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)

Group 1 - Globus Maritime Limited has entered into an agreement to sell its 2007-built supramax vessel, m/v River Globe, for a gross price of US$ 8.55 million before commissions and expenses [1] - The vessel has a deadweight tonnage of approximately 53,627 dwt and is expected to be delivered to the new owner between March 1, 2025, and April 15, 2025 [1] - The sale is subject to customary closing conditions and requirements [1] Group 2 - Globus Maritime Limited operates an integrated dry bulk shipping business with a fleet of ten dry bulk vessels [2] - The total carrying capacity of the fleet is 734,249 dead weight tons, with a weighted average age of 7.9 years as of February 11, 2025 [2]

Management's Discussion and Analysis of Financial Condition and Results of Operations [Overview](index=2&type=section&id=Overview) Globus Maritime Limited provides global maritime transportation services for dry cargo, operating a fleet of dry bulk motor vessels managed by its wholly-owned Greek subsidiary, Globus Shipmanagement Corp - The company's principal business is owning and operating a fleet of dry bulk motor vessels for worldwide transportation of dry cargo[9](index=9&type=chunk) - Vessel operations, including commercial, technical, and accounting services, are managed by the wholly-owned subsidiary Globus Shipmanagement Corp[35](index=35&type=chunk) Fleet Composition as of September 30, 2024 | Vessel Name | Delivery Date | | :--- | :--- | | m/v River Globe | December 18, 2007 | | m/v Galaxy Globe | October 29, 2020 | | m/v Power Globe | July 20, 2021 | | m/v Diamond Globe | June 9, 2021 | | m/v Orion Globe | November 29, 2021 | | m/v GLBS Hero | January 25, 2024 | | m/v GLBS Might | August 20, 2024 | | m/v GLBS Magic | September 20, 2024 | | Hull No: S-K192 | - | | Hull No: S-3012 | - | [Results of Operations](index=2&type=section&id=Results%20of%20Operations) For the nine months ended September 30, 2024, net income decreased to $2.4 million from $4.9 million in the prior-year period, primarily due to lower gains from vessel sales and impairment reversals, coupled with increased administrative expenses, partially offset by a 9% rise in voyage revenues from a 50% increase in the daily Time Charter Equivalent (TCE) rate to $13,450 Consolidated Statement of Comprehensive Income Highlights (Nine Months Ended Sep 30) | Metric (in thousands of U.S. Dollars) | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenues | 26,179 | 24,095 | | Operating income | 4,289 | 5,555 | | Net income | 2,430 | 4,894 | | Basic & diluted earnings per share | $0.12 | $0.24 | | EBITDA (unaudited) | 10,973 | 13,269 | - The **9% increase in Voyage revenues** was mainly attributed to a **50% increase in the daily Time Charter Equivalent (TCE) rate**, from **$8,979 in 9M 2023 to $13,450 in 9M 2024**, reflecting better market conditions[51](index=51&type=chunk) - Total administrative expenses more than doubled to **$6.5 million** from **$3.2 million**, primarily due to a **$3 million bonus** awarded to a consultant affiliated with the CEO[55](index=55&type=chunk) - Gain from the sale of vessels dropped significantly to **$2 thousand** in 9M 2024 from **$3.9 million** in 9M 2023, with reversal of impairment also decreasing from **$4.4 million to $1.9 million**[22](index=22&type=chunk)[86](index=86&type=chunk) [Revenues](index=2&type=section&id=Revenues) Total revenues for the nine months ended September 30, 2024, increased to $26.2 million from $24.1 million in the prior year, driven by a 9% rise in voyage revenues to $25.9 million due to higher time charter rates, despite a smaller average fleet size, while management and consulting fee income remained stable at $0.3 million Revenue Breakdown (Nine Months Ended Sep 30, in thousands of U.S. Dollars) | Revenue Source | 2024 | 2023 | | :--- | :--- | :--- | | Voyage revenues | 25,905 | 23,822 | | Management & consulting fee income | 274 | 273 | | **Total Revenues** | **26,179** | **24,095** | - The company generates revenue primarily from time charters, where a vessel is contracted for a specific period at a specified daily rate, with revenue recognized on a straight-line basis over the charter period[11](index=11&type=chunk) [Expenses](index=3&type=section&id=Expenses) For the nine months ended September 30, 2024, voyage expenses decreased sharply to $0.9 million from $3.8 million due to fewer ballast days, and vessel operating expenses fell to $9.9 million from $12.8 million, with average daily operating expenses down 4% to $5,326, while total administrative expenses surged to $6.5 million from $3.2 million, mainly driven by a $3 million executive-affiliated bonus - Voyage expenses dropped significantly from **$3.8 million to $0.9 million**, mainly because of a decrease in ballast days from **252 to 35**, which substantially lowered bunker expenses[80](index=80&type=chunk) - Average daily operating expenses per vessel decreased by **4% to $5,326** in 9M 2024 from **$5,557** in 9M 2023[53](index=53&type=chunk) - Depreciation increased to **$4.1 million** from **$3.7 million** due to the addition of three new vessels (m/v GLBS Hero, m/v GLBS Might, and m/v GLBS Magic) in 2024[54](index=54&type=chunk) [Finance Costs and Other Items](index=3&type=section&id=Finance%20Costs%20and%20Other%20Items) In the first nine months of 2024, net finance losses widened to $1.9 million from $0.7 million in the prior year, driven by a rise in interest expense to $4.3 million from increased total borrowings of $96 million, partially offset by increased interest income of $2.3 million due to higher interest rates, while the gain on derivative financial instruments decreased to $0.2 million from $0.8 million Finance Costs Breakdown (Nine Months Ended Sep 30, in thousands of U.S. Dollars) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Interest income | 2,272 | 1,668 | | Interest expense and finance costs, net | (4,330) | (3,077) | | Gain on derivative financial instruments, net | 218 | 781 | | Foreign exchange losses, net | (19) | (33) | | **Total finance losses, net** | **(1,859)** | **(661)** | - Interest expense and finance costs increased to **$4.3 million** from **$3.1 million**, primarily due to a higher outstanding balance on loan and sale-and-leaseback agreements, which grew to **$96 million**[88](index=88&type=chunk)[59](index=59&type=chunk) - Interest income rose to **$2.3 million** from **$1.7 million**, attributed to higher global interest rates and the company's use of short-term time deposits[87](index=87&type=chunk) [Selected Financial and Operational Data](index=6&type=section&id=Selected%20Financial%20and%20Operational%20Data) For the nine months ended September 30, 2024, fleet utilization was high at 99.3%, with the daily Time Charter Equivalent (TCE) rate significantly increasing by 50% to $13,450, while EBITDA decreased to $11.0 million from $13.3 million, and Adjusted EBITDA more than doubled to $8.9 million from $4.2 million, primarily due to adjustments for non-recurring items in 2023 Key Operational Metrics (Nine Months Ended Sep 30) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Ownership days | 1,862 | 2,298 | | Available days | 1,862 | 2,225 | | Operating days | 1,848 | 2,181 | | Fleet utilization | 99.3% | 98.0% | | Average number of vessels | 6.8 | 8.4 | | Daily TCE rate | $13,450 | $8,979 | | Daily operating expenses | $5,326 | $5,557 | EBITDA and Adjusted EBITDA Reconciliation (Nine Months Ended Sep 30, in thousands of U.S. Dollars) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Total comprehensive income | 2,430 | 4,894 | | EBITDA (unaudited) | 10,973 | 13,269 | | Adjusted EBITDA (unaudited) | 8,881 | 4,245 | [Liquidity and Capital Resources](index=13&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2024, the company had cash and bank balances of $63.6 million and a working capital surplus of $52.3 million, with net cash from operating activities significantly improving to $10.8 million from a $5.5 million use of cash in the prior year, while net cash used in investing activities was $64.4 million for vessel acquisitions, and financing activities generated $39.2 million from new loan proceeds Cash and Bank Balances (in millions of U.S. Dollars) | Date | Amount | | :--- | :--- | | September 30, 2024 | $63.6 | | December 31, 2023 | $77.8 | Statement of Cash Flow Data (Nine Months Ended Sep 30, in thousands of U.S. Dollars) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash from operating activities | 10,752 | (5,462) | | Net cash (used in)/from investing activities | (64,402) | 21,614 | | Net cash from financing activities | 39,152 | 9,333 | - The company was in compliance with all loan covenants as of September 30, 2024, and management believes it has sufficient resources to continue as a going concern[88](index=88&type=chunk)[62](index=62&type=chunk)[90](index=90&type=chunk) - Total outstanding borrowings under loan and sale-and-leaseback agreements increased to **$96 million** as of September 30, 2024, up from **$54.2 million** a year prior[59](index=59&type=chunk)[118](index=118&type=chunk) [Recent Developments](index=10&type=section&id=Recent%20Developments) Subsequent to the reporting period, on October 23, 2024, the company agreed to acquire two Kamsarmax dry bulk vessels from a related party for a total of $54 million, with the first vessel delivered on November 19, 2024, and the second expected in December 2024, financed with available cash and deferred payment terms - On October 23, 2024, the company entered into an agreement with an entity controlled by the Chairman to acquire two Kamsarmax vessels for a total purchase price of **$54 million** (**$27.5 million** for a 2016-built and **$26.5 million** for a 2014-built)[29](index=29&type=chunk) - The transaction was approved by a committee of independent directors and involves deferred payment, with a portion of the purchase price for each vessel due up to one year after the agreement date[29](index=29&type=chunk) - The first vessel, m/v "GLBS Angel", was delivered on November 19, 2024, and the second vessel is expected to be delivered in December 2024[29](index=29&type=chunk) Unaudited Interim Condensed Consolidated Financial Statements [Consolidated Statements of Financial Position](index=18&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of September 30, 2024, total assets increased to $280.1 million from $231.4 million at year-end 2023, primarily due to a significant rise in the net value of vessels from $100.6 million to $195.3 million, while total liabilities also grew substantially to $101.7 million from $55.4 million, driven by an increase in total debt to $95.3 million, and total equity remained stable at $178.4 million Condensed Consolidated Balance Sheet (in thousands of U.S. Dollars) | Account | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **280,082** | **231,401** | | Vessels, net | 195,282 | 100,557 | | Cash and equivalents | 60,827 | 74,292 | | **Total Liabilities** | **101,682** | **55,431** | | Total debt & Financial liabilities | 95,270 | 52,259 | | **Total Equity** | **178,400** | **175,970** | [Notes to the Financial Statements](index=21&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide detailed information supporting the financial statements, including the basis of presentation under IAS 34, confirmation of the going concern assumption, details on related party transactions such as a $3 million CEO-affiliated bonus, the significant increase in vessel assets due to acquisitions, the capital structure including 19.7 million outstanding warrants, and the composition of the company's $96 million in debt and financial liabilities from various credit and sale-leaseback facilities [Note 4: Transactions with Related Parties](index=27&type=section&id=Note%204%3A%20Transactions%20with%20Related%20Parties) During the period, the company engaged in significant related party transactions, including a one-time bonus of $3 million awarded to a consultant affiliated with the CEO, with the first $1.5 million paid in August 2024, and the renewal of its office lease agreement with an affiliate of the company's chairman - A **$3 million bonus** was awarded to a consultant affiliated with the CEO, with **$1.5 million** paid on August 26, 2024, and the remaining **$1.5 million** accrued as of September 30, 2024[160](index=160&type=chunk) - In August 2024, the company entered into a new office rental agreement with F.G. Europe, an affiliate of Globus's chairman, for a lease period ending in August 2027[161](index=161&type=chunk) [Note 5: Vessels, net and Advances for vessel acquisition](index=27&type=section&id=Note%205%3A%20Vessels%2C%20net%20and%20Advances%20for%20vessel%20acquisition) The net book value of the company's vessels increased to $195.3 million as of September 30, 2024, from $100.6 million at the start of the year, driven by additions of $110.4 million from new vessel acquisitions, while the company also sold the m/v Moon Globe in July 2024 and recorded a reversal of impairment of $1.9 million related to this sale Vessels, Net Book Value Roll-Forward (in thousands of U.S. Dollars) | Description | Amount | | :--- | :--- | | Balance at January 1, 2024 | 100,557 | | Additions | 110,429 | | Reversal of Impairment | 1,891 | | Depreciation & Amortization | (6,226) | | Sale of vessel (Net Impact) | (11,369) | | **Balance at September 30, 2024** | **195,282** | - The company sold the 2005-built m/v Moon Globe for a gross price of **$11.5 million**, with delivery to the new owners on July 8, 2024[141](index=141&type=chunk)[165](index=165&type=chunk) [Note 8: Long-Term Debt, net](index=31&type=section&id=Note%208%3A%20Long-Term%20Debt%2C%20net) As of September 30, 2024, total long-term debt and financial liabilities amounted to $96.1 million, including balances from the CIT loan facility, a new $23 million loan facility with Marguerite Maritime S.A. from May 2024, and a $28 million sale and leaseback agreement with SK Shipholding S.A. from February 2024, with the company remaining in compliance with all debt covenants Debt and Financial Liabilities Breakdown (in thousands of U.S. Dollars) | Lender | Amount | | :--- | :--- | | First Citizens Bank & Trust Company (CIT) | 45,528 | | Marguerite Maritime S.A. | 22,705 | | SK Shipholding S.A. (Sale-Leaseback) | 27,817 | | **Total** | **96,050** | - In May 2024, the company secured a new **$23 million loan facility** from Marguerite Maritime S.A. bearing interest at Term SOFR plus a **2.3% margin**[183](index=183&type=chunk) - In February 2024, the company entered a **$28 million sale and leaseback agreement** for the vessel "GLBS Might", which was accounted for as a financing arrangement, not a sale[206](index=206&type=chunk) [Note 10: Commitments](index=34&type=section&id=Note%2010%3A%20Commitments) As of September 30, 2024, the company had future minimum revenues of $21.0 million receivable under non-cancellable time charter arrangements, and significant capital commitments of $60.6 million for two fuel-efficient bulk carriers under construction, scheduled for delivery in the second half of 2026 - Future minimum revenues from non-cancellable time charters were **$21.0 million** as of September 30, 2024[208](index=208&type=chunk) - The company has commitments of approximately **$60.6 million** for two newbuild vessels to be delivered in 2026, with an initial **$15 million** paid as of August 2024[211](index=211&type=chunk)[212](index=212&type=chunk)

Financial Performance - The company reported revenue of $9 million for Q3 2024, a 16% increase from $7.7 million in Q3 2023, primarily due to higher average time charter rates [15][22] - For the nine-month period ended September 30, 2024, revenue reached $26.2 million, up 9% from $24.1 million in the same period of 2023 [17][22] - The net loss for Q3 2024 was $0.6 million, compared to a net income of $3.5 million in Q3 2023 [14][22] - Net income for the nine-month period was $2.4 million, down from $4.9 million in the same period last year [16][22] - Adjusted EBITDA for Q3 2024 was $2.9 million, compared to $2.0 million in Q3 2023 [11][22] Fleet and Operations - As of November 29, 2024, the company operates a fleet of nine dry bulk carriers with a total carrying capacity of 652,432 DWT and a weighted average age of 7.4 years [27] - The fleet includes one Supramax, five Kamsarmax, and three Ultramax vessels [2][27] - All vessels are currently operating on short-term time charters [4] Recent Developments - The company took delivery of a new Ultramax vessel named "GLBS Magic" in September 2024, with a total cost of approximately $35.3 million [9] - On October 23, 2024, the company entered into agreements to acquire two Kamsarmax vessels for a total of $54 million, with payments structured over time [10] - The company is focused on developing a modern and fuel-efficient fleet to meet future challenges and regulatory requirements [8][5] Market Outlook - Management remains optimistic despite weakening charter rates, citing positive signs in the market and the importance of adapting to new fuel regulations [5][6] - The company believes that regulatory developments will pressure older vessels, potentially benefiting the market by increasing demand for more efficient vessels [7]

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 652,432 Dwt and a weighted average age of 7.4 years as of November 27, 2024 [2] Financial Results Announcement - The company will release its financial results for the three- and nine-month periods ended September 30, 2024, after the market closes in New York on November 29, 2024 [1]

Core Viewpoint - Globus Maritime Limited has signed agreements to acquire two Kamsarmax scrubber outfitted dry bulk vessels, enhancing its fleet capacity and operational capabilities [1][2]. Group 1: Acquisition Details - The first vessel is a 2016-built dry bulk vessel with a carrying capacity of approximately 81,119 dwt, purchased for $27.5 million [1]. - The second vessel is a 2014-built dry bulk vessel with a carrying capacity of approximately 81,817 dwt, purchased for $26.5 million [1]. - Payment for the 2016-built vessel includes $18.0 million upon delivery, with the remaining balance due within one year [1]. - Payment for the 2014-built vessel includes $17.0 million upon delivery, with the remaining balance due within one year [1]. Group 2: Ownership and Approval - Each vessel is owned by an entity controlled by the Chairman of the Board, with the purchase approved by a committee of independent directors and the full Board of Directors [2]. - The vessels are expected to be delivered during the fourth quarter of 2024, subject to standard closing conditions [2]. Group 3: Fleet Expansion - Following the delivery of both vessels, Globus Maritime's fleet will consist of ten dry bulk carriers with a total carrying capacity of approximately 734,249 dwt [2]. - The company currently operates a fleet of eight vessels (excluding the new acquisitions) with a total carrying capacity of 571,313 dwt and a weighted average age of 7.2 years as of October 24, 2024 [3]. Group 4: Company Overview - Globus Maritime Limited is an integrated dry bulk shipping company providing marine transportation services globally, transporting various dry bulk cargoes [3].

Core Viewpoint - Globus Maritime Limited has successfully taken delivery of a new Ultramax dry bulk carrier, the M/V "Glbs Magic," which enhances its fleet capacity and operational capabilities [1][2]. Group 1: Company Developments - The M/V "Glbs Magic" was delivered on September 20, 2024, and has a carrying capacity of approximately 64,000 DWT [1]. - This delivery marks the third Ultramax newbuilding for the company in 2024, increasing its fleet to a total of eight dry bulk carriers [2]. - The company has chartered the M/V "Glbs Magic" to a reputable European operator at a gross daily rate equal to 124% of the Baltic Supramax Index 10 TC routes for about one year [2]. Group 2: Fleet and Operations - Globus Maritime Limited operates a fleet of eight dry bulk vessels with a total carrying capacity of approximately 571,313 DWT and a weighted average age of 7.1 years as of September 20, 2024 [3]. - The company provides marine transportation services for various dry bulk cargoes, including iron ore, coal, grain, steel products, cement, and alumina [3].