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, 2025.

Revenue
$9.5 million in Q2 2025
$18.2 million in H1 2025
Adjusted EBITDA
$3.2 million in Q2 2025
$5.2 million in H1 2025
Time Charter Equivalent
$11,444 per day in Q2 2025
$10,274 per day in H1 2025
Current Fleet Profile
As of the date of this press release, Globus’ subsidiaries own and operate nine dry bulk carriers, consisting of six Kamsarmax and three Ultramax.

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

“During the second quarter of 2025, rates edged higher compared to the softer averages of the first quarter, though they remained somewhat subdued overall. The quarter was marked by significant volatility in both freight rates and asset pricing—particularly for older vessels. Much of this fluctuation and weakness can be attributed to regulatory and geopolitical developments that dampened market confidence midway through the quarter, resulting in a temporary loss of momentum.

Toward the end of the quarter, however, we observed a gradual recovery in rates. This positive trend gained traction, supporting both stronger freight levels and firmer asset values. As of this writing, rates are standing at very healthy levels.

With the majority of our fleet employed in the spot market or with index-linked exposure, we are well positioned to capture the current upside. Our outlook for the short to medium term remains constructive. We are confident that our modern fleet will continue to benefit from favorable market dynamics, underpinned by healthy cargo flows, supportive ton-mile developments, and a relatively modest newbuilding orderbook.

In line with our fleet renewal and growth strategy, we expect delivery of two additional fuel-efficient Ultramaxes currently under construction in Japan, scheduled for in about a year from now.

We are also in active discussions with both existing and prospective financial institutions to secure competitive financing for our fleet and newbuildings. Our priority remains to maintain a strong balance sheet while keeping funding costs at reasonable levels.

Looking ahead, we remain fully committed to enhancing shareholder value through prudent growth, active fleet renewal, and the continued modernization of our operations.”

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.

Second quarter of the year 2025 compared to the second quarter of the year 2024

Net loss for the second quarter of the year 2025 amounted to $1.9 million or $0.09 basic income per share based on 20,582,301 weighted average number of shares compared to net income of $3.3 million or $0.16 basic loss per share based on 20,582,301 weighted average number of shares for the same period last year.

Revenue
During the three-month period ended June 30, 2025, and 2024, our Revenues reached $9.5 million. Daily Time Charter Equivalent rate (TCE) for the second quarter of 2025 was $11,444 per vessel per day against $14,578 per vessel per day during the same period in 2024 corresponding to a decrease of 22%. This decrease is attributed to unfavourable market conditions in the bulk shipping sector during the second quarter of 2025. The Company operated an average fleet of 9 vessels in the second quarter of 2025, compared to an average of 7 vessels during the corresponding period in 2024.

First half of the year 2025 compared to the first half of the year 2024

Net loss for the six-month period ended June 30, 2025, amounted to $3.35 million or $0.16 basic loss per share based on 20,582,301 weighted average number of shares, compared to net income of $3 million for the same period last year or $0.14 basic income per share based on 20,582,301 weighted average number of shares.

Revenue
During the six-month period ended June 30, 2025, and 2024, our Revenues reached $18.2 million and $17.2 million, respectively. The 5% increase in 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.
Source: Globus Maritime Limited