744571072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net - Impairment loss (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">$ (29,902)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVRiverGlobeMember', window );">m/v River Globe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">(6,920)<span></span>
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<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSkyGlobeMember', window );">m/v Sky Globe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">(8,074)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVStarGlobeMember', window );">m/v Star Globe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">(7,197)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSunGlobeMember', window );">m/v Sun Globe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">(4,797)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVMoonGlobeMember', window );">m/v Moon Globe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="num">$ (2,914)<span></span>
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<td class="nump">$ 0<span></span>
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<td class="nump">$ 0<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6732785168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties - Compensation to the Company's Executive Director (Table) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_glbs_DirectorsCompensationSharebasedPayment', window );">Share-based payments</a></td>
<td class="nump">$ 40<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorsMember', window );">Executive Director</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits', window );">Short-term employee benefits</a></td>
<td class="nump">224<span></span>
</td>
<td class="nump">235<span></span>
</td>
<td class="nump">229<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Total</a></td>
<td class="nump">$ 224<span></span>
</td>
<td class="nump">$ 235<span></span>
</td>
<td class="nump">$ 229<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DirectorsCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to directors in the form of share-based payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DirectorsCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R59.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6736314384">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Trade accounts payable (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Trade accounts payable [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade accounts payable</a></td>
<td class="nump">$ 4,735<span></span>
</td>
<td class="nump">$ 6,433<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesAbstract</td>
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