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

GLYFADA, Greece, Sept. 19, 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 second quarter and six-month period ended June 30, 2025.

• Revenue
  • $9.5 million in Q2 2025
  • $18.2 million in H1 2025
• Adjusted EBITDA
  • $3.2 million in Q2 2025
  • $5.2 million in H1 2025
• Time Charter Equivalent
  • $11,444 per day in Q2 2025
  • $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.

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”).

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

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.

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

Notes:

Selected Consolidated Financial & Operating Data

(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:

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.