GLYFADA, Greece, Nov. 28, 2025 (GLOBE NEWSWIRE) -- 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 third quarter and nine-month period ended September 30, 2025.
-- Revenue
-- $12.6 million in Q3 2025
-- $30.8 million in 9M 2025
-- Net income / (loss)
-- $0.7 million net income in Q3 2025
-- $2.6 million net loss in 9M 2025
-- Adjusted EBITDA
-- $5.5 million in Q3 2025
-- $10.7 million in 9M 2025
-- Time Charter Equivalent
-- $14,702 per day in Q3 2025
-- $11,705 per day in 9M 2025
-- We reached an agreement with one of our existing Lenders to reduce the
margin and extend the maturity of the existing Facility.
-- We have secured Financing arrangements for the two new building vessels
which are scheduled for delivery in the second half of 2026.
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.
Year Month/Year
Vessel Built Yard Type Delivered DWT Flag
---------- ------- ----------------- ----------- ------------ ------- ----------
Galaxy October Marshall
Globe 2015 Hudong-Zhonghua Kamsarmax 2020 81,167 Is.
---------- ------- ----------------- ----------- ------------ ------- ----------
Jiangsu New
Yangzi
Diamond Shipbuilding Marshall
Globe 2018 Co. Kamsarmax June 2021 82,027 Is.
---------- ------- ----------------- ----------- ------------ ------- ----------
Universal
Power Shipbuilding
Globe 2011 Corporation Kamsarmax July 2021 80,655 Cyprus
---------- ------- ----------------- ----------- ------------ ------- ----------
Orion November Marshall
Globe 2015 Tsuneishi Zosen Kamsarmax 2021 81,837 Is.
---------- ------- ----------------- ----------- ------------ ------- ----------
GLBS Nihon Shipyard January Marshall
Hero 2024 Co., Ltd. Ultramax 2024 64,000 Is.
---------- ------- ----------------- ----------- ------------ ------- ----------
Nantong Cosco
KHI Ship
GLBS Engineering August Marshall
Might 2024 Co., Ltd. Ultramax 2024 64,000 Is.
---------- ------- ----------------- ----------- ------------ ------- ----------
Nantong Cosco
KHI Ship
GLBS Engineering September Marshall
Magic 2024 Co., Ltd. Ultramax 2024 64,000 Is.
---------- ------- ----------------- ----------- ------------ ------- ----------
GLBS November Marshall
Angel 2016 Hudong-Zhonghua Kamsarmax 2024 81,119 Is.
---------- ------- ----------------- ----------- ------------ ------- ----------
GLBS Tsuneishi Hi December Marshall
Gigi 2014 Cebu Kamsarmax 2024 81,817 Is.
---------- ------- ----------------- ----------- ------------ ------- ----------
Weighted Average Age: 8 Years as of November 28,
2025 680,622
--------------------------------------------------- ------------ ------- ----------
Current Fleet Deployment
All our vessels are currently operating on short-term time charters ("on spot").
Management Commentary
"During the third quarter of 2025, we experienced a gradual but meaningful improvement in market rates for the vessel segments in which we operate. The quarter ended at significantly higher levels than it began with, our nimble chartering strategy allowed us to effectively capture the upward momentum. This positive trend continued into the fourth quarter of 2025, with rates for midsize bulk carriers currently ranging around $15,000 and $18,000 per day. Our modern fleet is well positioned to benefit from these conditions through short-term and index-linked chartering arrangements that provide direct exposure to improving market fundamentals. Asset values remain elevated, and sale-and-purchase activity has been strong across the market.
"Operationally, we completed the dry-docking of one vessel during the quarter, which temporarily affected utilization. Although the work experienced a minor delay due to unforeseen circumstances, the final outcome met our expectations and costs remained within acceptable levels.
"Construction of our two Ultramax newbuildings in Japan, scheduled for delivery in 2026, is progressing according to plan. These fuel-efficient vessels will enhance our operational flexibility and are well received by charterers.
"We also secured financing for both newbuildings from Japanese institutions on what we consider attractive terms. In parallel, we amended one of our existing credit facilities, achieving a reduced margin and an extended maturity, with a long-standing financial partner.
"Looking ahead, market conditions remain constructive. We see encouraging signs across several dry bulk trade routes and are optimistic about the outlook for the midsize bulker segment. We look forward to operating our fully delivered fleet, generating sustainable cash flows, and delivering meaningful returns to shareholders."
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.
Debt financing
In September 2025, the Company amended its CIT loan facility with First Citizens Bank & Trust Company, extending the termination date of Tranches F and G to August 10, 2027, to align with Tranches H and I. The amendment also revised the repayment schedules for the affected tranches and reduced the applicable margin for all tranches from 2.70% to 1.95%. The Company determined that the changes did not substantially modify CIT Loan Facility's terms and the Company recognized a gain on modification which amounted to $461 thousand.
The Company, through its subsidiaries, has arranged a $25 million loan facility and a $28 million sale and bareboat back agreement for its two vessels under construction, which are scheduled for delivery in the second half of 2026.
Earnings Highlights
Three months ended September Nine months ended September
30, 30,
(Expressed in
thousands of
U.S dollars
except for
daily rates
and per share
data) 2025 2024 2025 2024
Revenue 12,596 8,950 30,753 26,179
Net income /
(loss) 725 (550) (2,625) 2,430
Adjusted
EBITDA(1) 5,516 2,907 10,734 8,881
Basic &
diluted
earnings /
(loss) per
share (2) 0.04 (0.03) (0.13) 0.12
(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 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 nine-month
period ended September 30, 2025, and 2024, was 20,582,301.
The weighted average number of shares for the three-month
period ended September 30, 2025, and 2024, was 20,582,301.
Third quarter of the year 2025 compared to the third quarter of the year 2024
Net income for the third quarter of the year 2025 amounted to $0.7 million or $0.04 basic income per share based on 20,582,301 weighted average number of shares compared to net loss of $0.55 million or $0.03 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 September 30, 2025, and 2024, our Revenues reached $12.6 million and $8.95 million, respectively. The 41% increase in Revenues is primarily attributable to the higher average number of vessels operated by the Company during the three-month period ended September 30, 2025, compared to the same period in 2024. The Company operated an average fleet of 9 vessels in the third quarter of 2025, compared to an average of 6.7 vessels during the corresponding period in 2024. Furthermore, the Daily Time Charter Equivalent rate (TCE) for the third quarter of 2025 was $14,702 per vessel per day against $13,867 per vessel per day during the same period in 2024 corresponding to an increase of 6%.
First nine months of the year 2025 compared to the first nine months of the year 2024
Net loss for the nine-month period ended September 30, 2025, amounted to $2.6 million or $0.13 basic loss per share based on 20,582,301 weighted average number of shares, compared to net income of $2.4 million for the same period last year or $0.12 basic income per share based on 20,582,301 weighted average number of shares.
Revenue
During the nine-month period ended September 30, 2025, and 2024, our Revenues reached $30.8 million and $26.2 million, respectively. The 18% increase in Revenues is primarily attributable to the higher average number of vessels operated by the Company during the first nine months of 2025 compared to the same period in 2024. The Company operated an average fleet of 9.3 vessels in the first nine months of 2025, compared to an average of 6.8 vessels during the corresponding period in 2024. Conversely, the daily Time Charter Equivalent rate (TCE) for the nine-month period ended September 30, 2025, was $11,705 per vessel per day, compared to $13,450 per vessel per day for the same period in 2024, representing a 13% decline, which is attributed to the worse conditions throughout the bulk market for the first six months of 2025. 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 Nine months ended
September 30, September 30,
2025 2024 2025 2024
---------- ---------- ---------- ----------
Ownership
days (1) 828 612 2,532 1,862
Available
days (2) 795 612 2,460 1,862
Operating
days (3) 785 609 2,450 1,848
Fleet
utilization
(4) 98.7% 99.6% 99.6% 99.3%
Average
number of
vessels
(5) 9.0 6.7 9.3 6.8
Daily time
charter
equivalent
(TCE) rate
(6) $14,702 $13,867 $11,705 $13,450
Daily
operating
expenses
(7) $5,841 $5,824 $5,587 $5,326
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 Nine months ended
September 30, September 30,
2025 2024 2025 2024
--------- --------- --------- --------
(In thousands of U.S.
dollars, except per share
data) (unaudited) (unaudited)
Consolidated Condensed
Statements of
Operations:
Revenue 12,596 8,950 30,753 26,179
Voyage and Operating
vessel expenses (5,746) (3,934) (16,103) (10,776)
General and
administrative expenses (1,363) (2,147) (3,889) (6,527)
Depreciation and
Depreciation of
dry-docking costs (3,539) (2,100) (10,937) (6,485)
Reversal of Impairment - - - 1,891
Other income & gain from
sale of vessel, net 29 40 2,110 7
Interest and finance
costs and foreign
exchange losses, net (1,263) (1,035) (4,578) (2,077)
Gain/(Loss) on derivative
financial instruments,
net 11 (324) 19 218
Net income / (loss) for
the period 725 (550) (2,625) 2,430
--------- --------- --------- --------
Basic net income / (loss)
per share for the
period(1) 0.04 (0.03) (0.13) 0.12
Adjusted EBITDA(2) 5,516 2,907 10,734 8,881
(1) The weighted average number of shares for the nine-month period ended September 30, 2025, and 2024, was 20,582,301. The weighted average number of shares for the three-month period ended September 30, 2025, and 2024, 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/(used in) operating activities for the periods presented:
Three months ended Nine months ended
September 30, September 30,
(Expressed in thousands of
U.S. dollars) 2025 2024 2025 2024
----------- ------- --------- --------
(Unaudited) (Unaudited)
Net income/(loss) for the
period 725 (550) (2,625) 2,430
Interest and finance costs,
net 1,263 1,035 4,578 2,077
Loss / (Gain) on derivative
financial instruments,
net (11) 324 (19) (218)
Depreciation and
Depreciation of
dry-docking costs 3,539 2,100 10,937 6,485
Reversal of Impairment loss - - - (1,891)
Gain from sale of vessel - (2) (2,137) (2)
Adjusted EBITDA 5,516 2,907 10,734 8,881
----------- ------- --------- --------
Payment of deferred
dry-docking costs (1,905) 67 (3,861) (470)
Net increase in operating
assets (515) (256) (900) (382)
Net (increase)/decrease in
operating liabilities 468 328 (1,248) 2,699
Provision for staff
retirement indemnities 3 (1) 68 31
Foreign exchange
(losses)/gains net, not
attributed to cash & cash
equivalents (10) (20) (67) (7)
Net cash generated from
operating activities 3,557 3,025 4,726 10,752
----------- ------- --------- --------
Three months ended Nine months ended
September 30, September 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 3,557 3,025 4,726 10,752
Net cash used in
investing activities (22,552) (35,158) (13,300) (64,402)
Net cash (used in) /
generated from
financing activities (3,575) 21,072 (12,506) 39,152
As at September 30, As at December 31,
--------------------- --------------------
(Expressed in thousands of U.S.
Dollars) 2025 2024
--------------------- --------------------
(Unaudited)
Consolidated Condensed Balance
Sheet Data:
Vessels and Advances for Vessel
purchase, net 255,102 264,030
Cash and cash equivalents
(including current restricted
cash) 28,162 50,657
Other current and non-current
assets 6,527 6,299
Total assets 289,791 320,986
Total equity 173,776 176,401
Total debt & Finance liabilities,
net of unamortized debt
discount 109,791 137,090
Other current and non-current
liabilities 6,224 7,495
Total equity and liabilities 289,791 320,986
About Globus Maritime Limited
Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide. The Company's operating fleet consists of nine dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally, with a total carrying capacity of 680,622 Dwt and a weighted average age of 8 years as of November 28, 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@capitallink.com
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