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Globus Maritime Limited Reports Financial Results for the Third Quarter and Nine-month period ended September 30, 2023
GLYFADA, Greece, Nov. 16, 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, Nov. 16, 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 third quarter and nine-month period ended September 30, 2023. Revenue $7.7 million in Q3 2023 $24.1 million in 9M 2023 Net income $3.5 million net income in Q3 2023$4.9 million net income in 9M 2023 Adjusted EBITDA $2.0 million in Q3 2023 $4.2 million in 9M 2023 Time Charter Equivalent $9,994 per day in Q3 2023 $8,979 per day in 9M 2023 Current Fleet ProfileAs of the date of this press release, Globus’ subsidiaries own and operate six dry bulk carriers, consisting of one Supramax, one Panamax and four Kamsarmax. VesselYear BuiltYardTypeMonth/Year DeliveredDWTFlagMoon Globe2005Hudong-ZhonghuaPanamaxJune 201174,432Marshall Is.River Globe2007Yangzhou DayangSupramaxDec 200753,627Marshall 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: 10.9 Years as at September 30, 2023 453,745 Current Fleet DeploymentAll our vessels are currently operating on short-term time charters (“on spot”). Management Commentary “During the third quarter we saw a weak market in the first half but significantly stronger in comparison to the second half. Seasonal factors as well as geopolitical ones played a role in the movement of the market. We are pleased that today it stands at a much healthier level, and we hope the upward trend continues. As the supply and demand fundamentals remain constant, we expect the market to improve gradually going forward. We still prefer to maintain our spot exposure on the hiring of the fleet and continue to take full advantage of any potential market upswings; by employing our vessels with short period TC’s and even longer periods of employment we undertake in their majority exposure to the spot market through index-linked rates. This is an exciting time for the Company as we are looking forward to the delivery of the first of our new building vessels in January of 2024. We are confident that the high quality of thes...