Globus Maritime Limited Reports Financial Results for the Second Quarter and Six-month period ended June 30, 2025
Globus Maritime Limited (NASDAQ:GLBS) reported its Q2 and H1 2025 financial results, showing mixed performance amid market volatility. The company recorded revenue of $9.5 million in Q2 2025 and $18.2 million in H1 2025, with a net loss of $1.9 million in Q2 and $3.35 million in H1.
Key metrics include Q2 Time Charter Equivalent (TCE) of $11,444 per day, down 22% from $14,578 in Q2 2024. The company operates a modern fleet of nine dry bulk carriers with an average age of 7.8 years, consisting of six Kamsarmax and three Ultramax vessels. Fleet utilization remained strong at 100% in Q2 2025.
Despite current market challenges, management maintains a positive outlook, citing healthy cargo flows and a modest newbuilding orderbook. The company continues its fleet renewal strategy with two additional fuel-efficient Ultramaxes scheduled for delivery next year.
- 100% fleet utilization in Q2 2025
- Fleet expansion to 9 vessels in Q2 2025 from 7 vessels in Q2 2024
- Modern fleet with average age of 7.8 years
- 5% increase in H1 2025 revenue to $18.2M compared to H1 2024
- Q2 2025 net loss of $1.9M compared to $3.3M profit in Q2 2024
- 22% decrease in TCE rate to $11,444 in Q2 2025 from $14,578 in Q2 2024
- H1 2025 net loss of $3.35M versus $3M profit in H1 2024
- Operating expenses increased to $5,619 per day in Q2 2025 from $5,060 in Q2 2024
Insights
Globus Maritime reports Q2 net loss of $1.9M as TCE rates dropped 22% YoY despite maintaining a larger, modernized fleet.
Globus Maritime's Q2 2025 results reveal a significant reversal from profitability to loss, with the company reporting a $1.9 million net loss compared to a $3.3 million profit in Q2 2024. This deterioration occurred despite stable revenue of $9.5 million, highlighting the challenging market conditions affecting the dry bulk sector.
The company's Time Charter Equivalent (TCE) rate fell 22% to $11,444 per vessel per day from $14,578 in the same period last year, directly impacting profitability despite operating a larger fleet. Globus operated an average of 9 vessels in Q2 2025 versus 7 vessels in Q2 2024, which helped maintain revenue levels but couldn't offset the weaker rate environment.
Operating expenses increased substantially, with voyage and vessel expenses rising 52% to $5.1 million from $3.4 million a year earlier. The expanded fleet also drove depreciation expenses up 72% to $3.7 million. These higher costs, combined with lower TCE rates, squeezed margins considerably.
The company's Adjusted EBITDA declined 18% to $3.2 million from $4.0 million, reflecting operational pressure despite cost control efforts. Notably, general and administrative expenses decreased to $1.1 million from $2.1 million, showing some success in overhead management.
Cash flow performance weakened dramatically, with cash generated from operations plummeting to $264,000 from $6.2 million in Q2 2024. This 96% decline signals potential liquidity challenges if market conditions don't improve.
Globus has maintained a strong balance sheet with $51.1 million in cash and a fleet modernization strategy in progress. The company recently sold its older 2007-built River Globe while adding newer, more efficient vessels. This fleet renewal supports long-term competitiveness but increases short-term financial pressure through higher depreciation and financing costs.
Management remains cautiously optimistic, noting that rates improved toward the end of Q2 and have continued strengthening. With the majority of their fleet on spot or index-linked contracts, Globus is positioned to capture any market upside, though they remain vulnerable to continued volatility.
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.
| 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”).
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
Earnings Highlights
| 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 |
| (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
Revenue
During the three-month period ended June 30, 2025, and 2024, our Revenues reached
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
Revenue
During the six-month period ended June 30, 2025, and 2024, our Revenues reached
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) | ||||||||||||
| Daily operating expenses (7) | ||||||||||||
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 | ||||
(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) | ||||||||
| 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@capitallink.com |
FAQ
What were GLBS's key financial results for Q2 2025?
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