U.S. stock futures fell on Monday following Friday’s positive moves. Futures of major benchmark indices were lower.On Sunday, President Donald Trump said media mogul Lachlan Murdoch and tech leaders Oracle Corp.‘s ORCL co-founder Larry Ellison and Dell Technologies Inc.‘s DELL CEO Michael Dell will take part as investors in a proposed deal to transfer TikTok‘s U.S. operations from Chinese parent ByteDance to American ownership. Speaking on Fox News’ Sunday Briefing, Trump praised the group and called them “ ...

U.S. stock futures fell on Monday following Friday’s positive moves. Futures of major benchmark indices were lower.On Sunday, President Donald Trump said media mogul Lachlan Murdoch and tech leaders Oracle Corp.‘s ORCL co-founder Larry Ellison and Dell Technologies Inc.‘s DELL CEO Michael Dell will take part as investors in a proposed deal to transfer TikTok‘s U.S. operations from Chinese parent ByteDance to American ownership. Speaking on Fox News’ Sunday Briefing, Trump praised the group and called them “ ...

Company Performance - Firefly Aerospace Inc. is expected to report a quarterly loss of 46 cents per share on revenue of $17.25 million [2] - PRA Group Inc. announced a proposed offering of €300 million of senior notes due 2032, with shares falling 4.1% to close at $16.58 [2] - Genfit SA is projected to release earnings results for the first half of the year, with shares declining 1.2% to close at $4.33 [2] - Globus Maritime Ltd reported better-than-expected second-quarter results, with a quarterly loss of 9 cents per share, beating the consensus estimate of a loss of 18 cents per share, and quarterly sales of $9.538 million exceeding the estimate of $8.800 million; shares jumped 14.7% to close at $1.30 [2] - Marygold Companies Inc. posted a loss of 4 cents per share for the fourth quarter, an improvement from a loss of 5 cents per share a year ago, with sales falling to $7.200 million from $8.300 million; shares closed at $1.07 [2]

Core Viewpoint - Globus Maritime Limited reported its unaudited consolidated financial results for Q2 and H1 2025, highlighting a mixed performance with a decline in net income and freight rates, but an increase in revenue due to a larger fleet size [1][7][16]. Financial Performance - Revenue for Q2 2025 was $9.5 million, slightly up from $9.5 million in Q2 2024, while H1 2025 revenue reached $18.2 million, a 5% increase from $17.2 million in H1 2024 [7][11][16]. - Net loss for Q2 2025 was $1.9 million, compared to a net income of $3.3 million in Q2 2024, and for H1 2025, the net loss was $3.35 million versus a net income of $3 million in H1 2024 [11][15]. - Adjusted EBITDA for Q2 2025 was $3.2 million, down from $4.0 million in Q2 2024, and for H1 2025, it was $5.2 million compared to $6.0 million in H1 2024 [7][11][16]. Fleet Profile - As of September 19, 2025, the company operates a fleet of nine dry bulk carriers, including six Kamsarmax and three Ultramax vessels, with a total carrying capacity of 680,622 DWT and a weighted average age of 7.8 years [2][27]. - The fleet is primarily deployed on short-term time charters, which are generally considered spot charters [4]. Market Conditions - Freight rates showed volatility in Q2 2025, with a gradual recovery observed towards the end of the quarter, although rates remained subdued compared to previous periods [5][6]. - The Time Charter Equivalent (TCE) rate for Q2 2025 was $11,444 per day, a 22% decrease from $14,578 per day in Q2 2024, attributed to unfavorable market conditions [13][16]. Strategic Outlook - The company is optimistic about the short to medium-term outlook, expecting to benefit from favorable market dynamics, healthy cargo flows, and a modest newbuilding orderbook [8]. - Plans for fleet renewal include the delivery of two additional fuel-efficient Ultramaxes currently under construction in Japan [9]. Recent Developments - The company sold the 2007-built River Globe for a gross price of $8.55 million in February 2025, with delivery to new owners completed in March 2025 [10].

Market Sentiment - The CNN Money Fear and Greed index improved to a reading of 61.6, remaining in the "Greed" zone, up from 58.5 [6] - U.S. stocks closed higher, with the Nasdaq Composite gaining over 200 points following a 25 basis points rate cut by the Federal Reserve [1] Sector Performance - Most sectors in the S&P 500 ended positively, with information technology, industrials, and communication services showing the largest gains [4] - Consumer staples and consumer discretionary sectors closed lower, diverging from the overall market trend [4] Company Highlights - Intel Corp. surged 23% after Nvidia Corp. announced a $5 billion investment for co-developing PC and data center chips [1] - CrowdStrike Holdings Inc. rose approximately 13% after announcing long-term AI initiatives and projecting annual recurring revenue growth above 20% by fiscal 2027 [2] Economic Indicators - U.S. initial jobless claims fell by 33,000 to 231,000, better than market expectations of 240,000 [3] - The Philadelphia Fed Manufacturing Index increased to +23.2 in September, the highest since January, compared to -0.3 in August [3] Upcoming Earnings - Investors are anticipating earnings results from MoneyHero Ltd and Globus Maritime Ltd [5]

Company Overview - Globus Maritime Limited is an integrated dry bulk shipping company providing marine transportation services globally [2] - The company's fleet consists of nine dry bulk vessels with a total carrying capacity of 680,622 deadweight tons and a weighted average age of 7.8 years as of September 17, 2025 [2] Financial Results Announcement - The company will release its financial results for the quarter and six-month period ended June 30, 2025, after the market closes in New York on September 19, 2025 [1]

Company Overview - Globus Maritime Limited operates a fleet of nine dry bulk carriers, including six Kamsarmax and three Ultramax vessels, with a total carrying capacity of 680,622 deadweight tons and a weighted average age of 7.5 years as of June 16, 2025 [2][28]. Financial Performance - For Q1 2025, the company reported revenue of $8.6 million, an increase from $7.7 million in Q1 2024, representing a 13% growth attributed to an increase in the average number of vessels from 6.7 to 9.8 [8][15]. - The net loss for Q1 2025 was $1.5 million, compared to a net loss of $0.3 million in Q1 2024, resulting in a basic and diluted loss per share of $0.07 [13][14]. - Adjusted EBITDA for Q1 2025 was $2 million, consistent with Q1 2024 [8][13]. Fleet Deployment and Operations - All vessels are currently operating on short-term time charters, generally considered as spot charters, which are below one year in duration [4]. - The fleet utilization rate was 100% in Q1 2025, compared to 98.5% in Q1 2024 [18]. Management Insights - The first quarter of 2025 was characterized as weak due to seasonal factors and geopolitical issues, but the company is focused on maintaining a younger, more fuel-efficient fleet to control costs [5]. - The company is preparing for upcoming environmental regulations and aims to leverage its modern fleet to adapt to the new regulatory environment [6]. Recent Developments - The company successfully completed its first test voyage using biofuel, which reduced lifecycle CO₂ emissions compared to conventional marine fuel, marking a significant step towards compliance with future environmental regulations [9][10]. - On February 4, 2025, the company entered into an agreement to sell the 2007-built River Globe for a gross price of $8.55 million, with the vessel delivered to new owners on March 17, 2025 [12]. Financial Position - As of March 31, 2025, total assets were $315.99 million, with total equity of $174.92 million and total debt of $133.12 million [27].

Company Overview - Globus Maritime Limited is an integrated dry bulk shipping company providing marine transportation services globally [2] - The company's fleet consists of nine dry bulk vessels with a total carrying capacity of 680,622 dead weight tons and a weighted average age of 7.5 years as of June 11, 2025 [2] Financial Results Announcement - The company will release its financial results for the three-month period ended March 31, 2025, after the market closes in New York on June 16, 2025 [1]

Core Points - Globus Maritime Limited filed its annual report on Form 20-F with the Securities and Exchange Commission, which includes audited financial statements for the fiscal year ended December 31, 2024 [1] - The company operates a fleet of ten dry bulk vessels with a total carrying capacity of 734,249 dead weight tons and an average age of 8 years as of March 14, 2025 [2] Company Overview - Globus Maritime Limited is an integrated dry bulk shipping company providing marine transportation services globally [2] - The company's fleet transports various dry bulk cargoes including iron ore, coal, grain, steel products, cement, and alumina [2]

PART I [Item 3. Key Information](index=7&type=section&id=Item%203.%20Key%20Information) This section outlines the principal risks associated with the company's business, the dry bulk shipping industry, and ownership of its common shares [Risk Factors](index=8&type=section&id=D.%20Risk%20Factors) The company faces significant risks from the highly cyclical and volatile dry bulk shipping industry, geopolitical events, extensive environmental regulations, and company-specific financial and governance issues - The **international dry bulk shipping industry is cyclical and highly volatile**, with charter rates, vessel values, and profitability subject to significant fluctuations based on supply and demand for vessel capacity and commodities[43](index=43&type=chunk) - **Political instability**, including the war in Ukraine and conflicts in the Middle East, could adversely affect business operations, financial results, and the ability to obtain financing[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - Proposed U.S. port fees on Chinese-built vessels could materially increase operating costs, as **six of the company's ten vessels** were constructed in China. Fees could be as high as **$1.5 million per port entry** for a non-Chinese operator with Chinese-built vessels[70](index=70&type=chunk)[72](index=72&type=chunk)[77](index=77&type=chunk) - The company is subject to complex environmental laws and regulations (e.g., MARPOL, IMO 2020, EU ETS) that require **significant capital expenditures** for compliance and may become more stringent, potentially affecting vessel values and useful lives[80](index=80&type=chunk)[81](index=81&type=chunk)[86](index=86&type=chunk) - **Fluctuations in the market value of vessels** could trigger breaches of financial covenants in loan agreements, potentially leading to debt acceleration and foreclosure on vessels[141](index=141&type=chunk)[144](index=144&type=chunk)[146](index=146&type=chunk) - The company derives a significant portion of its revenue from a small number of customers; in FY2024, approximately **77% of revenue came from four customers**, increasing counterparty default risk[190](index=190&type=chunk) - The CEO, through ownership of all Series B Preferred Shares, controls **49.99% of the company's voting power**, allowing significant influence over corporate matters, which may limit the influence of common shareholders[261](index=261&type=chunk)[800](index=800&type=chunk) [Item 4. Information on the Company](index=54&type=section&id=Item%204.%20Information%20on%20the%20Company) This section details the company's history, corporate actions, and business operations, including its fleet, chartering strategy, competitive landscape, and regulatory compliance [History and Development of the Company](index=54&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Globus Maritime Limited, incorporated in 2006, operates as an integrated dry bulk shipping company, actively managing its fleet through sales of older vessels and acquisitions/newbuilds of modern ones - The company has actively managed its fleet by selling older vessels and acquiring modern ones; in 2023, it sold three vessels (m/v Sun Globe, m/v Sky Globe, m/v Star Globe) and in 2024 sold the m/v Moon Globe[297](index=297&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk) - In 2024, the company took delivery of **three newbuild Ultramax vessels** (m/v GLBS Hero, m/v GLBS Might, m/v GLBS Magic) and acquired **two Kamsarmax vessels** (m/v GLBS Angel, m/v GLBS Gigi) from a related party[295](index=295&type=chunk)[296](index=296&type=chunk)[303](index=303&type=chunk) - The company has contracted for the construction of **two new fuel-efficient Ultramax vessels**, scheduled for delivery in the second half of 2026, with a total consideration of approximately **$75.5 million**[301](index=301&type=chunk) Fleet Composition and Age | Metric | As of Dec 31, 2024 | As of Dec 31, 2023 | | :--- | :--- | :--- | | **Number of Vessels** | 10 | 6 | | **Weighted Average Age (years)** | 7.8 | 11.2 | | **Total Carrying Capacity (dwt)** | 734,249 | 453,745 | [Business Overview](index=61&type=section&id=B.%20Business%20Overview) Globus Maritime provides worldwide marine transportation services for dry bulk cargoes, employing a mixed chartering strategy and operating under extensive international safety and environmental regulations Fleet Details as of March 12, 2025 | Vessel | Year Built | Vessel Type | Carrying Capacity (dwt) | | :--- | :--- | :--- | :--- | | m/v River Globe | 2007 | Supramax | 53,627 | | m/v Galaxy Globe | 2015 | Kamsarmax | 81,167 | | m/v Diamond Globe | 2018 | Kamsarmax | 82,027 | | m/v Power Globe | 2011 | Kamsarmax | 80,655 | | m/v Orion Globe | 2015 | Kamsarmax | 81,837 | | m/v GLBS Hero | 2024 | Ultramax | 64,000 | | m/v GLBS Might | 2024 | Ultramax | 64,000 | | m/v GLBS Magic | 2024 | Ultramax | 64,000 | | m/v GLBS Angel | 2016 | Kamsarmax | 81,119 | | m/v GLBS Gigi | 2014 | Kamsarmax | 81,817 | | **Total** | | | **734,249** | - The company's chartering strategy is to use a mix of short-term, spot, and long-term charters to balance stable cash flow with the ability to capitalize on market upswings; as of the report date, all vessels were on short-term time charters, with **eight being index-linked**[311](index=311&type=chunk)[313](index=313&type=chunk) - The company is subject to extensive environmental regulations, including MARPOL Annex VI, which limits sulfur emissions and requires measures to reduce greenhouse gas emissions (EEXI and CII), and the EU Emissions Trading Scheme (ETS), which will increase compliance costs[382](index=382&type=chunk)[388](index=388&type=chunk)[409](index=409&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=86&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes the company's financial condition and operating results, highlighting increased voyage revenues but decreased operating income due to higher administrative and interest expenses, alongside its liquidity and capital resources [Operating Results](index=86&type=section&id=A.%20Operating%20Results) For FY2024, voyage revenues increased by 12% to $34.5 million due to higher charter rates, but operating income declined by 46% to $3.4 million, primarily driven by a $3.1 million increase in administrative expenses and higher depreciation and interest costs Key Financial Results (Year-over-Year) | Metric (in millions USD) | FY 2024 | FY 2023 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Voyage Revenues** | $34.5 | $30.8 | +$3.7 | +12% | | **Vessel Operating Expenses** | $14.3 | $16.1 | -$1.8 | -11% | | **Operating Income** | $3.4 | $6.3 | -$2.9 | -46% | | **Total Comprehensive Income** | $0.43 | $5.27 | -$4.84 | -92% | | **Interest Expense & Finance Costs** | $6.3 | $4.4 | +$1.9 | +43% | Key Operational Metrics | Metric | FY 2024 | FY 2023 | | :--- | :--- | :--- | | **Average Number of Vessels** | 7.3 | 7.8 | | **Ownership Days** | 2,669 | 2,850 | | **Fleet Utilization** | 99.4% | 98.4% | | **Daily TCE Rate ($)** | 12,475 | 9,768 | - Administrative expenses to related parties surged to **$3.8 million in 2024** from $0.7 million in 2023, mainly due to a **$3 million one-time bonus** awarded to a consulting company affiliated with the CEO upon the successful delivery of two newbuilding vessels[556](index=556&type=chunk) - A reversal of impairment of **$1.89 million** was recorded in Q2 2024 related to the sale of the m/v Moon Globe, following a similar reversal of **$4.4 million** in Q1 2023 for the m/v Sun Globe, as their selling prices exceeded their carrying values[534](index=534&type=chunk)[563](index=563&type=chunk) [Liquidity and Capital Resources](index=104&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by cash from operations and reserves, with total outstanding debt significantly increasing to $138 million in 2024 to fund fleet expansion, while remaining in compliance with debt covenants Liquidity and Debt Position | Metric (in millions USD) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | $46.8 | $74.2 | | **Restricted Cash** | $3.8 | $3.6 | | **Working Capital** | $18.5 | $69.8 | | **Total Outstanding Debt** | $138.0 | $52.6 | - In 2024, the company secured several new financing facilities: a **$23 million loan** from Marguerite Maritime S.A., a **$28 million sale and bareboat back arrangement** for m/v GLBS Might, and a **$25 million sale and bareboat back arrangement** for m/v GLBS Magic[574](index=574&type=chunk)[576](index=576&type=chunk)[581](index=581&type=chunk) - The company has significant capital expenditure commitments of approximately **$60.6 million** for two newbuilding vessels scheduled for delivery in the second half of 2026[628](index=628&type=chunk)[1048](index=1048&type=chunk) - The CIT Loan Facility was amended in August 2023, increasing the principal to **$72.25 million**, and contains covenants requiring a minimum loan-to-value ratio of 65% and a maximum leverage ratio of 0.75:1.00, with which the company was in compliance[572](index=572&type=chunk)[596](index=596&type=chunk)[603](index=603&type=chunk) [Item 6. Directors, Senior Management and Employees](index=117&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details the company's board of directors and senior management, including the CEO's compensation structure, recent equity incentive plan adoption, and employee count - The board consists of five directors, with Georgios Feidakis as Chairman and his son, Athanasios Feidakis, as President, CEO, and CFO[652](index=652&type=chunk)[660](index=660&type=chunk) Executive and Director Compensation (2024) | Recipient | Type | Amount Paid (in millions USD) | Amount Owed (as of 12/31/24) | | :--- | :--- | :--- | :--- | | **Goldenmare Limited (CEO's affiliate)** | Consultancy Fees & Bonus | ~$1.7 | ~$1.7 million | | **Non-Executive Directors (Aggregate)** | Fees | $0.304 | $0.08 million | - On March 13, 2024, the company adopted the **2024 Equity Incentive Plan**, reserving **2,000,000 common shares** for issuance to officers, employees, directors, and consultants, though no awards were granted in 2024[678](index=678&type=chunk)[679](index=679&type=chunk)[682](index=682&type=chunk) - As of December 31, 2024, the company had **25 full-time employees**, all located in Greece[677](index=677&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=122&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section outlines major shareholders, including the Chairman's 24.9% common share ownership and the CEO's 49.99% voting control via Series B Preferred Shares, and details significant related party transactions in 2024 Major Shareholders as of March 12, 2025 | Shareholder | Common Shares Beneficially Owned | Percentage of Common Shares | | :--- | :--- | :--- | | **George Feidakis (Chairman)** | 5,115,776 | 24.9% | | **Lind Global Macro Fund, LP** | 2,093,808 (warrants) | 9.2% | | **Intracoastal Capital LLC** | 1,959,250 (warrants) | 8.7% | | **Armistice Capital, LLC** | 1,200,000 (warrants) | 5.5% | - The CEO, Athanasios Feidakis, controls Goldenmare Limited, which holds **10,300 Series B Preferred Shares**, each with **25,000 votes**, capped at an aggregate of **49.99% of the total voting power** of the company[695](index=695&type=chunk)[800](index=800&type=chunk) - In October 2024, the company acquired **two Kamsarmax vessels** (m/v GLBS Angel and m/v GLBS Gigi) for a total of **$54 million** from an entity controlled by the Chairman and CEO, with **$19 million** of the purchase price due within one year[704](index=704&type=chunk)[941](index=941&type=chunk) - The company's manager leases its office space from F.G. Europe A.E., an affiliate of the Chairman; rent paid in 2024 amounted to **$353,000**[698](index=698&type=chunk)[937](index=937&type=chunk) [Item 8. Financial Information](index=126&type=section&id=Item%208.%20Financial%20Information) This section refers to the consolidated financial statements and notes that the company has not been involved in significant legal proceedings, with its dividend policy suspended since 2012 due to board discretion and financing restrictions - The company has not paid any dividends on its common shares since 2012; the ability to pay dividends is subject to board discretion, financial condition, and restrictions in financing agreements[708](index=708&type=chunk)[712](index=712&type=chunk) - Current financing arrangements, such as the CIT Loan Facility, prohibit or restrict dividend payments unless certain conditions are met, including maintaining a **loan-to-value ratio below 60%** and prepaying the loan in an amount equal to the dividend[712](index=712&type=chunk)[605](index=605&type=chunk) [Item 10. Additional Information](index=128&type=section&id=Item%2010.%20Additional%20Information) This section covers the company's share capital, articles of incorporation, material contracts, and tax considerations, including its belief in Section 883 exemption from U.S. federal income tax and non-PFIC status - The company has a Shareholders Rights Agreement (poison pill) that becomes exercisable if a person or group acquires **15% or more of common shares** without board approval, with certain exceptions for existing major shareholders[725](index=725&type=chunk)[808](index=808&type=chunk) - The company believes its U.S. source shipping income is exempt from U.S. federal income tax under **Section 883 of the Internal Revenue Code** by satisfying the "Publicly Traded Test"[744](index=744&type=chunk)[752](index=752&type=chunk) - Management believes the company should not be treated as a **Passive Foreign Investment Company (PFIC)** for U.S. federal income tax purposes, based on the position that income from time charters constitutes services income rather than passive rental income[199](index=199&type=chunk)[761](index=761&type=chunk) [Item 11. Quantitative and Qualitative Disclosures About Market Risk](index=141&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from floating-rate debt interest rates, foreign currency exchange rates, and fuel prices, with a 1.0% SOFR increase potentially adding $1.2 million in interest expense in 2025 Interest Rate Sensitivity on Debt (as of Dec 31, 2024) | Year | Additional Interest Expense from 1.0% SOFR Increase (million USD) | | :--- | :--- | | 2025 | $1.2 | | 2026 | $1.0 | | 2027 | $0.8 | | 2028 | $0.7 | | 2029 and thereafter | $2.3 | - The company's revenues are in U.S. dollars, while a portion of operating expenses are in other currencies, creating exposure to foreign exchange rate fluctuations, which the company does not currently hedge[789](index=789&type=chunk)[790](index=790&type=chunk) PART II [Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds](index=122&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) This section details significant modifications to security holder rights, primarily through the issuance of Series B Preferred Shares, granting the CEO's affiliate substantial voting control, and the adoption of a Shareholders Rights Agreement to deter coercive takeovers - The **10,300 outstanding Series B Preferred Shares** grant the holder **25,000 votes per share**, but the total voting power is capped at **49.99%**, giving an affiliate of the CEO substantial control over shareholder matters[799](index=799&type=chunk)[800](index=800&type=chunk) - The company implemented a Shareholders Rights Agreement in August 2023 (amended January 2025) that triggers if a person or group acquires **15% or more of common shares** without board approval, with certain existing major shareholders being exempt[808](index=808&type=chunk) [Item 15. Controls and Procedures](index=123&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2024, with no material changes identified - Management concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2024[809](index=809&type=chunk)[811](index=811&type=chunk) - Based on the COSO 2013 framework, management determined that the company's **internal control over financial reporting was effective** as of December 31, 2024[813](index=813&type=chunk) [Item 16. Corporate Governance and Other Disclosures](index=145&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) This section covers governance topics, including the audit committee financial expert, principal accountant fees, foreign private issuer exemptions from Nasdaq rules, and the company's board-overseen cybersecurity risk management program - The board of directors has determined that **Ioannis Kazantzidis is the audit committee financial expert** and is independent under SEC and Nasdaq rules[817](index=817&type=chunk) Principal Accountant Fees (Ernst & Young) | Service Category | 2024 (USD) | 2023 (USD) | | :--- | :--- | :--- | | **Audit Fees** | $214,470 | $226,800 | | **Audit-Related Fees** | $0 | $0 | | **Tax Fees** | $0 | $0 | | **All Other Fees** | $0 | $0 | | **Total** | **$214,470** | **$226,800** | - As a foreign private issuer, the company is exempt from certain Nasdaq corporate governance rules, including the requirement for a **majority-independent board** and shareholder approval for all equity compensation plans or certain share issuances[828](index=828&type=chunk) - The company has implemented a **cybersecurity risk management program overseen by the board of directors**, utilizing a third-party, ISO 27001 certified IT provider, and has not experienced any material impact from cybersecurity threats to date[833](index=833&type=chunk)[834](index=834&type=chunk)[838](index=838&type=chunk) PART III [Item 18. Financial Statements](index=149&type=section&id=Item%2018.%20Financial%20Statements) This section presents the company's audited consolidated financial statements for 2024, 2023, and 2022, prepared under IFRS, with an unqualified auditor's opinion and vessel impairment assessment identified as a critical audit matter Consolidated Statement of Financial Position (Abridged) | (in thousands USD) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$320,986** | **$231,401** | | Vessels, net | $248,979 | $100,557 | | Cash and cash equivalents | $46,837 | $74,202 | | **Total Liabilities** | **$144,585** | **$55,431** | | Long-term borrowings & Financial liabilities | $119,011 | $52,259 | | **Total Equity** | **$176,401** | **$175,970** | Consolidated Statement of Comprehensive Income (Abridged) | (in thousands USD) | FY 2024 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | | **Total Revenues** | $34,870 | $31,205 | $61,755 | | **Operating Income** | $3,399 | $6,277 | $23,632 | | **Total Comprehensive Income** | $431 | $5,272 | $24,280 | | **Basic and Diluted EPS ($)** | 0.02 | 0.26 | 1.18 | Consolidated Statement of Cash Flows (Abridged) | (in thousands USD) | FY 2024 | FY 2023 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $11,285 | ($4,455) | | **Net Cash from/(used in) Investing Activities** | ($98,921) | $18,459 | | **Net Cash from Financing Activities** | $60,271 | $7,365 | | **Net Change in Cash** | ($27,365) | $21,369 | | **Cash at End of Year** | $46,837 | $74,202 | - The independent auditor, Ernst & Young (Hellas), identified the assessment of **vessel impairment indicators as a Critical Audit Matter** due to the significant judgment and estimation uncertainty involved in assessing volatile market conditions[865](index=865&type=chunk)[866](index=866&type=chunk)