[6-K] GLOBUS MARITIME LTD Current Report (Foreign Issuer)
Globus Maritime Limited reported interim results showing modest revenue growth but weaker profitability. Voyage revenues rose to $18,157 thousand from $17,047 thousand year-over-year, and the company recognized a $2,137 thousand gain on the sale of the 2007-built River Globe delivered March 17, 2025. EBITDA was $7,264 thousand versus $8,455 thousand in the prior period, and Adjusted EBITDA was $5,218 thousand versus $5,974 thousand.
Higher vessel operating expenses, increased depreciation and finance costs contributed to a consolidated net loss per share of $0.16 for the period versus diluted earnings per share of $0.14 in the prior period. The company took delivery of two Kamsarmax vessels (m/v GLBS Angel and m/v GLBS Gigi) financed largely with available cash and sellers' credit reported in current liabilities. Restricted cash and cash balances were reported (approximately $48.3 million combined). Management prepaid $1,879 thousand of a loan to facilitate the River Globe sale.
Globus Maritime Limited ha riportato risultati intermedi con una modesta crescita dei ricavi, ma una redditività più debole. I ricavi da viaggio sono aumentati a 18.157 mila dollari rispetto a 17.047 mila nell'anno precedente, e la società ha registrato un guadagno di 2.137 mila dollari dalla vendita del River Globe, consegnato il 17 marzo 2025. L'EBITDA è stato di 7.264 mila dollari rispetto a 8.455 mila nel periodo precedente, e l'EBITDA rettificato è stato di 5.218 mila rispetto a 5.974 mila. Spese operative delle navi più elevate, aumento dell'ammortamento e costi finanziari hanno contribuito a una perdita netta per azione consolidata di 0,16 dollari per il periodo, contro un utile diluito per azione di 0,14 nell'anno precedente. L'azienda ha ricevuto in consegna due navi Kamsarmax (m/v GLBS Angel e m/v GLBS Gigi), finanziate principalmente con liquidità disponibile e credito dei venditori riportato tra le passività correnti. Le disponibilità liquide restritte e i saldi di cassa ammontavano a circa 48,3 milioni di dollari complessivamente. La direzione ha anticipato 1.879 mila dollari di un prestito per facilitare la vendita del River Globe.
Globus Maritime Limited presentó resultados interinos modestos en ingresos, pero con menor rentabilidad. Los ingresos por viaje subieron a 18,157 mil dólares desde 17,047 mil en el año anterior, y la compañía reconoció una ganancia de 2,137 mil dólares por la venta del River Globe, entregado el 17 de marzo de 2025. El EBITDA fue de 7,264 mil frente a 8,455 mil en el periodo anterior, y el EBITDA ajustado fue de 5,218 mil frente a 5,974 mil. Los mayores gastos operativos de buques, un incremento en la depreciación y costos financieros contribuyeron a una pérdida neta por acción consolidada de 0,16 dólares para el periodo frente a un beneficio por acción diluido de 0,14 en el periodo anterior. La empresa entregó dos buques Kamsarmax (m/v GLBS Angel y m/v GLBS Gigi), financiados principalmente con efectivo disponible y crédito de vendedores reportado como pasivo circulante. Las disponibilidades de efectivo restringido y saldos de caja reportados sumaron aproximadamente 48,3 millones de dólares. La dirección prepagó 1,879 mil dólares de un préstamo para facilitar la venta del River Globe.
Globus Maritime Limited는 매출은 완만하게 증가했으나 수익성은 악화된 중간 실적을 발표했습니다. 여객 매출은 전년 동기 대비 1,100만 달러 증가한 1,815.7만 달러로 올랐고, 회사는 2025년 3월 17일 납입된 River Globe 매각으로 213.7만 달러의 이익을 인식했습니다. EBITDA는 726.4만 달러였으며 이전 기간의 845.5만 달러와 비교됩니다. 조정된 EBITDA는 521.8만 달러로, 이전 기간의 597.4만 달러와 비교됩니다. 선박 운용비 증가, 감가상각 증가 및 금융 비용 증가가 기간 말 주당 순손실을 0.16달러로 이끌었고, 희석주당순이익은 이전 기간의 0.14달러였습니다. 회사는 현금성 자산과 매도인 신용으로 주로 자금조달된 두 첨단 카임사맥스(Kamsarmax) 선박(m/v GLBS Angel, m/v GLBS Gigi)을 인도받았습니다. 제한 현금 및 현금성 자산은 합계 약 4830만 달러로 보고되었습니다. River Globe 매각을 원활히 하기 위해 경영진이 대출의 1879천 달러를 미리 상환했습니다.
Globus Maritime Limited a publié des résultats intermédiaires montrant une modeste croissance des revenus mais une rentabilité plus faible. Les revenus par voyage ont augmenté à 18 157 milliers de dollars contre 17 047 milliers l'année précédente, et la société a enregistré un gain de 2 137 milliers de dollars sur la vente du River Globe, livré le 17 mars 2025. L'EBITDA s'est élevé à 7 264 milliers de dollars contre 8 455 milliers au cours de la période précédente, et l'EBITDA ajusté était de 5 218 milliers contre 5 974 milliers. Des coûts d'exploitation des navires plus élevés, une dépréciation accrue et des coûts financiers ont contribué à une perte nette par action consolidée de 0,16 dollar pour la période, contre un bénéfice par action dilué de 0,14 dollar lors de la période précédente. La société a pris livraison de deux navires Kamsarmax (m/v GLBS Angel et m/v GLBS Gigi), principalement financés par des liquidités disponibles et un crédit vendeur enregistré au passif circulant. Les liquidités restreintes et les soldes de trésorerie s’élevaient à environ 48,3 millions de dollars. La direction a prépayé 1 879 milliers de dollars d’un prêt pour faciliter la vente du River Globe.
Globus Maritime Limited meldete Zwischenergebnisse mit moderatem Umsatzwachstum, aber geringerer Rentabilität. Die Frachtumsätze stiegen von 17.047 auf 18.157 Tausend Dollar, und das Unternehmen verzeichnete einen Gewinn von 2.137 Tausend Dollar aus dem Verkauf der River Globe, die am 17. März 2025 geliefert wurde. EBITDA betrug 7.264 Tausend Dollar gegenüber 8.455 Tausend im Vorjahreszeitraum, und das bereinigte EBITDA betrug 5.218 Tausend Dollar gegenüber 5.974 Tausend. Höhere Betriebskosten der Schiffe, erhöhte Abschreibungen und Finanzierungskosten führten zu einem konzernweiten Verlust je Aktie von 0,16 Dollar im Zeitraum gegenüber einem dilutierten Gewinn je Aktie von 0,14 Dollar im Vorjahreszeitraum. Das Unternehmen nahm die Lieferung von zwei Kamsarmax-Schiffen (m/v GLBS Angel und m/v GLBS Gigi) entgegen, die weitgehend durch verfügbare Barmittel und Verkäuferkredite finanziert wurden und in den aktuellen Verbindlichkeiten ausgewiesen sind. Restriktive Barmittel und Bargeldbestände betrugen insgesamt rund 48,3 Millionen Dollar. Das Management hat 1.879 Tausend Dollar eines Darlehens vorab bezahlt, um den River Globe-Verkauf zu erleichtern.
أعلنت Globus Maritime Limited عن نتائج نصف سنوية تُظهر نمواً modestاً في الإيرادات، لكنها ربحية أضعف. ارتفعت إيرادات الرحلات إلى 18,157 ألف دولار من 17,047 ألف دولار على أساس سنوي، واعتمدت الشركة ربحاً قدره 2,137 ألف دولار من بيع River Globe الذي تم تسليمه في 17 مارس 2025. كان EBITDA بمقدار 7,264 ألف دولار مقابل 8,455 ألف دولار في الفترة السابقة، وEBITDA المعدل بمقدار 5,218 ألف دولار مقابل 5,974 ألف دولار. ساهمت زيادة مصروفات تشغيل السفن، وزيادة الإهلاك وتكاليف التمويل في خسارة صافية للسهم الواحد قدرها 0.16 دولار للفترة مقابل ربح مخفف للسهم قدره 0.14 دولار في الفترة السابقة. استلمت الشركة سفينتين من طراز Kamsarmax (m/v GLBS Angel و m/v GLBS Gigi) بتمويل رئيسي من النقد المتاح وائتمان البائعين المسجلان كالتزامات جارية. وقُدّمت النقدية المقيدة وتوازنات النقد بحوالي 48.3 مليون دولار مجتمعة. قامت الإدارة بتسديد مقدمة قدرها 1,879 ألف دولار من قرض لتسهيل بيع River Globe.
Globus Maritime Limited 公布的中期业绩显示收入温和增长，但盈利能力较弱。 voyage 收入较上一年度同期由 17,047 千美元增至 18,157 千美元，公司在 2025 年 3 月 17 日交付的 River Globe 的出售中确认了 2,137 千美元的收益。EBITDA 为 7,264 千美元，而上期为 8,455 千美元；调整后 EBITDA 为 5,218 千美元，相比上期的 5,974 千美元。船舶运营成本上升、折旧增加及融资成本上升，导致本期合并每股亏损 0.16 美元，而上期摊薄每股收益为 0.14 美元。公司收到了两艘 Kamsarmax 船舶（m/v GLBS Angel 与 m/v GLBS Gigi）的交付，主要以可用现金和卖方信贷融资，列示于流动负债。受限现金及现金余额合计约 4830 万美元。管理层已预付 1879 千美元的贷款，以促进 River Globe 的销售。
- Voyage revenues increased to $18,157 thousand from $17,047 thousand year-over-year
- Gain on sale of vessel (River Globe) of $2,137 thousand realized and vessel delivered March 17, 2025
- Fleet expansion with delivery of m/v GLBS Angel and m/v GLBS Gigi, increasing operating capacity
- Significant cash and restricted cash balances reported (~$48.3 million combined) to support operations and vessel purchases
- Net loss per share of $0.16 for the period versus earnings of $0.14 in the prior period
- EBITDA and Adjusted EBITDA declined to $7,264k and $5,218k respectively, indicating weaker operating performance
- Higher vessel operating expenses and depreciation contributed to margin pressure
- Outstanding sellers' credit and remaining purchase balances for recent vessel acquisitions are recorded in current liabilities, increasing near-term cash obligations
- Related-party exposure: €34,000 of back rent owed to F.G. Europe disclosed
Insights
TL;DR: Revenues ticked up and a vessel sale produced a one‑time gain, but lower EBITDA and a return to net loss highlight margin pressure.
Revenue growth to $18.2m and a $2.1m sale gain helped liquidity, while EBITDA declined to $7.3m and Adjusted EBITDA fell to $5.2m, indicating underlying operations weakened relative to the prior period. Rising vessel operating expenses, higher depreciation and increased finance costs drove the swing to a $0.16 loss per share. Delivery of two Kamsarmax vessels increases capacity and capex commitments; part of the purchase consideration remains as sellers' credit recorded in current liabilities, which affects near-term cash outflows.
TL;DR: Board-approved vessel acquisitions and related-party arrangements are disclosed; concentrated voting control remains with Series B preferred shares.
The board approved purchases of two Kamsarmax vessels and those acquisitions were ratified by an independent committee. The company disclosed related-party leasing arrangements with F.G. Europe and an outstanding back rent balance of €34,000. Governance structure shows 10,300 Series B preferred shares with enhanced voting (25,000 votes per share) and limits on aggregate voting, confirming significant control concentration by the chair through Series B voting direction.
Globus Maritime Limited ha riportato risultati intermedi con una modesta crescita dei ricavi, ma una redditività più debole. I ricavi da viaggio sono aumentati a 18.157 mila dollari rispetto a 17.047 mila nell'anno precedente, e la società ha registrato un guadagno di 2.137 mila dollari dalla vendita del River Globe, consegnato il 17 marzo 2025. L'EBITDA è stato di 7.264 mila dollari rispetto a 8.455 mila nel periodo precedente, e l'EBITDA rettificato è stato di 5.218 mila rispetto a 5.974 mila. Spese operative delle navi più elevate, aumento dell'ammortamento e costi finanziari hanno contribuito a una perdita netta per azione consolidata di 0,16 dollari per il periodo, contro un utile diluito per azione di 0,14 nell'anno precedente. L'azienda ha ricevuto in consegna due navi Kamsarmax (m/v GLBS Angel e m/v GLBS Gigi), finanziate principalmente con liquidità disponibile e credito dei venditori riportato tra le passività correnti. Le disponibilità liquide restritte e i saldi di cassa ammontavano a circa 48,3 milioni di dollari complessivamente. La direzione ha anticipato 1.879 mila dollari di un prestito per facilitare la vendita del River Globe.
Globus Maritime Limited presentó resultados interinos modestos en ingresos, pero con menor rentabilidad. Los ingresos por viaje subieron a 18,157 mil dólares desde 17,047 mil en el año anterior, y la compañía reconoció una ganancia de 2,137 mil dólares por la venta del River Globe, entregado el 17 de marzo de 2025. El EBITDA fue de 7,264 mil frente a 8,455 mil en el periodo anterior, y el EBITDA ajustado fue de 5,218 mil frente a 5,974 mil. Los mayores gastos operativos de buques, un incremento en la depreciación y costos financieros contribuyeron a una pérdida neta por acción consolidada de 0,16 dólares para el periodo frente a un beneficio por acción diluido de 0,14 en el periodo anterior. La empresa entregó dos buques Kamsarmax (m/v GLBS Angel y m/v GLBS Gigi), financiados principalmente con efectivo disponible y crédito de vendedores reportado como pasivo circulante. Las disponibilidades de efectivo restringido y saldos de caja reportados sumaron aproximadamente 48,3 millones de dólares. La dirección prepagó 1,879 mil dólares de un préstamo para facilitar la venta del River Globe.
Globus Maritime Limited는 매출은 완만하게 증가했으나 수익성은 악화된 중간 실적을 발표했습니다. 여객 매출은 전년 동기 대비 1,100만 달러 증가한 1,815.7만 달러로 올랐고, 회사는 2025년 3월 17일 납입된 River Globe 매각으로 213.7만 달러의 이익을 인식했습니다. EBITDA는 726.4만 달러였으며 이전 기간의 845.5만 달러와 비교됩니다. 조정된 EBITDA는 521.8만 달러로, 이전 기간의 597.4만 달러와 비교됩니다. 선박 운용비 증가, 감가상각 증가 및 금융 비용 증가가 기간 말 주당 순손실을 0.16달러로 이끌었고, 희석주당순이익은 이전 기간의 0.14달러였습니다. 회사는 현금성 자산과 매도인 신용으로 주로 자금조달된 두 첨단 카임사맥스(Kamsarmax) 선박(m/v GLBS Angel, m/v GLBS Gigi)을 인도받았습니다. 제한 현금 및 현금성 자산은 합계 약 4830만 달러로 보고되었습니다. River Globe 매각을 원활히 하기 위해 경영진이 대출의 1879천 달러를 미리 상환했습니다.
Globus Maritime Limited a publié des résultats intermédiaires montrant une modeste croissance des revenus mais une rentabilité plus faible. Les revenus par voyage ont augmenté à 18 157 milliers de dollars contre 17 047 milliers l'année précédente, et la société a enregistré un gain de 2 137 milliers de dollars sur la vente du River Globe, livré le 17 mars 2025. L'EBITDA s'est élevé à 7 264 milliers de dollars contre 8 455 milliers au cours de la période précédente, et l'EBITDA ajusté était de 5 218 milliers contre 5 974 milliers. Des coûts d'exploitation des navires plus élevés, une dépréciation accrue et des coûts financiers ont contribué à une perte nette par action consolidée de 0,16 dollar pour la période, contre un bénéfice par action dilué de 0,14 dollar lors de la période précédente. La société a pris livraison de deux navires Kamsarmax (m/v GLBS Angel et m/v GLBS Gigi), principalement financés par des liquidités disponibles et un crédit vendeur enregistré au passif circulant. Les liquidités restreintes et les soldes de trésorerie s’élevaient à environ 48,3 millions de dollars. La direction a prépayé 1 879 milliers de dollars d’un prêt pour faciliter la vente du River Globe.
Globus Maritime Limited meldete Zwischenergebnisse mit moderatem Umsatzwachstum, aber geringerer Rentabilität. Die Frachtumsätze stiegen von 17.047 auf 18.157 Tausend Dollar, und das Unternehmen verzeichnete einen Gewinn von 2.137 Tausend Dollar aus dem Verkauf der River Globe, die am 17. März 2025 geliefert wurde. EBITDA betrug 7.264 Tausend Dollar gegenüber 8.455 Tausend im Vorjahreszeitraum, und das bereinigte EBITDA betrug 5.218 Tausend Dollar gegenüber 5.974 Tausend. Höhere Betriebskosten der Schiffe, erhöhte Abschreibungen und Finanzierungskosten führten zu einem konzernweiten Verlust je Aktie von 0,16 Dollar im Zeitraum gegenüber einem dilutierten Gewinn je Aktie von 0,14 Dollar im Vorjahreszeitraum. Das Unternehmen nahm die Lieferung von zwei Kamsarmax-Schiffen (m/v GLBS Angel und m/v GLBS Gigi) entgegen, die weitgehend durch verfügbare Barmittel und Verkäuferkredite finanziert wurden und in den aktuellen Verbindlichkeiten ausgewiesen sind. Restriktive Barmittel und Bargeldbestände betrugen insgesamt rund 48,3 Millionen Dollar. Das Management hat 1.879 Tausend Dollar eines Darlehens vorab bezahlt, um den River Globe-Verkauf zu erleichtern.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of: September
Commission File Number:
(Translation of registrant’s name into English)
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F | [X] | Form 40-F | [ ] |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):___
EXHIBIT INDEX
| Exhibit Number | Document | |
| 99.1 | Globus Maritime Limited Reports Financial Results for the Quarter and six-month period ended June 30, 2025 | |
| 99.2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed consolidated financial statements as at June 30, 2025 and for the six-month periods ended June 30, 2025 and 2024 |
THIS REPORT ON FORM 6-K (BUT EXCLUDING EXHIBIT 99.1 HEREOF) IS HEREBY INCORPORATED BY REFERENCE INTO THE COMPANY’S REGISTRATION STATEMENTS: (A) ON FORM F-3 (FILE NO. 333-240042), FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 23, 2020 AND DECLARED EFFECTIVE AUGUST 6, 2020 (B) ON FORM F-3 (FILE NO. 333-273249), FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 14, 2023 AND DECLARED EFFECTIVE ON JULY 26, 2023.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GLOBUS MARITIME LIMITED |
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| By: | /s/ Athanasios Feidakis | ||
| Name: | Athanasios Feidakis | ||
| Title: | President, Chief Executive Officer and Chief Financial Officer | ||
Date: September 19, 2025
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Exhibit 99.2
GLOBUS MARITIME LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is a discussion of our financial condition and results of operations for the six-month periods ended June 30, 2025 and 2024. Unless otherwise specified herein, references to the “Company”, “we” or “our” shall include Globus Maritime Limited (NASDAQ: GLBS) and its subsidiaries. You should read the following discussion and analysis together with our unaudited interim condensed consolidated financial statements as at June 30, 2025 and for the six-month periods ended June 30, 2025 and 2024, and the accompanying notes thereto, included elsewhere in this report. For the additional information relating to our management’s discussion and analysis of the financial condition and results of operations, please see our Annual Report on Form of 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2025 (the “Annual Report”).
Forward-Looking Statements
Our disclosure and analysis herein pertain to our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business and making acquisitions, includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “may,” “should” and similar expressions are forward-looking statements. All statements herein that are not statements of either historical or current facts are forward-looking statements. Forward-looking statements include, but are not limited to, such matters as our future operating or financial results, global and regional economic and political conditions, including piracy, pending vessel acquisitions, our business strategy and expected capital spending or operating expenses, including dry-docking and insurance costs, competition in the dry bulk industry, statements about shipping market trends, including charter rates and factors affecting supply and demand, our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities, our ability to enter into fixed-rate charters after our current charters expire and our ability to earn income in the spot market and our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels’ useful lives. Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully under “Item 3. Key Information – D. Risk Factors” of the Annual Report. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements.
Factors that might cause future results to differ include, but are not limited to, the following:
| • | changes in governmental rules and regulations or actions taken by regulatory authorities; | |
| • | changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters; | |
| • | the length and number of off-hire periods and dependence on third-party managers; and | |
| • | other factors discussed under “Item 3. Key Information – D. Risk Factors” of the Annual Report. |
You should not place undue reliance on forward-looking statements contained herein because they are statements about events that are not certain to occur as described or at all. All forward-looking statements herein are qualified in their entirety by the cautionary statements contained herein. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, we undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Overview
The address of the registered office of Globus Maritime Limited (“Globus”) is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
The principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (“m/v”), providing maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its vessel owning subsidiaries.
The operations of the vessels are managed by Globus Shipmanagement Corp. (the “Manager”), a wholly owned Marshall Islands corporation. The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical, cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee is eliminated on consolidation. The unaudited interim condensed consolidated financial statements, prepared under IFRS, include the financial statements of Globus and its subsidiaries listed below, all wholly owned by Globus as at June 30, 2025:
| Company | Country of Incorporation | Vessel Delivery Date | Vessel Name | |||
| Globus Shipmanagement Corp. | Marshall Islands | — | — (1) | |||
| Devocean Maritime Ltd. | Marshall Islands | — | — (2) | |||
| Serena Maritime Limited | Marshall Islands | October 29, 2020 | m/v Galaxy Globe | |||
| Talisman Maritime Limited | Marshall Islands | July 20, 2021 | m/v Power Globe | |||
| Argo Maritime Limited | Marshall Islands | June 9, 2021 | m/v Diamond Globe | |||
| Salaminia Maritime Limited | Marshall Islands | November 29, 2021 | m/v Orion Globe | |||
| Calypso Shipholding S.A. | Marshall Islands | January 25, 2024 | m/v GLBS Hero | |||
| Daxos Maritime Limited | Marshall Islands | August 20, 2024 | m/v GLBS Might (3) | |||
| Paralus Shipholding S.A. | Marshall Islands | September 20, 2024 | m/v GLBS Magic (3) | |||
| Dulac Maritime S.A. | Marshall Islands | November 19, 2024 | m/v GLBS Angel | |||
| Domina Maritime Ltd. | Marshall Islands | December 3, 2024 | m/v GLBS Gigi | |||
| Olympia Shipholding S.A. | Marshall Islands | — | Hull No: S-K192 | |||
| Thalia Shipholding S.A. | Marshall Islands | — | Hull No: S-3012 | |||
| Artful Shipholding S.A. | Marshall Islands | — | — | |||
| Longevity Maritime Limited | Malta | — | — |
| (1) | Management Company. |
| (2) | On February 4, 2025, the Company, through its subsidiary Devocean Maritime Ltd., entered into an agreement to sell the 2007-built River Globe. The vessel was delivered to her new owners on March 17, 2025. |
| (3) | Subject to sale and bareboat back arrangements which account as financing arrangements. |
Results of Operations
Our revenues consist of earnings under the charters on which we employ our vessels. We believe that the important measures for analysing trends in the results of our operations consist of the following:
Revenues
The Company generates its revenues from charterers from the charter hire of its vessels. Vessels are chartered using time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognised on a straight - line basis over the period of the time charter. Such revenues are treated in accordance with IFRS 16 as lease income while the portion of time charter revenues related to technical management services are recognized in accordance with IFRS 15. Associated broker commissions are recognised on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior to the financial position date and is related to revenue earned after such date.
For time charters that qualify as leases, the Company is required to disclose lease and non-lease components of voyage revenue. The revenue earned under time charters is not negotiated in its two separate components, but as a whole. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component, including crewing services, is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department, which consist of the crew expenses, maintenance and consumable costs and was approximately $9,493 and $6,470 for the six months periods ended June 30, 2025 and 2024, respectively. The fleet increased from an average of 6.9 vessels during the 1st half of 2024 to 9.4 vessels for the same period in 2025. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and was $8,663 and $10,577 for the six months periods ended June 30, 2025 and 2024, respectively.
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The Company enters into consultancy agreements with other companies for the purpose of providing consultancy services. For these services the Company receives a fee. The total income from these fees is classified in the condensed consolidated statement of comprehensive income/(loss) under management & consulting fee income.
Time Charters
A time charter is a contract for the use of a vessel for a specific period of time during which the charterer pays substantially all of the voyage expenses, including port and canal charges and the cost of bunkers (fuel oil), but the vessel owner pays vessel operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores and tonnage taxes. Time charter rates are usually set at fixed rates during the term of the charter. Prevailing time charter rates fluctuate on a seasonal and on a year-to-year basis and, as a result, when employment is being sought for a vessel with an expiring or terminated time charter, the prevailing time charter rates achievable in the time charter market may be substantially higher or lower than the expiring or terminated time charter rate. Fluctuation in time charter rates are influenced by changes in spot charter rates, which are in turn influenced by a number of factors, including vessel supply and demand. The main factors that could increase total vessel operating expenses are crew salaries, insurance premiums, spare parts, repairs that are not covered under insurance policies and lubricant prices.
Voyage Expenses
Voyage expenses primarily consist of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements are paid by the charterers or by the Company under voyage charter arrangements. Furthermore, voyage expenses include brokerage commission on revenue paid by the Company.
Vessel Operating Expenses
Vessel operating expenses primarily consist of crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses necessary for the operation of the vessel and borne by the owner. All vessel operating expenses are expensed as incurred.
General and Administrative Expenses
The primary components of general and administrative expenses consist of the services of our senior executive officers, and the expenses associated with being a public company. Such public company expenses include the costs of preparing public reporting documents, legal and accounting costs and costs related to compliance with the rules, regulations and requirements of the SEC, the rules of NASDAQ, board of directors’ compensation and investor relations.
Depreciation
We depreciate the cost of our vessels after deducting the estimated residual value, on a straight-line basis over the expected useful life of each vessel, which is estimated to be 25 years from the date of initial delivery from the shipyard. We estimated the residual values of our vessels to be $480 per lightweight.
Interest and Finance Costs
We have historically incurred interest expense and financing costs in connection with the debt incurred to partially finance the acquisition of our existing fleet. The interest rate is calculated based on the Term SOFR rate and applicable margin.
Gain/(Loss) on derivative financial instruments
The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate risk associated with its borrowings. Interest Rate Swaps are measured at fair value. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. The valuation technique used for the Interest Rate Swaps is the discounted cash flow. The Company has not designated these interest rate swaps for hedge accounting.
The fair value of the Interest Rate Swaps is classified under “Fair value of derivative financial instruments” either under assets or liabilities in the consolidated statement of financial position. In the event that the respective asset or liability is expected to be materialized within the next twelve months, it is classified as current asset or liability. Otherwise, the respective asset or liability is classified as non-current asset or liability.
The change in fair value deriving from the valuation of the Interest Rate Swap at the end of each reporting period is classified under “Gain/ (Loss) on derivative financial instruments” in the condensed consolidated statement of comprehensive income/(loss). Realized gains or losses resulting from interest rate swaps are recognized in profit or loss under “Gain/(Loss) on derivative financial instruments” in the condensed consolidated statement of comprehensive income/(loss).
Gain on Sale of Vessels
Gain or loss on the sale of vessels is the residual value remaining after deducting from the vessels’ sale proceeds, the carrying value of the vessels at the respective date of delivery to their new owners and the total expenses associated with the sale.
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Selected Information
Our selected consolidated financial and other data for the six-month period ended June 30, 2025 and 2024 and as at June 30, 2025 presented in the tables below have been derived from our unaudited interim condensed consolidated financial statements and notes thereto, included elsewhere herein. Our selected consolidated financial data as at December 31, 2024, presented in the tables below have been derived from our audited financial statements and notes thereto, included in our Annual Report.
Consolidated Statements of Comprehensive Income/(Loss) Data
(In thousands of U.S. Dollars)
| Six months ended June 30, | |||
| 2025 | 2024 | ||
| (unaudited) | |||
| Voyage revenues | 18,157 | 17,047 | |
| Management & consulting fee income | – | 182 | |
| Total Revenues | 18,157 | 17,229 | |
| Voyage expenses | (1,044) | (490) | |
| Vessel operating expenses | (9,313) | (6,352) | |
| Depreciation | (4,971) | (2,616) | |
| Depreciation of dry-docking costs | (2,427) | (1,769) | |
| Administrative expenses | (2,130) | (1,996) | |
| Administrative expenses payable to related parties | (396) | (2,384) | |
| Reversal of impairment | – | 1,891 | |
| Gain from sale of vessel | 2,137 | – | |
| Other expenses net | (56) | (33) | |
| Operating (loss)/income | (43) | 3,480 | |
| Interest income | 1,005 | 1,433 | |
| Interest expense and finance costs | (4,221) | (2,523) | |
| Gain on derivative financial instruments, net | 8 | 542 | |
| Foreign exchange (losses)/gains, net | (99) | 48 | |
| Total finance losses, net | (3,307) | (500) | |
| Total (loss)/income and total comprehensive (loss)/income for the period | (3,350) | 2,980 | |
| Basic & diluted (loss)/income per share for the period (1) | (0.16) | 0.14 | |
| EBITDA (2) (unaudited) | 7,264 | 8,455 | |
| Adjusted EBITDA (2) (unaudited) | 5,218 | 5,974 | |
(1) The weighted average number of shares (basic and diluted) for the six-month period ended June 30, 2025 and 2024, was 20,582,301.
(2) Earnings / (losses) before interest, taxes, depreciation and amortization, or “EBITDA”, represents the sum of total income/(loss), adjusted for interest and finance costs, interest income, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents the sum of total income/(loss) 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 drydocking costs, impairment / reversal of impairment and gains or losses from sale of vessels. EBITDA and Adjusted EBITDA do not represent and should not be considered as an alternative to total comprehensive income or cash generated from operations, as determined by IFRS, and our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies. EBITDA and Adjusted EBITDA is not a defined measure under IFRS.
EBITDA and 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.
EBITDA and Adjusted EBITDA have 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:
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» EBITDA and Adjusted EBITDA do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
» EBITDA and Adjusted EBITDA do not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt;
» EBITDA and Adjusted EBITDA do not reflect changes in or cash requirements for our working capital needs; and
» other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered a measure of discretionary cash available to us to invest in the growth of our business.
Total comprehensive income/(loss) to EBITDA and Adjusted EBITDA Reconciliation
| Six-month Period Ended June 30, | ||||
| (Expressed in Thousands of U.S. Dollars, except per share data) | ||||
2025 (Unaudited) |
2024 (Unaudited) | |||
| Total comprehensive (loss)/income for the period | $ | (3,350) | $ | 2,980 |
| Interest and finance costs, net | 3,216 | 1,090 | ||
| Depreciation | 4,971 | 2,616 | ||
| Depreciation of drydocking costs | 2,427 | 1,769 | ||
| EBITDA (unaudited) | $ | 7,264 | $ | 8,455 |
| Gain on derivative financial instruments | (8) | (542) | ||
| Foreign exchange (gains)/losses, net | 99 | (48) | ||
| Reversal of Impairment | – | (1,891) | ||
| Gain from sale of vessel | (2,137) | – | ||
| Adjusted EBITDA (unaudited) | $ | 5,218 | $ | 5,974 |
Balance Sheets Data
(In thousands of U.S. Dollars)
| As at June 30, | As at December 31, | |||
| 2025 | 2024 | |||
| (Unaudited) | ||||
| Consolidated condensed statement of financial position: | ||||
| Vessels, net | 236,925 | 248,979 | ||
| Advances for vessel acquisition | 15,052 | 15,051 | ||
| Other non-current assets | 2,789 | 3,914 | ||
| Total non-current assets | 254,766 | 267,944 | ||
| Cash and bank balances and bank deposits | 48,327 | 46,837 | ||
| Other current assets | 6,270 | 6,205 | ||
| Total current assets | 54,597 | 53,042 | ||
| Total assets | 309,363 | 320,986 | ||
| Total equity | 173,051 | 176,401 | ||
| Total debt & Financial liabilities net of unamortized debt discount | 112,205 | 118,090 | ||
| Sellers' Credit | 19,000 | 19,000 | ||
| Other liabilities | 5,107 | 7,495 | ||
| Total liabilities | 136,312 | 144,585 | ||
| Total equity and liabilities | 309,363 | 320,986 | ||
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Statements of Cash Flows Data
(In thousands of U.S. Dollars)
| Six months ended June 30, | ||||
| 2025 | 2024 | |||
| (Unaudited) | ||||
| Statement of cash flow data: | ||||
| Net cash generated from operating activities | 1,169 | 7,727 | ||
| Net cash generated from / (used in) investing activities | 9,252 | (29,244) | ||
| Net cash (used in) / generated from financing activities | (8,931) | 18,080 | ||
| Six months ended June 30, | ||||
| 2025 | 2024 | |||
| (Unaudited) | ||||
| Ownership days (1) | 1,704 | 1,250 | ||
| Available days (2) | 1,666 | 1,250 | ||
| Operating days (3) | 1,665 | 1,239 | ||
| Fleet utilization (4) | 100% | 99.1% | ||
| Average number of vessels (5) | 9.4 | 6.9 | ||
| Daily time charter equivalent (TCE) rate (6) | $ 10,274 | $ 13,246 | ||
| Daily operating expenses (7) | $ 5,464 | $ 5,082 | ||
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 plus any potential gain on sale of bunkers 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. |
Voyage Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation
| Six months ended June 30, | ||||
| 2025 | 2024 | |||
| (Unaudited) | ||||
| Voyage revenues | $ 18,157 | $ 17,047 | ||
| Less: Voyage expenses | $ 1,044 | $ 490 | ||
| Net revenues | $ 17,113 | $ 16,557 | ||
| Available days | 1,666 | 1,250 | ||
| Daily TCE rate (1) | $ 10,274 | $ 13,246 | ||
(1) Subject to rounding.
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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.
Transactions with Related Parties
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 $27.5 million and a 2014-built dry bulk vessel with a carrying capacity of approximately 81,817 dwt for a purchase price of $26.5 million, both paid with available cash. The purchase of each Vessel was approved by a committee of the Board of Directors of the Company comprised solely of independent directors, as well as unanimously ratified by the Company’s Board of Directors.
An aggregate of $18 million of the purchase price for the 2016-built Vessel has been paid upon its delivery and the remaining balance is to be paid in one lump sum without interest no later than one year after the date of the relevant memorandum of agreement. An aggregate of $17 million of the purchase price for the 2014-built Vessel has been paid upon its delivery and the remaining balance is to be paid in one lump sum without interest no later than one year after the date of the relevant memorandum of agreement.
On November 19, 2024, the Company took delivery of the m/v “GLBS Angel,” a 2016-built Kamsarmax dry bulk carrier and on December 3, 2024 the Company took delivery of the m/v “GLBS Gigi,” a 2014-built Kamsarmax dry bulk carrier.In July 2025, the Company settled the outstanding balance of $19 million to the sellers using available cash.
First half of the year 2025 compared to the first half of the year 2024
Total comprehensive loss for the six-month period ended June 30, 2025 amounted to $3.35 million or $0.16 basic and diluted loss per share based on 20,582,301 weighted average number of shares, compared to total comprehensive income of $2.3 million for the same period last year or $0.14 basic and diluted income per share based on 20,582,301 weighted average number of shares.
The following table corresponds to the breakdown of the factors that led to the decrease in total comprehensive income during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024 (expressed in $000’s):
1st half of 2025 vs 1st half of 2024
| Net income and total comprehensive income for the 1st half of 2024 | 2,980 |
| Increase in Voyage revenues | 1,110 |
| Decrease in Management & consulting fee income | (182) |
| Increase in Voyage expenses | (554) |
| Increase in Vessels operating expenses | (2,961) |
| Increase in Depreciation | (2,355) |
| Increase in Depreciation of dry-docking costs | (658) |
| Decrease in Total administrative expenses | 1,854 |
| Decrease in Reversal of Impairment | (1,891) |
| Increase in Gain from sale of vessel | 2,137 |
| Increase in Other expenses, net | (23) |
| Decrease in Interest income | (428) |
| Increase in Interest expense and finance costs | (1,698) |
| Decrease in Gain on derivative financial instruments | (534) |
| Decrease in Foreign exchange gains | (147) |
| Net loss and total comprehensive loss for the 1st half of 2025 | (3,350) |
Voyage revenues
During the six-month periods ended June 30, 2025 and 2024, our Voyage revenues amounted to $18.2 million and $17.0 million, respectively. The 7% increase in Voyage 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.
Voyage expenses
Voyage expenses totaled $1.0 million for the six-month period ended June 30, 2025, compared to $0.5 million for the same period in 2024. The increase is primarily attributable to higher bunker expenses, which rose to $0.6 million in the first half of 2025 from $0.1 million during the same period in 2024. This increase was mainly due to bunker consumption during dry docking periods. Voyage expenses consist of commissions on revenues, port and other voyage-related expenses, and bunker expenses. Bunker expenses primarily represent the cost of fuel consumed while vessels are traveling in search of employment or during dry-docking. A breakdown of voyage expenses for the six-month periods ended June 30, 2025 and 2024 is as follows:
| In $000’s | 2025 | 2024 | ||
| Commissions | 236 | 220 | ||
| Bunkers | 600 | 137 | ||
| Other voyage expenses | 208 | 133 | ||
| Total | 1,044 | 490 |
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Vessel operating expenses
Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oils, insurance, maintenance, and repairs, reached $9.3 million during the six-month period ended June 30, 2025, compared to $6.4 million during the same period last year. This is mainly attributed to the fact that the Company operated a fleet of an average of 9.4 vessels during the 1st half of 2025 compared to an average of 6.9 vessels for the same period in 2024. The breakdown of our operating expenses for the six-month period ended June 30, 2025 and 2024 was as follows:
| 2025 | 2024 | |||
| Crew expenses | 56% | 59% | ||
| Repairs and spares | 18% | 11% | ||
| Insurance | 7% | 8% | ||
| Stores | 9% | 13% | ||
| Lubricants | 6% | 5% | ||
| Other | 4% | 4% |
Average daily operating expenses during the six-month periods ended June 30, 2025 and 2024 were $5,464 per vessel per day and $5,082 per vessel per day respectively, corresponding to an increase of 8%, which is mainly attributed to the increase in the cost of repairs and spares due to unscheduled repairs for the Company’s vessels.
Depreciation
Depreciation charge during the six-month period ended June 30, 2025, reached $5 million compared to $2.6 million during the same period in 2024. The 92% increase is mainly attributed to the increase from an average of 6.9 vessels during the six-month period ended June 30, 2024, to an average of 9.4 vessels for the same period in 2025. Furthermore, the book value of the vessels of the Company as at June 30, 2025 reached $236.9 million compared to $125.4 million as at June 30, 2024 contributing to the higher depreciation expense.
Depreciation of dry-docking costs
Depreciation of dry-docking costs during the six-month period ended June 30, 2025, reached $2.5 million compared to $1.8 million during the same period in 2024. The 39% increase is mainly attributed to the increase from an average of 6.9 vessels during the six-month period ended June 30, 2024, to an average of 9.4 vessels for the same period in 2025.
Total administrative expenses
Total administrative expenses, including administrative expenses to related parties, decreased to $2.5 million during the six-month period ended June 30, 2025 compared to $4.4 million for the same period in 2024. The decrease is mainly attributed to the accrual of approximately $2.0 million as at June 30, 2024, which related to the $3 million bonus that was awarded on March 13, 2024 to a consulting company affiliated with our chief executive officer, half of which was payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the delivery of Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated May 13, 2022), in each case assuming Athanasios Feidakis remained Chief Executive Officer at each such relevant time.
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Reversal of Impairment
On May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built Moon Globe for a gross price of $11.5 million, before commissions, to an unaffiliated third party, which sale was subject to standard closing conditions.
Following the agreement to sell Moon Globe and given the significant increase in the vessel’s market value, the Company assessed that there were indications that impairment losses recognized in the previous periods with respect to this vessel have decreased. Therefore, the carrying amount of the vessel was increased to its recoverable amount, determined based on selling price less cost to sell, and the Company recorded reversal of impairment amounting $1,891.
Gain from 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 total gain from the sale of the vessel reached the $2.1 million. The vessel was delivered to her new owners on March 17, 2025.
Interest expense and finance costs
Interest expense and finance costs reached $4.2 million during the six-month period ended June 30, 2025, compared to $2.5 million in the same period of 2024. Interest expense and finance costs for the six-month periods ended June 30, 2025 and 2024, are analyzed as follows:
| In $000’s | 2025 | 2024 | ||
| Interest payable on long-term borrowings and financial liabilities | 3,909 | 2,247 | ||
| Bank charges | 29 | 26 | ||
| Operating lease liability interest | 25 | 5 | ||
| Amortization of debt discount | 171 | 140 | ||
Amortization of gain of Loan modification |
78 | 91 | ||
| Other finance expenses | 9 | 14 | ||
| Total | 4,221 | 2,523 |
As at June 30, 2025, and 2024 we and our vessel-owning subsidiaries had outstanding borrowings under our Loan agreements and Financial liabilities of an aggregate of $112.9 million and $72.7 million, respectively, gross of unamortized debt discount. The increase in interest payable is mainly attributed to the increase of the outstanding principal of the Sale and Bareboat back agreements. The weighted average interest rate has decreased from 8.09% during the six-month period ended June 30, 2024 to 6.72% for the same period in 2025, which is mainly attributed to the decrease of the 3-month Term SOFR rates.
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Gain on derivative financial instruments
For the six-month periods ended June 30, 2025 and 2024, the Company recognized a gain of approximately $8 thousand and $542 thousand, respectively, net of interest for the period, according to the Interest Rate Swap valuations and is included in the condensed consolidated statement of comprehensive income/(loss).
Liquidity and capital resources
As at June 30, 2025, and December 31, 2024, our cash and bank balances and bank deposits (including restricted cash) were $51.1 and $50.7 million, respectively.
As at June 30, 2025, the Company reported a working capital surplus of $22.9 million and was in compliance with the covenants included in the CIT loan facility and Marguerite Maritime S.A. loan facility.
The Company performs on a regular basis an assessment to evaluate its ability to continue as a going concern.
In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on the facts in each case and depends on the Company’s profitability and ready access to financial resources, In certain cases, management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with the financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels’ future performance, with the significant assumptions relating to time charter equivalent rates, vessels’ operating expenses, vessels’ capital expenditures, fleet utilization, Company’s general and administrative expenses and cash flow requirements for debt servicing. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.
The above conditions indicate that the Company is expected to be able to operate as a going concern.
Net cash generated from operating activities for the six-month period ended June 30, 2025 was $1.2 million compared to $7.7 million during the respective period in 2024. The decline was primarily due to changes in the Company’s working capital, which shifted from a $2.2 million inflow in the six-month period ended June 30, 2024 to a $2.1 million outflow during the current period.
Net cash generated from investing activities for the six-month period ended June 30, 2025 was $9.3 million compared to net cash used in investing activities of $29.2 million during the respective period in 2024. The improvement was primarily driven by net proceeds of $8.4 million from the sale of the vessel m/v River Globe. In contrast, net cash used in financing activities for the six-month period ended June 30, 2024 reflected the final instalment of $18.5 million for the acquisition of the newbuilding vessel m/v GLBS Hero, as well as instalment payments totalling $10.4 million for other newbuilding vessels.
Net cash generated from/(used in) financing activities during the six-month period ended June 30, 2025 and 2024 were as follows:
| Six months ended June 30, | ||||
| In $000’s | 2025 | 2024 | ||
| (Unaudited) | ||||
| Proceeds from loans and financial liabilities | – | 25,800 | ||
| Repayment of long-term debt and financial liabilities | (4,184) | (3,128) | ||
| Prepayment of long-term debt | (1,879) | (2,567) | ||
| Decrease in restricted cash | 1,055 | 15 | ||
| Payment of financing costs | – | (377) | ||
| Repayment of lease liability | (154) | (170) | ||
| Interest paid | (3,769) | (1,493) | ||
| Net cash (used in)/generated from financing activities | (8,931) | 18,080 | ||
As at June 30, 2025 and 2024, we and our vessel-owning subsidiaries had outstanding borrowings under our Loan and Financial liabilities of an aggregate of $112.9 and $72.7 million, respectively, gross of unamortized debt discount.
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INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| Unaudited
Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three and six-month periods ended June 30, 2025 and 2024 |
F-2 |
| Condensed Consolidated Statements of Financial Position as at June 30, 2025 (Unaudited) and December 31, 2024 |
F-3 |
| Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the six-month periods ended June 30, 2025 and 2024 |
F-4 |
| Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2025 and 2024 |
F-5 |
| Notes to the Unaudited Interim Condensed Consolidated Financial Statements | F-6 to F-15 |
| F-1 |
GLOBUS MARITIME LIMITED UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS) |
| Three months ended June 30, |
Six months ended June 30, | ||||||||
| Notes | 2025 | 2024 | 2025 | 2024 | |||||
| REVENUES: | |||||||||
| Voyage revenues | 10 | ||||||||
| Management & consulting fee income | |||||||||
| Total Revenues | |||||||||
| EXPENSES & OTHER OPERATING INCOME: | |||||||||
| Voyage expenses, net | ( |
( |
( |
( | |||||
| Vessel operating expenses | ( |
|
( |
( |
( | ||||
| Depreciation | 5, 10 | ( |
( |
( |
( | ||||
| Depreciation of dry-docking costs | 5 | ( |
( |
( |
( | ||||
| Administrative expenses | ( |
( |
( |
( | |||||
| Administrative expenses payable to related parties | ( |
( |
( |
( | |||||
| Reversal of impairment | 5 | ||||||||
| Gain from sale of vessel | 5 | ||||||||
| Other expenses, net | ( |
( |
( |
( | |||||
| Operating (loss)/ income | ( |
( |
|||||||
| Interest income | |||||||||
| Interest expense and finance costs | ( |
( |
( |
( | |||||
| Gain on derivative financial instruments, net | |||||||||
| Foreign exchange (losses) / gains, net | ( |
( |
|||||||
| NET INCOME/(LOSS) FOR THE PERIOD | ( |
( |
|||||||
| Other Comprehensive Income | |||||||||
| NET COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | ( |
( |
|||||||
| Income/(Loss) per share (U.S.$): | |||||||||
| - Basic and Diluted income/(loss) per share for the period | 7 | ||||||||
The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
| F-2 |
GLOBUS MARITIME LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at June 30, 2025 and December 31,2024
(Expressed in thousands of U.S. Dollars, except share, per share and warrants data)
| June 30, | December 31, | ||||
| ASSETS | Notes | 2025 | 2024 | ||
| (Unaudited) | |||||
| NON-CURRENT ASSETS | |||||
| Vessels, net | 5 | ||||
| Advances for vessel purchase | 10 | ||||
| Office furniture and equipment | |||||
| Right of use asset | 10 | ||||
| Restricted cash | 3 | ||||
| Fair value of derivative financial instruments | 11 | ||||
| Other non-current assets | |||||
| Total non-current assets | |||||
| CURRENT ASSETS | |||||
| Current portion of fair value of derivative financial instruments | 11 | ||||
| Trade receivables, net | |||||
| Inventories | |||||
| Prepayments and other assets | |||||
| Restricted cash | 3 | ||||
| Cash and cash equivalents | 3 | ||||
| Total current assets | |||||
| TOTAL ASSETS | |||||
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| Issued share capital | 6 | ||||
| Share premium | 6 | ||||
| Accumulated deficit | ( |
( | |||
| Total equity | |||||
| NON-CURRENT LIABILITIES | |||||
| Long-term borrowings, net of current portion | 8 | ||||
| Financial Liabilities, net of current portion | 8 | ||||
| Provision for staff retirement indemnities | |||||
| Lease liabilities | |||||
| Total non-current liabilities | |||||
| CURRENT LIABILITIES | |||||
| Current portion of long-term borrowings | 8 | ||||
| Current portion of financial Liabilities | 8 | ||||
| Sellers' Credit | 4 | ||||
| Trade accounts payable | |||||
| Accrued liabilities and other payables | |||||
| Current portion of lease liabilities | 10 | ||||
| Deferred revenue | |||||
| Total current liabilities | |||||
| TOTAL LIABILITIES | |||||
| TOTAL EQUITY AND LIABILITIES | |||||
The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
| F-3 |
GLOBUS MARITIME LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six-month ended June 30, 2025 and 2024
(Expressed in thousands of U.S. Dollars, except share, per share and warrants data)
| Issued share Capital | Share Premium | (Accumulated Deficit) | Total Equity | ||||
| As at January 1, 2025 | ( |
||||||
| Net loss for the period | ( |
( | |||||
| Other comprehensive income | |||||||
| Total comprehensive loss for the period | ( |
( | |||||
| As at June 30, 2025 | ( |
| Issued share Capital | Share Premium | (Accumulated Deficit) | Total Equity | ||||
| As at January 1, 2024 | ( |
||||||
| Net income for the period | |||||||
| Other comprehensive income | |||||||
| Total comprehensive income for the period | |||||||
| As at June 30, 2024 | ( |
The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
| F-4 |
GLOBUS MARITIME LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six-month ended June 30, 2025 and 2024
(Expressed in thousands of U.S. Dollars)
| Six months ended June 30, | |||||
| Notes | 2025 | 2024 | |||
| Operating activities | |||||
| Income/(Loss) for the period | ( |
||||
| Adjustments for: | |||||
| Depreciation | 5 | ||||
| Depreciation of deferred dry-docking costs | 5 | ||||
| Payment of deferred dry-docking costs | ( |
( | |||
| Reversal of impairment | 5 | ( | |||
| Provision for staff retirement indemnities | |||||
| Gain on derivative financial instruments | ( |
( | |||
| Gain on sale of vessel | ( | ||||
| Interest expense and finance costs | |||||
| Interest income | ( |
( | |||
| Foreign exchange losses/(gains), net | ( | ||||
| (Increase)/decrease in: | |||||
| Trade receivables, net | ( |
||||
| Inventories | ( |
||||
| Prepayments and other assets | ( | ||||
| Increase/(decrease) in: | |||||
| Trade accounts payable | ( |
||||
| Accrued liabilities and other payables | ( |
||||
| Deferred revenue | ( |
( | |||
| Net cash generated from operating activities | |||||
| Cash flows from investing activities: | |||||
| Net Proceeds from sale of vessel | 5 | ||||
| Vessel acquisition | 5 | ( | |||
| Advance for vessel acquisition | |
( | |||
| Improvements | ( |
( | |||
| Purchases of office furniture and equipment | ( |
( | |||
| Interest received | |||||
| Net cash generated from / (used in) investing activities | ( | ||||
| Cash flows from financing activities: | |||||
| Proceeds from loans and financial liabilities | |||||
| Repayment of long-term debt and financial liabilities | ( |
( | |||
| Prepayment of long-term debt | 8 | ( |
( | ||
| Decrease in restricted cash | 3 | ||||
| Payment of financing costs | ( | ||||
| Repayment of lease liability - principal | ( |
( | |||
| Interest paid | ( |
( | |||
| Net cash (used in) / generated from financing activities | ( |
||||
| Net increase/(decrease) in cash and cash equivalents | ( | ||||
| Cash and cash equivalents at the beginning of the period | 3 | ||||
| Cash and cash equivalents at the end of the period | 3 | ||||
The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
| F-5 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
1. Basis of presentation and general information
The
accompanying unaudited interim condensed consolidated financial statements include the financial statements of
The address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
The operations of the vessels are managed by Globus Shipmanagement Corp. (the “Manager”), a wholly owned Marshall Islands corporation. The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical, cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee is eliminated on consolidation. The unaudited interim condensed consolidated financial statements include the financial statements of Globus and its subsidiaries listed below, all wholly owned by Globus as at June 30, 2025:
| Company | Country of Incorporation | Vessel Delivery Date | Vessel Name | |||
| Globus Shipmanagement Corp. | ||||||
| Devocean Maritime Ltd. | ||||||
| Serena Maritime Limited | ||||||
| Talisman Maritime Limited | ||||||
| Argo Maritime Limited | ||||||
| Salaminia Maritime Limited | ||||||
| Calypso Shipholding S.A. | ||||||
| Daxos Maritime Limited | ||||||
| Paralus Shipholding S.A. | ||||||
| Dulac Maritime S.A. | ||||||
| Domina Maritime Ltd. | ||||||
| Olympia Shipholding S.A. | ||||||
| Thalia Shipholding S.A. | ||||||
| Artful Shipholding S.A. | ||||||
| Longevity Maritime Limited |
| (1) |
| (2) |
| (3) |
Except for the changes disclosed in note 2, these unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. The operating results for the six-month period ended June 30, 2025, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2025.
| F-6 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
1. Basis of presentation and general information (continued)
The
unaudited interim condensed consolidated financial statements as at and for the six months ended June 30, 2025, have been prepared in
accordance with
The unaudited interim condensed consolidated financial statements presented in this report do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the consolidated financial statements as at December 31, 2024 and for the year then ended included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 (the “2024 Annual Report”).
Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2024 Annual Report.
The unaudited interim condensed consolidated financial statements as at June 30, 2025 and for the six months then ended, were approved for issuance by the Board of Directors on September 18, 2025.
Going Concern basis of accounting:
The Company performs on a regular basis an assessment to evaluate its ability to continue as a going concern.
In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on the facts in each case and depends on the Company’s profitability and ready access to financial resources, In certain cases, management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with the financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels’ future performance, with the significant assumptions relating to time charter equivalent rates, vessels’ operating expenses, vessels’ capital expenditures, fleet utilization, Company’s general and administrative expenses and cash flow requirements for debt servicing. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.
As at June 30, 2025, the Company reported Cash and cash equivalents of $
The above conditions indicate that the Company is expected to be able to operate as a going concern at least for twelve month following the end of the reporting period and these consolidated financial statements were prepared under this assumption.
2. Changes in Accounting policies and Recent accounting pronouncements
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements for the year ended 31 December 2024, as included in Note 2 to the Company’s consolidated financial statements included in the 2024 Annual Report. There have been no changes to the Company’s accounting policies and recent accounting pronouncements in the six-month period ended June 30, 2025 other than the IFRS amendments which have been adopted by the Company as of 1 January 2025 as indicated below:
| • | IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. Management has assessed that the adoption of this amendment has no material effect on the Company’s financial statements and disclosures. |
| F-7 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
3. Cash and cash equivalents and Restricted cash
For the purpose of the interim condensed consolidated statement of financial position, cash and cash equivalents comprise the following:
| June 30, 2025 | December 31, 2024 | ||
| Cash on hand | |||
| Cash at banks | |||
| Total cash and cash equivalents |
Cash held in banks earns interest at floating rates based on daily bank deposit rates.
The
fair value of cash and cash equivalents as at June 30, 2025 and December 31, 2024, was $
As
at June 30, 2025 and December 31, 2024, the Company had pledged an amount of $
4. Transactions with Related Parties
In
June 2022, the Company entered into a new rental agreement with F.G. Europe (an affiliate of Globus’s chairman) for 902 square
meters of office space for its operations within a building leased by Cyberonica S.A. (an affiliate of Globus’s chairman), at a
rate of Euro
The
depreciation charge for the respective right-of-use asset for the six-month periods ended June 30, 2025 and 2024, was $
On
October 23, 2024, the Company entered into two memoranda of agreement with an entity controlled by the Chairman and to which our Chief
Executive Officer is also related, for the acquisition of two Kamsarmax scrubber outfitted dry bulk vessels: a
An
aggregate of $
As at December 28, 2015, Athanasios Feidakis assumed the position of Chief
Executive Officer (“CEO”) and Chief Financial Officer (“CFO”). On August 18, 2016, the Company entered into a
consultancy agreement with an affiliated company (Goldenmare Limited) of its CEO and CFO, Mr. Athanasios Feidakis, for the purpose of
providing consulting services to the Company in connection with the Company’s international shipping and capital raising activities,
including but not limited to assisting and advising the Company’s CEO and CFO. The related expense for the six-month periods ended
June 30, 2025 and 2024, amounted to $
| F-8 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
4. Transactions with Related Parties (continued)
As at June 30, 2025 and 2024, Goldenmare Limited owned of the Company’s Series B preferred shares. .
On
July 15, 2021 Globus entered into a consultancy agreement with Eolos Shipmanagement S.A. for the purpose of providing consultancy
services to Eolos Shipmanagement S.A. (an affiliate of Globus’s chairman). For these services the Company receives a daily fee
of $
In
2024, the Company changed the compensation of the non-executive directors to be set at $
As
of June 30, 2025 the balance due to Related parties was $
5. Vessels, net
The amounts in the interim condensed consolidated statement of financial position are analysed as follows:
| Vessels cost | Vessels' depreciation | Dry docking costs | Depreciation of dry-docking costs | Net Book Value | |
| Balance at January 1, 2025 | ( |
( |
|||
| Additions | – | – | |||
| Depreciation | – | ( |
– | ( |
( |
| Sale of vessel | ( |
( |
( | ||
| Balance at June 30, 2025 | ( |
( |
For the purpose of the unaudited condensed consolidated statement of comprehensive income/(loss), depreciation, comprises the following:
| For the Three months ended June 30, 2025 | For the Three months ended June 30, 2024 | For the Six months ended June 30, 2025 | For the Six months ended June 30, 2024 | ||
| Vessels` depreciation | |||||
| Depreciation on office furniture and equipment | |||||
| Depreciation of right of use asset | |||||
| Total |
On
February 4, 2025, the Company, through a wholly owned subsidiary, entered into an agreement to sell the
No impairment or reversal of impairment was recognized for the first half of 2025 and 2024.
| F-9 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
The authorised share capital of Globus consisted of the following:
| June 30, | December 31, | ||
| 2025 | 2024 | ||
| Authorised share capital: | |||
| Common Shares of par value $each | |||
| Class B common shares of par value $each | |||
| Preferred shares of par value $each | |||
| Total authorised share capital |
As at June 30, 2025 and December 31, 2024 the Company had common shares issued and fully paid. During the periods ended June 30, 2025 and 2024 new common shares were issued.
As at June 30, 2025, the Company had Class B common shares and Series B Preferred Shares outstanding.
Share premium includes the contribution of Globus’ shareholders for the acquisition of the Company’s vessels. Additionally, share premium includes the effects of the acquisition of non-controlling interest, the effects of Globus initial and follow-on public offerings and the effects of the share-based payments. At June 30, 2025 and December 31, 2024, Globus share premium amounted to $.
As at June 30, 2025 and December 31, 2024, PP Warrants, as defined in the 2024 Annual Report, had been exercised and the Company had PP Warrants outstanding to purchase an aggregate of common shares.
As at June 30, 2025 and December 31, 2024, December 2020 Warrants, as defined in the 2024 Annual Report, had been exercised and the Company had December 2020 Warrants outstanding to purchase an aggregate of common shares.
As at June 30, 2025 and December 31, 2024, January 2021 Warrants, as defined in the 2024 Annual Report, had been exercised and the Company had January 2021 Warrants outstanding to purchase an aggregate of common shares.
As at June 30, 2025 and December 31, 2024, February 2021 Warrants, as defined in the 2024 Annual Report, had been exercised and the Company had February 2021 Warrants outstanding to purchase an aggregate of common shares.
As at June 30, 2025 and December 31, 2024, June 2021 Warrants, as defined in the 2024 Annual Report, had been exercised and the Company had June 2021 Warrants outstanding to purchase an aggregate of common shares.
The Company’s warrants are classified in equity, following the Company’s assessment that warrants meet the equity classification criteria as per IAS 32. The total outstanding number of warrants as at June 30, 2025, was to purchase an aggregate of common shares.
On March 13, 2024, the Board of Directors adopted the Globus Maritime Limited 2024 Equity Incentive Plan, or the Plan. The purpose of the Plan is to provide Company’s officers, key employees, directors, consultants and service provider, whose initiative and efforts are deemed to be important to the successful conduct of Company’s business, with incentives to (a) enter into and remain in the service of the Company or affiliates, (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company. The number of common shares reserved for issuance under the Plan is shares.
As at June 30, 2025, the Company had made grands under the Plan.
| F-10 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
Basic earnings / (loss) per share (“EPS” / “LPS”) is calculated by dividing the net income / (loss) for the period attributable to Globus common shareholders by the weighted average number of common shares issued, paid and outstanding.
Diluted earnings per share is calculated by dividing the net income / (loss) attributable to common equity holders of the parent by the weighted average shares outstanding during the period plus the weighted average number of common shares that would be issued on the conversion of all the dilutive potential common shares into common shares. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation unless such inclusion would be anti-dilutive.
As the Company reported losses for the three-month ended June 30, 2025, the effect of any incremental shares would be antidilutive and thus excluded from the computation of the LPS. As for the three-month ended June 30, 2024, the securities that could potentially dilute basic EPS in the future are any incremental shares of unexercised warrants (Note 6). As the warrants were out-of-the money during the three-month period ended June 30, 2024, these were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect.
As the Company reported losses for the six-month ended June 30, 2025, the effect of any incremental shares would be antidilutive and thus excluded from the computation of the LPS. As for the six-month ended June 30, 2024, the securities that could potentially dilute basic EPS in the future are any incremental shares of unexercised warrants (Note 6). As the warrants were out-of-the money during the six-month periods ended June 30, 2024, these were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect.
The following reflects the net income/(loss) per common share:
| For the Three months ended June 30, | For the Six months ended June 30, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| Income / (Loss) attributable to common equity holders | ( |
( |
|||||
| Weighted average number of shares - basic and diluted | |
||||||
| Net income/(loss) per common share - basic and diluted | $ | $ | $ | $ | |||
8. Long-Term Debt and Financial Liabilities, net
Long-term debt (a,b) and financial liabilities (c,d) in the condensed consolidated statement of financial position are analysed as follows:
Borrowers / Lenders |
Principal | Deferred finance costs | Modification of Loan | Accrued Interest | Amortized cost | ||||||
(a) |
Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime Limited. / First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) |
( |
( |
|
|||||||
| (b) | Calypso Shipholding S.A. / Marguerite Maritime S.A. |
( |
|||||||||
| Total Long-term debt at June 30, 2025 | ( |
( |
|||||||||
| Less: Current Portion | ( |
( |
( | ||||||||
| Long-Term Portion | ( |
||||||||||
| Total Long-term debt at December 31, 2024 | ( |
( |
|||||||||
| Less: Current Portion | ( |
( |
( | ||||||||
| Long-Term Portion | ( |
( |
|||||||||
(c) |
Daxos Maritime Limited / SK Shipholding S.A. | ( |
|
|
|||||||
| (d) | Paralus Shipholding S.A. / Shankyo Shoji Co. Ltd. and Greatsail Shipping S.A. | ( |
|
|
|||||||
| Total Financial liabilities at June 30, 2025 | ( |
||||||||||
| Less: Current Portion | ( |
( | |||||||||
| Long-Term Portion | ( |
||||||||||
| Total Financial liabilities at December 31, 2024 | ( |
||||||||||
| Less: Current Portion | ( |
( | |||||||||
| Long-Term Portion | ( |
Details of the Company’s credit facilities are discussed in Note 11 of the Company’s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual Report.
As at June 30, 2025, the Company was in compliance with the loan covenants of the agreement with the lenders.
During the period ended June 30, 2025 the Company had the following developments:
(a)
On February 4, 2025, the Company, through a wholly owned subsidiary, entered into an agreement to sell the
The contractual annual principal payments relating to the First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) loan facility, the Marguerite Loan Facility, the SK Shipholding S.A. sale and bareboat back arrangement and the Shankyo Shoji Co. Ltd. and Greatsail Shipping S.A. sale and bareboat back arrangement to be made subsequent to June 30, 2025, were as follows:
| F-11 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
8. Long-term Debt and Finance Liabilities, net (continued)
| June 30, | First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) | Marguerite Maritime S.A. | SK Shipholding S.A. | Shankyo Shoji Co. Ltd. and Greatsail Shipping S.A. | Total | |||||
| 2026 | ||||||||||
| 2027 | ||||||||||
| 2028 | ||||||||||
| 2029 | ||||||||||
| 2030 and thereafter | ||||||||||
| Total |
9. Contingencies
Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, environmental claims, agents, and insurers and from claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent liabilities, which are material for disclosure.
10. Commitments
Voyage revenue
The Company enters into time charter arrangements on its vessels. These non-cancellable arrangements had remaining terms between nine day to approximately nine months as at June 30, 2025, assuming redelivery at the earliest possible date. As at December 31, 2024, the non-cancellable arrangements had remaining terms between one day to nine months, assuming redelivery at the earliest possible date. Future net minimum revenues receivable under non-cancellable operating leases as at June 30, 2025 and December 31, 2024, were as follows (vessel off-hires and dry-docking days that could occur but are not currently known are not taken into consideration; in addition early delivery of the vessels by the charterers is not accounted for):
| June 30, 2025 | December 31, 2024 | ||
| Within one year | |||
| Total |
These amounts include consideration for other elements of the arrangement apart from the right to use the vessel such as maintenance and crewing and its related costs.
For
time charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. The revenue
earned under time charters is not negotiated in its two separate components, but as a whole. For purposes of determining the standalone
selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded
that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on
shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction
price attributable to the technical management service component, including crewing services, is more readily determinable than the price
of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department,
which consist of the crew expenses, maintenance and consumable costs and was approximately $
Office lease contract
As further discussed in Note 4 of the 2024 Annual Report the Company has recognised a right of use asset and a corresponding liability with respect to the rental agreement of office space for its operations within a building leased by FG Europe (an affiliate of Globus’s chairman).
| F-12 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
10. Commitments (continued)
The
depreciation charge for right-of-use assets for the three-month period ended June 30, 2025 and 2024, was approximately $
At
June 30, 2025 and December 31, 2024, the current lease liabilities amounted to $
Commitments under shipbuilding contracts
On
August 18, 2023, the Company signed two contracts for the construction and purchase of two fuel efficient
The contractual annual payments per subsidiary to be made subsequent to June 30, 2025, were as follows:
| Olympia Shipholding S.A. | Thalia Shipholding S.A. | Total | ||||
July 1, 2025 to June 30, 2026 | ||||||
| July 1, 2026 to December 31, 2026 | ||||||
| Total |
11. Fair values
Carrying amounts and fair values
The following table shows the carrying amounts and fair values of assets and liabilities measured or disclosed at fair value, including their levels in the fair value hierarchy (as defined in note 2.22 of the 2024 Annual Report). It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as cash and cash equivalents, restricted cash, trade receivables and trade payables.
| Carrying amount | Fair value | |||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||
| June 30, 2025 | ||||||||||
| Financial assets | ||||||||||
| Financial assets measured at fair value | ||||||||||
| Non-current portion of fair value of derivative financial instruments | ||||||||||
| Current portion of fair value of derivative financial instruments | ||||||||||
| Financial liabilities | ||||||||||
| Financial liabilities not measured at fair value | ||||||||||
| Long-term borrowings | ||||||||||
| Financial liabilities | ||||||||||
| F-13 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
11. Fair values (continued)
| Carrying amount | Fair value | |||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||
| December 31, 2024 | ||||||||||
| Financial assets | ||||||||||
| Financial assets measured at fair value | ||||||||||
| Non-current portion of fair value of derivative financial instruments | ||||||||||
| Current portion of fair value of derivative financial instruments | ||||||||||
| Financial liabilities | ||||||||||
| Financial liabilities not measured at fair value | ||||||||||
| Long-term borrowings | ||||||||||
| Financial liabilities | ||||||||||
Measurement of fair values
Valuation techniques and significant unobservable inputs
The following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.
| Financial instruments measured at fair value | ||||
| Type | Valuation Techniques | Significant unobservable inputs | ||
| Derivative financial instruments: | ||||
| Interest Rate Swap | Discounted cash flow | Discount rate | ||
| Financial instruments not measured at fair value | ||||
| Asset and liabilities not measured at fair value | ||||
| Type | Valuation Techniques | Significant unobservable inputs | ||
| Long-term borrowings and financial liabilities | Discounted cash flow | Discount rate |
Transfers between Level 1, 2 and 3
There have been no transfers between Level 1, Level 2 and Level 3 during the period.
| F-14 |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
12. Events after the reporting date
Transactions with Related Parties
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
An
aggregate of $
On
In
July 2025, the Company settled the outstanding balance of $
| F-15 |
FAQ
What were Globus Maritime (GLBS) voyage revenues for the period?
Did Globus sell any vessels during the period and what was the impact?
What were EBITDA and Adjusted EBITDA for the period?
Did Globus acquire vessels during the period?
Are there any related-party transactions disclosed?
