Globus Maritime Limited Reports Financial Results for the Third Quarter and Nine-Month Period Ended September 30, 2025
Rhea-AI Summary
Globus Maritime (NASDAQ: GLBS) reported third-quarter and nine-month results for the period ended September 30, 2025.
Key Q3 metrics: Revenue $12.6M, Net income $0.7M, Adjusted EBITDA $5.5M, TCE $14,702/day. Nine-month results: Revenue $30.8M, Net loss $2.6M, Adjusted EBITDA $10.7M, TCE $11,705/day.
Operationally the company operates nine dry bulk carriers (six Kamsarmax, three Ultramax), all on short-term charters, completed one dry-dock, sold one vessel in March 2025, and secured financing for two newbuild Ultramax deliveries in H2 2026 (a $25M loan plus $28M sale and bareboat back).
Positive
- Revenue up 41% in Q3 2025 to $12.6M
- Adjusted EBITDA of $5.5M in Q3 2025
- Secured $25M loan for two newbuilds
- Arranged $28M sale-and-bareboat-back for newbuilds
- Fleet of nine modern midsize bulk carriers
Negative
- Net loss of $2.6M for nine months ended Sept 30, 2025
- Nine-month TCE down 13% to $11,705 per day
- Voyage and operating expenses rose 49% year-to-date to $16.1M
- Depreciation and dry-docking costs rose 69% year-to-date to $10.9M
News Market Reaction
On the day this news was published, GLBS gained 1.49%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
GLBS was down 8.06% pre-release while close peers showed mixed moves: CTRM -3.78%, HTCO -2.21%, USEA -0.53%, EDRY +0.68%, PSHG flat. The pattern points to stock-specific factors rather than a uniform Marine Shipping move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 28 | Q3 2025 earnings | Neutral | +1.5% | Reported Q3 profit, nine‑month loss and updated fleet, TCE and financing. |
| Nov 26 | Earnings date set | Neutral | +8.9% | Announced timing for release of Q3 and nine‑month 2025 results. |
| Sep 25 | Annual meeting results | Negative | -0.8% | Shareholders approved director, auditors and authorization for reverse stock splits. |
| Sep 19 | Q2 2025 earnings | Positive | +14.7% | Released mixed Q2 results and reiterated positive outlook with fleet renewal. |
| Sep 17 | Earnings date set | Neutral | -0.9% | Scheduled release date for Q2 and H1 2025 financial results. |
Earnings-related and scheduling announcements have recently skewed toward small positive or modestly negative next-day moves, with Q2 2025 earnings showing the strongest positive reaction.
Over the last six months, GLBS has reported multiple earnings updates and corporate actions. Q1 and Q2 2025 results showed revenue growth but net losses, with Q2 earnings prompting a strong +14.67% move. The company sold the River Globe for $8.55M and secured financing for additional Ultramaxes. An annual meeting in September 2025 authorized potential reverse stock splits. Today’s Q3 and nine-month 2025 earnings continue this theme of fleet expansion and mixed profitability.
Market Pulse Summary
This announcement details Q3 and nine‑month 2025 performance, with quarterly revenue of $12.6M, net income of $0.7M, and a TCE of $14,702/day, but a nine‑month net loss of $2.6M. GLBS operates nine dry bulk carriers and has secured $25M loan financing plus a $28M sale-and-bareboat arrangement for two 2026 Ultramax deliveries. Investors may track TCE trends, utilization, debt metrics, and progress on the newbuild program alongside any impacts from the previously authorized reverse stock splits.
Key Terms
adjusted ebitda financial
time charter equivalent technical
bareboat financial
derivative financial instruments financial
fleet utilization technical
reverse stock splits financial
AI-generated analysis. Not financial advice.
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.
| 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: 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
“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
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
The Company, through its subsidiaries, has arranged a
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) | 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
Revenue
During the three-month period ended September 30, 2025, and 2024, our Revenues reached
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
Revenue
During the nine-month period ended September 30, 2025, and 2024, our Revenues reached
Fleet Summary data
| Three months ended September 30, | Nine months ended 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) | ||||||||||||
| Average number of vessels (5) | 9.0 | 6.7 | 9.3 | 6.8 | ||||||||
| 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, | |||||||
| 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 September 30, | Nine months ended 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 September 30, | Nine months ended 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 |
FAQ
What were Globus Maritime (GLBS) Q3 2025 revenue and net income?
How did GLBS perform year-to-date through September 30, 2025?
What is Globus Maritime's fleet size and composition as of Nov 28, 2025?
What financing did GLBS secure for its 2026 newbuild Ultramax vessels?
What were GLBS adjusted EBITDA figures for Q3 and 9M 2025?
Why did GLBS TCE decline for the nine-month period in 2025?
