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Globus Maritime Limited Reports Financial Results for the Quarter Ended March 31, 2023
GLYFADA, Greece, June 02, 2023 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”) (NASDAQ: GLBS), a dry bulk shipping
About this update from Globus Maritime Limited
[{"type":"text","content":"GLYFADA, Greece, June 02, 2023 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”) (NASDAQ: GLBS), a dry bulk shipping company, today 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 ProfileAs 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. VesselYear BuiltYardTypeMonth/Year DeliveredDWTFlagMoon Globe2005Hudong-ZhonghuaPanamaxJune 201174,432Marshall Is.Sun Globe2007Tsuneishi CebuSupramaxSept 201158,790MaltaRiver Globe2007Yangzhou DayangSupramaxDec 200753,627Marshall Is.Sky Globe2009Taizhou KouanSupramaxMay 201056,855Marshall Is.Star Globe2010Taizhou KouanSupramaxMay 201056,867Marshall Is.Galaxy Globe2015Hudong-ZhonghuaKamsarmaxOctober 202081,167Marshall Is.Diamond Globe2018Jiangsu New Yangzi Shipbuilding Co.KamsarmaxJune 202182,027Marshall Is.Power Globe2011Universal Shipbuilding CorporationKamsarmaxJuly 202180,655Marshall Is.Orion Globe2015Tsuneishi ZosenKamsarmaxNovember 202181,837Marshall Is.Weighted Average Age: 11.4 Years as at March 31, 2023 626,257 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 supp...