Globus Q1 results hit by weak dry bulk market

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Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023.

Revenue

$8.6 million in Q1 2023 compared to $18.4 million in Q1 2022

Net income

$2.6 million in Q1 2023 compared to $12.1 million in Q1 2022

Adjusted EBITDA

$1.3 million in Q1 2023 compared to $13.8 million in Q1 2022

Time Charter Equivalent

$8,780 per day in Q1 2023 compared to $23,643 per day in Q1 2022

Current Fleet Profile

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

Current Fleet Deployment

All our vessels are currently operating on short-term time charters, we generally consider as spot charters, the charters that are below one year in duration and/or are chartered on index linked basis (“on spot”).

Management Commentary

“The market was generally weak during the first quarter of 2023 with some improvement in the beginning of the second quarter. Recently the market has weakened again, but our view on the dry bulk prospects remains positive in the medium and longer term. We believe that positions in the industry should be taken with a long-term view. Our optimism is primarily derived from the supply side of the dry bulk industry; with the order book being historically at relatively low levels, which coupled with the environmental regulations regarding emissions and fuel consumption could constrain the supply further. A lower supply of vessels that could result from a lower orderbook along with the required compliance of new regulations and environmental targets, should have a positive effect on the market, assuming there are no unforeseen demand shocks.

At present we are working with various financial institutions on exploring financing and refinancing transactions with better terms and conditions in order to expand and modernize our fleet.

We are always keen on accretive deals that would allow us not only to modernize our fleet and make it more efficient but also to maximize value for our shareholders.”

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