Globus Maritime Limited Reports Financial Results for the Second Quarter and Six-month period ended June 30, 2025

GLOBUS MARITIME LIMITED
Registered office: Trust Company Complex, Ajeltake Road, Ajeltake Island,
P.O. Box 1405, Majuro, Marshall Islands MH 96960
Comminucations Address: c/o Globus Shipmanagement Corp.
128 Vouliagmenis Avenue, 166 74 Glyfada, Greece
Tel: +30 210 9608300, Fax: +30 210 9608359, e-mail: info@globusmaritime.gr
www.globusmaritime.gr
Globus Maritime Limited Reports Financial Results for the Second Quarter and Six-month period
ended June 30, 2025
Glyfada, Greece, September 19, 2025, Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”) (NASDAQ: GLBS), a
dry bulk shipping company, today reported its unaudited consolidated financial results for the second quarter and six-month
period ended June 30, 2025.
• Revenue
o $9.5 million in Q2 2025
o $18.2 million in H1 2025
• Adjusted EBITDA
o $3.2 million in Q2 2025
o $5.2 million in H1 2025
• Time Charter Equivalent
o $11,444 per day in Q2 2025
o $10,274 per day in H1 2025
Current Fleet Profile
As of the date of this press release, Globus’ subsidiaries own and operate nine dry bulk carriers, consisting of six Kamsarmax and
three Ultramax.
Vessel Year Built Yard Type Month/Year
Delivered DWT Flag
Galaxy Globe 2015 Hudong-Zhonghua Kamsarmax
October
2020 81,167 Marshall Is.
Diamond Globe 2018
Jiangsu New Yangzi
Shipbuilding Co. Kamsarmax June 2021 82,027 Marshall Is.
Power Globe 2011
Universal Shipbuilding
Corporation Kamsarmax July 2021 80,655 Cyprus
Orion Globe 2015 Tsuneishi Zosen Kamsarmax
November
2021 81,837 Marshall Is.
GLBS Hero 2024 Nihon Shipyard Co., Ltd. Ultramax
January
2024 64,000 Marshall Is.
GLBS Might 2024
Nantong Cosco KHI Ship
Engineering Co., Ltd. Ultramax
August
2024 64,000 Marshall Is.
GLBS Magic 2024
Nantong Cosco KHI Ship
Engineering Co., Ltd. Ultramax
September
2024 64,000 Marshall Is.
GLBS Angel 2016 Hudong-Zhonghua Kamsarmax
November
2024 81,119 Marshall Is.
GLBS Gigi 2014 Tsuneishi Hi Cebu Kamsarmax
December
2024 81,817 Marshall Is.
Weighted Average Age: 7.8 Years as of September 19, 2025 680,622
Current Fleet Deployment
All our vessels are currently operating on short-term time charters, we generally consider as spot charters, the charters that are
below one year in duration and/or are chartered on index linked basis (“on spot”).
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Management Commentary
“During the second quarter of 2025, rates edged higher compared to the softer averages of the first quarter, though they remained
somewhat subdued overall. The quarter was marked by significant volatility in both freight rates and asset pricing—particularly
for older vessels. Much of this fluctuation and weakness can be attributed to regulatory and geopolitical developments that
dampened market confidence midway through the quarter, resulting in a temporary loss of momentum.
Toward the end of the quarter, however, we observed a gradual recovery in rates. This positive trend gained traction, supporting
both stronger freight levels and firmer asset values. As of this writing, rates are standing at very healthy levels.
With the majority of our fleet employed in the spot market or with index-linked exposure, we are well positioned to capture the
current upside. Our outlook for the short to medium term remains constructive. We are confident that our modern fleet will
continue to benefit from favorable market dynamics, underpinned by healthy cargo flows, supportive ton-mile developments, and
a relatively modest newbuilding orderbook.
In line with our fleet renewal and growth strategy, we expect delivery of two additional fuel-efficient Ultramaxes currently under
construction in Japan, scheduled for in about a year from now.
We are also in active discussions with both existing and prospective financial institutions to secure competitive financing for our
fleet and newbuildings. Our priority remains to maintain a strong balance sheet while keeping funding costs at reasonable levels.
Looking ahead, we remain fully committed to enhancing shareholder value through prudent growth, active fleet renewal, and the
continued modernization of our operations.”
Recent Developments
Sale of vessel
On February 4, 2025, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2007-built River
Globe for a gross price of $8.55 million before commissions and expenses. The vessel was delivered to her new owners on March
17, 2025.
Earnings Highlights
(1) Adjusted EBITDA is a measure not in accordance with generally accepted accounting principles (“GAAP”). See a later
section of this press release for a reconciliation of Adjusted EBITDA to net income/(loss) and net cash generated from
operating activities, which are the most directly comparable financial measures calculated and presented in accordance
with the GAAP measures.
(2) The weighted average number of shares for the six-month period ended June 30, 2025, and 2024 was 20,582,301. The
weighted average number of shares for the three-month period ended June 30, 2025, and 2024 was 20,582,301.
Second quarter of the year 2025 compared to the second quarter of the year 2024
Net loss for the second quarter of the year 2025 amounted to $1.9 million or $0.09 basic income per share based on 20,582,301
weighted average number of shares compared to net income of $3.3 million or $0.16 basic loss per share based on 20,582,301
weighted average number of shares for the same period last year.
Revenue
During the three-month period ended June 30, 2025, and 2024, our Revenues reached $9.5 million. Daily Time Charter Equivalent
rate (TCE) for the second quarter of 2025 was $11,444 per vessel per day against $14,578 per vessel per day during the same
period in 2024 corresponding to a decrease of 22%. This decrease is attributed to unfavourable market conditions in the bulk
shipping sector during the second quarter of 2025. The Company operated an average fleet of 9 vessels in the second quarter of
2025, compared to an average of 7 vessels during the corresponding period in 2024.
Three months ended June 30, Six months ended June 30,
(Expressed in thousands of U.S dollars except for daily rates and per
share data) 2025 2024 2025 2024
Revenue 9,538 9,516 18,157 17,229
Net (loss)/income (1,867) 3,279 (3,350) 2,980
Adjusted EBITDA (1) 3,247 3,966 5,218 5,974
Basic (loss)/income per share (2) (0.09) 0.16 (0.16) 0.14
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First half of the year 2025 compared to the first half of the year 2024
Net loss for the six-month period ended June 30, 2025, amounted to $3.35 million or $0.16 basic loss per share based on
20,582,301 weighted average number of shares, compared to net income of $3 million for the same period last year or $0.14 basic
income per share based on 20,582,301 weighted average number of shares.
Revenue
During the six-month period ended June 30, 2025, and 2024, our Revenues reached $18.2 million and $17.2 million, respectively.
The 5% increase in Revenues is primarily attributable to the higher average number of vessels operated by the Company during
the first half of 2025 compared to the same period in 2024. The Company operated an average fleet of 9.4 vessels in the first half
of 2025, compared to an average of 6.9 vessels during the corresponding period in 2024. Conversely, the daily Time Charter
Equivalent (TCE) rate for the six-month period ended June 30, 2025, was $10,274 per vessel per day, compared to $13,246 per
vessel per day in the same period of 2024, representing a 22% decline. This decrease is attributed to unfavourable market
conditions in the bulk shipping sector during the first half of 2025.
Fleet Summary data
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Ownership days (1) 819 637 1,704 1,250
Available days (2) 788 637 1,666 1,250
Operating days (3) 788 635 1,665 1,239
Fleet utilization (4) 100% 99.7% 100% 99.1%
Average number of vessels (5) 9.0 7.0 9.4 6.9
Daily time charter equivalent (TCE) rate (6) $11,444 $14,578 $10,274 $13,246
Daily operating expenses (7) $5,619 $5,060 $5,464 $5,082
Notes:
(1) Ownership days are the aggregate number of days in a period during which each vessel in our fleet has been owned by us.
(2) Available days are the number of 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.
(3) Operating days are the number of available days less the aggregate number of days that the vessels are off-hire due to any
reason, including unforeseen circumstances but excluding days during which vessels are seeking employment.
(4) We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during
the period.
(5) 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.
(6) TCE rates are our voyage revenues less net revenues from our bareboat charters less voyage expenses during a period divided
by the number of our available days during the period which is consistent with industry standards. TCE is a measure not in
accordance with IFRS.
(7) We calculate daily vessel operating expenses by dividing vessel operating expenses by ownership days for the relevant time
period.
Selected Consolidated Financial & Operating Data
Three months ended Six months ended
June 30, June 30,
2025 2024 2025 2024
(In thousands of U.S. dollars, except per share data) (unaudited) (unaudited)
Consolidated Condensed Statements of Operations:
Revenue 9,538 9,516 18,157 17,229
Voyage and Operating vessel expenses (5,126) (3,362) (10,357) (6,842)
General and administrative expenses (1,144) (2,148) (2,526) (4,380)
Depreciation and amortization (3,655) (2,130) (7,398) (4,385)
Reversal of Impairment – 1,891 – 1,891
Other (expenses)/income & gain from sale of vessel, net (21) (40) 2,081 (33)
Interest expense/income, finance cost and foreign exchange (losses)
/ gains, net (1,491) (578) (3,315) (1,042)
Gain on derivative financial instruments, net 31 130 8 542
Net (loss)/income for the period (1,868) 3,279 (3,350) 2,980
Basic net (loss)/income per share for the period (1) (0.09) 0.16 (0.16) 0.14
Adjusted EBITDA (2) 3,247 3,966 5,218 5,974
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(1) The weighted average number of shares for the six-month period ended June 30, 2024, and 2023 was 20,582,301. The weighted
average number of shares for the three-month period ended June 30, 2024, and 2023 was 20,582,301.
(2) 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 dry-docking costs,
amortization of fair value of time charter acquired, impairment and gains or losses on sale of vessels. Adjusted EBITDA does not
represent and should not be considered as an alternative to net 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.
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’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.
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:
• Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual
commitments;
• Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal
payments on our debt;
• Adjusted EBITDA does not reflect changes in or cash requirements for our working capital needs; and
• Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a
comparative measure.
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.
The following table sets forth a reconciliation of Adjusted EBITDA to net income/(loss) and net cash generated from operating
activities for the periods presented:
Three months ended Six months ended
June 30, June 30,
(Expressed in thousands of U.S. dollars) 2025 2024 2025 2024
(Unaudited) (Unaudited)
Net (loss)/income for the period (1,868) 3,279 (3,350) 2,980
Interest expense/income, finance cost and foreign exchange
(losses) / gains, net 1,491 578 3,315 1,042
Gain on derivative financial instruments, net (31) (130) (8) (542)
Depreciation and amortization 3,655 2,130 7,398 4,385
Reversal of Impairment loss – (1,891) – (1,891)
Gain from sale of vessel – – (2,137) –
Adjusted EBITDA 3,247 3,966 5,218 5,974
Payment of deferred dry-docking costs (1,526) (10) (1,956) (537)
Net decrease/(increase) in operating assets 1,158 1,131 (385) (126)
Net (increase)/decrease in operating liabilities (2,586) 1,169 (1,716) 2,371
Provision for staff retirement indemnities 22 (35) 65 32
Foreign exchange (losses)/gains net, not attributed to cash & cash
equivalents
(51) 13 (57) 13
Net cash generated from operating activities 264 6,234 1,169 7,727
Three months ended Six months ended
June 30, June 30,
(Expressed in thousands of U.S. dollars) 2025 2024 2025 2024
(Unaudited) (Unaudited)
Statement of cash flow data:
Net cash generated from operating activities 264 6,234 1,169 7,727
Net cash generated from/ (used in) investing activities 546 (10,121) 9,252 (29,244)
Net cash (used in) / generated from financing activities (3,573) 17,964 (8,931) 18,080
As at June 30, As at December 31,
(Expressed in thousands of U.S. Dollars) 2025 2024
(Unaudited)
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Consolidated Condensed Balance Sheet Data:
Vessels and Advances for Vessel purchase, net 251,977 264,030
Cash and cash equivalents (including current restricted cash) 51,092 50,657
Other current and non-current assets 6,294 6,299
Total assets 309,363 320,986
Total equity 173,051 176,401
Total debt & Finance liabilities, net of unamortized debt discount 131,205 137,090
Other current and non-current liabilities 5,107 7,495
Total equity and liabilities 309,363 320,986
About Globus Maritime Limited
Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns,
operates and manages a fleet of nine dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and
other dry bulk cargoes internationally. Globus’ subsidiaries own and operate seven vessels with a total carrying capacity of 680,622
Dwt and a weighted average age of 7.8 years as at September 19, 2025.
Safe Harbor Statement
This communication contains “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking
statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include
statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are
not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,”
“estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or
the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not
necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks
and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from
those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those
anticipated in forward-looking statements for many reasons specifically as described in the Company’s filings with the Securities
and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of
the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect
circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should,
however, review the factors and risks Globus describes in the reports it will file from time to time with the Securities and Exchange
Commission after the date of this communication.
For further information please contact:
Globus Maritime Limited +30 210 960 8300
Athanasios Feidakis, CEO a.g.feidakis@globusmaritime.gr
Capital Link – New York +1 212 661 7566
Nicolas Bornozis globus