Business
Globus Maritime Limited Reports Financial Results for the Second Quarter and Six-month period ended June 30, 2023
GLYFADA, Greece, Sept. 12, 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, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”) (NASDAQ: GLBS), a dry bulk shipping company, today 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 ProfileAs 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. VesselYear BuiltYardTypeMonth/Year DeliveredDWTFlagMoon Globe2005Hudong-ZhonghuaPanamaxJune 201174,432Marshall Is.River Globe2007Yangzhou DayangSupramaxDec 200753,627Marshall 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: 11.1 Years as at September 10, 2023 510,612 Current Fleet DeploymentAll our vessels are currently operating on short-term time charters (“on spot”). Management Commentary “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...