Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated financial results for the second quarter and six-month period ended June 30, 2023.

Revenue

• $7.8 million in Q2 2023
• $16.4 million in H1 2023

Net income/(loss)

• $1.2 million net loss in Q2 2023
• $1.4 million net income in H1 2023

Adjusted EBITDA

• $0.9 million in Q2 2023
• $2.2 million in H1 2023

Time Charter Equivalent

• $8,244 per day in Q2 2023
• $8,518 per day in H1 2023

Current Fleet Profile

As of the date of this press release, Globus’ subsidiaries own and operate seven dry bulk carriers, consisting of two Supramax, one Panamax and four Kamsarmax.

Current Fleet Deployment

All our vessels are currently operating on short-term time charters (“on spot”).

Management Commentar

“During the second quarter and for the majority of the first half of the year the market was soft in the industry. In the second quarter the market rates were affected by various seasonal, geopolitical and economic factors. This had rates dip below $10,000 per day and stayed at these levels for some time.

Fortunately, the market has picked up since then and day rates have now attained much healthier and comfortable levels. We mostly employ our vessels in the spot market and even our period deals have a spot market exposure through links to the relative vessel indices; this allows us to reap benefits instantly when the market picks up, albeit it could also expose us to risks during market downturns. Additionally, during the quarter, we had some ballasting and repositioning trips.

Earlier in the year we announced the sale of m/v Sun Globe, Sky Globe and Star Globe. The Sun Globe and Sky Globe have been delivered to their new owners and we expect the Star Globe to be delivered shortly, within the month as has been communicated already, subject to customary closing conditions. We plan to replace these three vessels with the delivery of our first 3 ultramax newbuildings in 2024.

The Company is always evaluating transactions and ways to expand the fleet and footprint in the market. We are very keen on modern, ‘eco’ and/or scrubber fitted quality vessels which are drawing significant interest and competition from buyers; modern vessel sale candidates are scarce with the price pushed upwards usually. Notwithstanding that the Company is continuously scanning the market for such attractive candidates that may carry a good price.

The Company is regularly evaluating and searching for attractive financing opportunities, we are frequently exploring and trying to negotiate transactions that will be beneficial to the Company as well as to, the expansion and emission reduction strategy of our fleet.

We are constantly trying to develop new financing relationships, expand the spectrum and we are fortunate to have institutions supporting our Company and our cause.

But most importantly we are continuously evaluating various ways to enhance and build up value for our shareholders, the evaluation is always done strategically with our focus on the health of the Company, and its future. We remain committed in our expansion plans, the efficiency and carbon footprint of our fleet and the further enhancement of shareholder value.”