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.
Armistice Capital, LLC and Steven Boyd report beneficial ownership of 2,284,381 shares of Globus Maritime Ltd, representing 9.99% of the company's common stock. The Schedule 13G/A discloses that Armistice Capital, as investment manager of Armistice Capital Master Fund Ltd., and Mr. Boyd, as the managing member, hold shared voting and dispositive power over these shares and report no sole voting or dispositive power. The filing states the Master Fund is the direct holder and disclaims direct beneficial ownership due to the Investment Management Agreement, and includes a certification the shares are held in the ordinary course of business and not to change or influence control of the issuer.
Globus Maritime Limited submitted a Form 6-K as a foreign private issuer, mainly to furnish documents related to its 2025 annual meeting of shareholders. The filing lists a press release announcing the annual meeting, the full proxy statement for the 2025 annual meeting, and the proxy card that shareholders can use to vote.
The company also states that this Form 6-K is incorporated by reference into three existing shelf registration statements on Form F-3. This means the information in the meeting materials now also forms part of those previously effective registration statements.