Globus Maritime Limited Reports Financial Results for the Third Quarter and Nine-month period ended September 30, 2024
Globus Maritime reported its Q3 and 9M 2024 financial results. Q3 revenue reached $9 million with a net loss of $0.6 million, while 9M 2024 showed revenue of $26.2 million with net income of $2.4 million. The company's Time Charter Equivalent rate increased to $13,867 per day in Q3 2024, up 39% from Q3 2023. The fleet consists of nine dry bulk carriers with a total capacity of 652,432 DWT and an average age of 7.4 years. Notable developments include the delivery of a new Ultramax vessel and agreements to acquire two Kamsarmax vessels.
Globus Maritime ha riportato i risultati finanziari del terzo trimestre e dei primi nove mesi del 2024. Le entrate del terzo trimestre hanno raggiunto 9 milioni di dollari con una perdita netta di 0,6 milioni di dollari, mentre i primi nove mesi del 2024 hanno mostrato entrate di 26,2 milioni di dollari con un reddito netto di 2,4 milioni di dollari. Il tasso di Time Charter Equivalent della compagnia è aumentato a 13.867 dollari al giorno nel terzo trimestre del 2024, in aumento del 39% rispetto al terzo trimestre del 2023. La flotta è composta da nove portacontainer dry bulk con una capacità totale di 652.432 DWT e un'età media di 7,4 anni. Sviluppi notevoli includono la consegna di una nuova nave Ultramax e accordi per l'acquisto di due navi Kamsarmax.
Globus Maritime reportó sus resultados financieros del tercer trimestre y de los primeros nueve meses de 2024. Los ingresos del tercer trimestre alcanzaron 9 millones de dólares con una pérdida neta de 0,6 millones de dólares, mientras que los primeros nueve meses de 2024 mostraron ingresos de 26,2 millones de dólares con un ingreso neto de 2,4 millones de dólares. La tasa de Time Charter Equivalent de la compañía aumentó a 13.867 dólares por día en el tercer trimestre de 2024, un incremento del 39% en comparación con el tercer trimestre de 2023. La flota consta de nueve buques de carga a granel seco con una capacidad total de 652.432 DWT y una edad promedio de 7,4 años. Los desarrollos notables incluyen la entrega de un nuevo buque Ultramax y acuerdos para adquirir dos buques Kamsarmax.
글로버스 마리타임은 2024년 3분기 및 9개월 재무 결과를 발표했습니다. 3분기 수익은 900만 달러에 달했지만 순손실은 60만 달러였습니다. 2024년 9개월 누적 수익은 2,620만 달러로 순이익은 240만 달러를 기록했습니다. 회사의 시간 전세 эквивалент 요금은 2024년 3분기 기준 하루 13,867 달러로, 2023년 3분기보다 39% 상승했습니다. 이 회사의 함대는 총 652,432 DWT의 용량을 가진 9척의 건조 화물선으로 구성되어 있으며, 평균 연령은 7.4세입니다. 주목할 만한 발전으로는 새로운 울트라맥스 선박의 인도 및 두 척의 캄사막스 선박 구매 계약이 포함됩니다.
Globus Maritime a publié ses résultats financiers pour le troisième trimestre et les neuf premiers mois de 2024. Les revenus du troisième trimestre ont atteint 9 millions de dollars avec une perte nette de 0,6 million de dollars, tandis que les neuf premiers mois de 2024 ont affiché des revenus de 26,2 millions de dollars avec un revenu net de 2,4 millions de dollars. Le taux d'équivalent de temps de charte de la société a augmenté pour atteindre 13.867 dollars par jour au troisième trimestre 2024, en hausse de 39 % par rapport au troisième trimestre 2023. La flotte est composée de neuf porte-conteneurs secs avec une capacité totale de 652.432 DWT et un âge moyen de 7,4 ans. Parmi les développements notables, on trouve la livraison d'un nouveau navire Ultramax et des accords pour acquérir deux navires Kamsarmax.
Globus Maritime hat die finanziellen Ergebnisse für das dritte Quartal und die ersten neun Monate 2024 bekannt gegeben. Die Einnahmen im dritten Quartal betrugen 9 Millionen Dollar bei einem Nettoverlust von 0,6 Millionen Dollar, während die ersten neun Monate 2024 Einnahmen von 26,2 Millionen Dollar mit einem Nettogewinn von 2,4 Millionen Dollar aufwiesen. Der Time Charter Equivalent Satz des Unternehmens stieg im dritten Quartal 2024 auf 13.867 Dollar pro Tag, was einem Anstieg von 39 % im Vergleich zum dritten Quartal 2023 entspricht. Die Flotte besteht aus neun Massengutfrachtern mit einer Gesamttragfähigkeit von 652.432 DWT und einem Durchschnittsalter von 7,4 Jahren. Zu den bemerkenswerten Entwicklungen gehören die Lieferung eines neuen Ultramax-Schiffes und Vereinbarungen zum Erwerb von zwei Kamsarmax-Schiffen.
- Revenue increased 16% YoY in Q3 2024 to $9 million
- Time Charter Equivalent rate increased 39% YoY to $13,867 per day in Q3 2024
- Fleet utilization remained high at 99.6% in Q3 2024
- Successful delivery of new eco-friendly Ultramax vessel GLBS Magic
- Q3 2024 net loss of $0.55 million compared to net income of $3.5 million in Q3 2023
- 9M 2024 net income decreased to $2.4 million from $4.9 million in 9M 2023
- Daily operating expenses increased to $5,824 in Q3 2024 from $5,640 in Q3 2023
Insights
This Q3 2024 earnings report reveals mixed financial performance. Revenue increased by
The company's fleet expansion strategy is notable, with three new Ultramax vessels delivered in 2024 and two Kamsarmax vessels being acquired. Total assets increased to
The strategic fleet modernization through the acquisition of eco-friendly vessels is important given upcoming environmental regulations. The fleet's young average age of 7.4 years and the addition of EEDI Tier III Ultramax carriers demonstrate strong positioning for future efficiency requirements. The
However, operating expenses increased to
GLYFADA, Greece, Nov. 29, 2024 (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, 2024.
- Revenue
$9 million in Q3 2024$26.2 million in 9M 2024
- Net income / (loss)
$0.6 million net loss in Q3 2024$2.4 million net income in 9M 2024
- Adjusted EBITDA
$2.9 million in Q3 2024$8.9 million in 9M 2024
- Time Charter Equivalent
$13,867 per day in Q3 2024$13,450 per day in 9M 2024
Current Fleet Profile
As of the date of this press release, Globus’ subsidiaries own and operate nine dry bulk carriers, consisting of one Supramax, five Kamsarmax and 3 Ultramax.
| Vessel | Year Built | Yard | Type | Month/Year Delivered | DWT | Flag |
| River Globe | 2007 | Yangzhou Dayang | Supramax | Dec 2007 | 53,627 | Marshall Is. |
| 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. |
| Weighted Average Age: 7.4 Years as at November 29, 2024 | 652,432 | |||||
Current Fleet Deployment
All our vessels are currently operating on short-term time charters (“on spot”).
Management Commentary
“During the third quarter and nine-month period, although the charter rates started to weaken, we have remained optimistic in the positive signs of the market. We continue to monitor developments in the price and availability of new fuels as well as the global movement towards greener shipping.
Furthermore, we are alert to the various technical and operational challenges the mid-size vessels face with the new fuel regulations that might come into effect, and we closely follow both the latest regulatory news and technical solutions on that front.
We believe that regulatory developments and efficiency requirements will put a pressure on the competitiveness of older vessels due to their higher fuel consumption and higher carbon footprint; older, less efficient vessels would be forced most likely to either leave the market or undergo costly upgrades and technical adjustments, if they are available, and would have to be justified. We view this as positive for the market going forward. The efficiency requirements worldwide are increasing yearly which not only affects the cost side, but also the vessel’s hiring potential of how it is perceived and assessed in the market by charterers for various trades.
As we have previously reported, the Company took delivery of its third fuel-efficient eco EEDI Tier III Ultramax bulk carrier in late September and went on to employ it with a reputable European operator at a premium to the Baltic Supramax Index 10 TC routes.
In order for us to meet the challenges of the future the Company is committed to develop a modern and fuel-efficient fleet. We remain confident that this is the best way forward to serve our clients and create long-term value for our shareholders.”
Recent Developments
Acquisition of new vessels
On September 11, 2024, the Company paid the remaining
On October 23, 2024, the Company entered into two memoranda of agreement with an entity controlled by the Chairman of the Board of Directors and to which the Chief Executive Officer is also related, for the acquisition of two Kamsarmax scrubber outfitted dry bulk vessels (the “Vessels”), a 2016-built Kamsarmax dry bulk carrier with a carrying capacity of approximately 81,119 dwt for a purchase price of
Earnings Highlights
| Three months ended September 30, | Nine months ended September 30, | ||||
| (Expressed in thousands of U.S dollars except for daily rates and per share data) | 2024 | 2023 | 2024 | 2023 | |
| Revenue | 8,950 | 7,681 | 26,179 | 24,095 | |
| Net income / (loss) | (550 | ) | 3,469 | 2,430 | 4,894 |
| Adjusted EBITDA (1) | 2,907 | 1,997 | 8,881 | 4,245 | |
| Basic & diluted earnings / (loss) per share (2) | (0.03 | ) | 0.17 | 0.12 | 0.24 |
| (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, 2024, and 2023 was 20,582,301. The weighted average number of shares for the three-month period ended September 30, 2024, and 2023 was 20,582,301. |
Third quarter of the year 2024 compared to the third quarter of the year 2023
Net loss for the third quarter of the year 2024 amounted to
Revenue
During the three-month period ended September 30, 2024, and 2023, our Revenues reached
First nine months of the year 2024 compared to the first nine months of the year 2023
Net income for the nine-month period ended September 30, 2024, amounted to
Revenue
During the nine-month period ended September 30, 2024, and 2023, our Revenues reached
Fleet Summary data
| Three months ended September 30, | Nine months ended September 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Ownership days (1) | 612 | 695 | 1,862 | 2,298 | |||||||
| Available days (2) | 612 | 695 | 1,862 | 2,225 | |||||||
| Operating days (3) | 609 | 674 | 1,848 | 2,181 | |||||||
| Fleet utilization (4) | |||||||||||
| Average number of vessels (5) | 6.7 | 7.6 | 6.8 | 8.4 | |||||||
| 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 | Nine months ended September 30, | |||||||
| September 30, | ||||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| (In thousands of U.S. dollars, except per share data) | (unaudited) | (unaudited) | ||||||
| Consolidated Condensed Statements of Operations: | ||||||||
| Revenue | 8,950 | 7,681 | 26,179 | 24,095 | ||||
| Voyage and Operating vessel expenses | (3,934 | ) | (4,563 | ) | (10,776 | ) | (16,611 | ) |
| General and administrative expenses | (2,147 | ) | (1,111 | ) | (6,527 | ) | (3,223 | ) |
| Depreciation and amortization | (2,100 | ) | (2,199 | ) | (6,485 | ) | (6,966 | ) |
| Reversal of Impairment | - | - | 1,891 | 4,400 | ||||
| Other (expenses)/income & gain from sale of vessel, net | 40 | 3,795 | 7 | 3,860 | ||||
| Interest expense/income, finance cost and foreign exchange (losses) / gains, net | (1,035 | ) | (433 | ) | (2,077 | ) | (1,442 | ) |
| Gain/(Loss) on derivative financial instruments, net | (324 | ) | 299 | 218 | 781 | |||
| Net income / (loss) for the period | (550 | ) | 3,469 | 2,430 | 4,894 | |||
| Basic net income / (loss) per share for the period (1) | (0.03 | ) | 0.17 | 0.12 | 0.24 | |||
| Adjusted EBITDA (2) | 2,907 | 1,997 | 8,881 | 4,245 | ||||
(1) The weighted average number of shares for the nine-month period ended September 30, 2024, and 2023 was 20,582,301. The weighted average number of shares for the three-month period ended September 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/(used in) operating activities for the periods presented:
| Three months ended September 30, | Nine months ended September 30, | |||||||
| (Expressed in thousands of U.S. dollars) | 2024 | 2023 | 2024 | 2023 | ||||
| (Unaudited) | (Unaudited) | |||||||
| Net income/(loss) for the period | (550 | ) | 3,469 | 2,430 | 4,894 | |||
| Interest expense/income and finance cost, net | 1,035 | 433 | 2,077 | 1,442 | ||||
| Loss / (Gain) on derivative financial instruments, net | 324 | (299 | ) | (218 | ) | (781 | ) | |
| Depreciation and amortization | 2,100 | 2,199 | 6,485 | 6,966 | ||||
| Reversal of Impairment loss | - | - | (1,891 | ) | (4,400 | ) | ||
| Gain from sale of vessel | (2 | ) | (3,805 | ) | (2 | ) | (3,876 | ) |
| Adjusted EBITDA | 2,907 | 1,997 | 8,881 | 4,245 | ||||
| Payment of deferred dry-docking costs | 67 | (3,183 | ) | (470 | ) | (9,570 | ) | |
| Net decrease/(increase) in operating assets | (256 | ) | 485 | (382 | ) | 1,473 | ||
| Net (increase)/decrease in operating liabilities | 328 | (534 | ) | 2,699 | (1,616 | ) | ||
| Provision for staff retirement indemnities | (1 | ) | (7 | ) | 31 | 19 | ||
| Foreign exchange (losses)/gains net, not attributed to cash & cash equivalents | (20 | ) | 4 | (7 | ) | (13 | ) | |
| Net cash generated from/(used in) operating activities | 3,025 | (1,238 | ) | 10,752 | (5,462 | ) | ||
| Three months ended September 30, | Nine months ended September 30, | |||||||
| (Expressed in thousands of U.S. dollars) | 2024 | 2023 | 2024 | 2023 | ||||
| (Unaudited) | (Unaudited) | |||||||
| Statement of cash flow data: | ||||||||
| Net cash generated from / (used in) operating activities | 3,025 | (1,238 | ) | 10,752 | (5,462 | ) | ||
| Net cash (used in) / generated from investing activities | (35,158 | ) | 10,909 | (64,402 | ) | 21,614 | ||
| Net cash generated from financing activities | 21,072 | 15,413 | 39,152 | 9,333 | ||||
| As at September 30, | As at December 31, | |
| (Expressed in thousands of U.S. Dollars) | 2024 | 2023 |
| (Unaudited) | ||
| Consolidated Condensed Balance Sheet Data: | ||
| Vessels and other fixed assets, net | 210,333 | 147,803 |
| Cash and cash equivalents (including current restricted cash) | 63,552 | 77,822 |
| Other current and non-current assets | 6,197 | 5,776 |
| Total assets | 280,082 | 231,401 |
| Total equity | 178,400 | 175,970 |
| Total debt & Finance liabilities, net of unamortized debt discount | 95,270 | 52,259 |
| Other current and non-current liabilities | 6,412 | 3,172 |
| Total equity and liabilities | 280,082 | 231,401 |
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 652,432 Dwt and a weighted average age of 7.4 years as at November 29, 2024.
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 was Globus Maritime's (GLBS) revenue in Q3 2024?
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