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].

[Management's Discussion and Analysis of Financial Condition and Results of Operations](index=3&type=section&id=MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides an overview of Globus Maritime Limited's financial performance, operational results, and liquidity position for the reporting period [Overview](index=4&type=section&id=Overview) Globus Maritime Limited operates a global fleet of dry bulk motor vessels, with all management services handled by its wholly-owned subsidiary in Greece - The company's principal business involves the ownership and operation of a fleet of dry bulk motor vessels, providing worldwide transportation for dry cargo products[18](index=18&type=chunk) Fleet and Corporate Structure as of June 30, 2024 | Company | Vessel Owned | Status | | :--- | :--- | :--- | | Devocean Maritime Ltd. | m/v River Globe | Owned | | Artful Shipholding S.A. | m/v Moon Globe*** | Sold July 8, 2024 | | Serena Maritime Limited | m/v Galaxy Globe | Owned | | Talisman Maritime Limited | m/v Power Globe | Owned | | Argo Maritime Limited | m/v Diamond Globe | Owned | | Salaminia Maritime Limited | m/v Orion Globe | Owned | | Calypso Shipholding S.A. | m/v GLBS Hero | Owned | | Daxos Maritime Limited | Hull No: NE-442** | Newbuilding (Delivered Aug 20, 2024) | | Paralus Shipholding S.A. | Hull No: NE-443* | Newbuilding | | Olympia Shipholding S.A. | Hull No: S-K192* | Newbuilding | | Thalia Shipholding S.A. | Hull No: S-3012* | Newbuilding | [Results of Operations](index=4&type=section&id=Results%20of%20Operations) This section details the company's revenue generation from time charters and its primary expense categories, including voyage, vessel operating, general and administrative, depreciation, and interest costs - The company generates revenue primarily from time charters, where the charterer pays for voyage expenses like port and bunker costs, while the company covers vessel operating expenses[20](index=20&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Vessel operating expenses consist of crew wages, insurance, repairs, maintenance, and other costs necessary for vessel operation[26](index=26&type=chunk) - Vessels are depreciated on a straight-line basis over an estimated useful life of 25 years, with the scrap rate increased from **$440 per ton to $480 per ton** in Q4 2023[28](index=28&type=chunk) [Selected Financial and Operational Data](index=8&type=section&id=Selected%20Information) The company reports a significant increase in total comprehensive income to $3.0 million and Adjusted EBITDA to $6.0 million for H1 2024, driven by a surge in the daily Time Charter Equivalent (TCE) rate Consolidated Statements of Comprehensive Income Data (in thousands of U.S. Dollars) | Metric | Six months ended June 30, 2024 | Six months ended June 30, 2023 | | :--- | :--- | :--- | | Total Revenues | 17,229 | 16,414 | | Operating income | 3,480 | 1,952 | | Total comprehensive income | 2,980 | 1,425 | | Basic & diluted income per share | 0.14 | 0.07 | | EBITDA | 8,455 | 7,150 | | Adjusted EBITDA | 5,974 | 2,248 | Consolidated Statement of Financial Position Data (in thousands of U.S. Dollars) | Metric | June 30, 2024 (Unaudited) | Dec 31, 2023 | | :--- | :--- | :--- | | Total assets | 256,315 | 231,401 | | Total equity | 178,950 | 175,970 | | Total debt & Financial liabilities | 72,305 | 52,259 | | Total liabilities | 77,365 | 55,431 | Key Operational Metrics | Metric | Six months ended June 30, 2024 | Six months ended June 30, 2023 | | :--- | :--- | :--- | | Fleet utilization | 99.1% | 98.5% | | Average number of vessels | 6.9 | 8.9 | | Daily time charter equivalent (TCE) rate | $13,246 | $8,518 | | Daily operating expenses | $5,082 | $5,522 | [Recent Developments](index=11&type=section&id=Recent%20Developments) In 2024, Globus Maritime expanded its fleet with two new Ultramax vessels, secured $51 million in new financing, and divested an older vessel - Took delivery of newbuilding vessel **"m/v GLBS Hero"** in January 2024 for a total cost of approximately **$37.5 million**[46](index=46&type=chunk) - Took delivery of newbuilding vessel **"m/v GLBS Might"** in August 2024 for a total cost of approximately **$35.3 million**[47](index=47&type=chunk) - Secured new financing through a **$28 million** sale and leaseback for "GLBS MIGHT" and a **$23 million** loan facility collateralized by "m/v GLBS Hero"[48](index=48&type=chunk)[49](index=49&type=chunk) - Agreed to sell the 2005-built **"Moon Globe"** for a gross price of **$11.5 million**, with the vessel delivered to new owners on July 8, 2024[50](index=50&type=chunk) [H1 2024 vs H1 2023 Performance Analysis](index=12&type=section&id=First%20half%20of%20the%20year%202024%20compared%20to%20the%20first%20half%20of%20the%20year%202023) The company's comprehensive income more than doubled in H1 2024, driven by a 56% increase in TCE rates and reduced voyage expenses, despite higher administrative costs Change in Net Income (in thousands of U.S. Dollars) | Description | Amount | | :--- | :--- | | Net income H1 2023 | 1,425 | | Increase in Voyage revenues | 814 | | Decrease in Voyage expenses | 2,705 | | Decrease in Vessels operating expenses | 2,501 | | Increase in Total administrative expenses | (2,268) | | Decrease in Reversal of Impairment | (2,509) | | Increase in Interest expense and finance costs | (643) | | Net income H1 2024 | 2,980 | - Voyage revenues increased by **5% to $17.0 million**, driven by a **56% increase** in the daily TCE rate to **$13,246**, which offset the impact of operating a smaller average fleet (6.9 vessels vs. 8.9)[56](index=56&type=chunk) - Voyage expenses plummeted from **$3.2 million to $0.5 million**, primarily due to a significant reduction in ballast days (17 vs. 189) and consequently lower bunker expenses[57](index=57&type=chunk)[59](index=59&type=chunk) - Total administrative expenses more than doubled to **$4.4 million** from **$2.1 million**, mainly due to an accrual of approximately **$2.0 million** for a **$3 million** bonus awarded to a consultant affiliated with the CEO[63](index=63&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20capital%20resources) Globus maintained strong liquidity with $74.4 million in cash and a $76.0 million working capital surplus as of June 30, 2024, with operating activities generating $7.7 million in cash Cash and Working Capital (in millions of U.S. Dollars) | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and bank balances | $74.4 | $77.8 | | Working capital surplus | $76.0 | N/A | Statement of Cash Flow Data (in thousands of U.S. Dollars) | Activity | Six months ended June 30, 2024 | Six months ended June 30, 2023 | | :--- | :--- | :--- | | Net cash from operating activities | 7,727 | (4,224) | | Net cash from investing activities | (29,244) | 10,705 | | Net cash from financing activities | 18,080 | (6,080) | - The increase in cash from operations was mainly due to higher net income and a significant decrease in payments for deferred dry docking costs[72](index=72&type=chunk) [Unaudited Interim Condensed Consolidated Financial Statements](index=18&type=section&id=INDEX%20TO%20UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the company's unaudited interim condensed consolidated financial statements, including the statement of comprehensive income, financial position, changes in equity, and cash flows [Consolidated Financial Statements](index=19&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Changes in Equity, and Statement of Cash Flows for the six-month period ended June 30, 2024 Unaudited Interim Condensed Consolidated Statement of Comprehensive Income (in thousands of U.S. Dollars) | Metric | Six months ended June 30, 2024 | Six months ended June 30, 2023 | | :--- | :--- | :--- | | Total Revenues | 17,229 | 16,414 | | Operating income | 3,480 | 1,952 | | NET INCOME FOR THE PERIOD | 2,980 | 1,425 | | Basic and Diluted income per share | 0.14 | 0.07 | Condensed Consolidated Statement of Financial Position (in thousands of U.S. Dollars) | Metric | June 30, 2024 (Unaudited) | Dec 31, 2023 | | :--- | :--- | :--- | | Total non-current assets | 168,366 | 152,105 | | Total current assets | 87,949 | 79,296 | | **TOTAL ASSETS** | **256,315** | **231,401** | | Total equity | 178,950 | 175,970 | | Total non-current liabilities | 65,370 | 45,930 | | Total current liabilities | 11,995 | 9,501 | | **TOTAL EQUITY AND LIABILITIES** | **256,315** | **231,401** | [Notes to the Financial Statements](index=23&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations for the financial statements, covering vessel transactions, debt, capital commitments, and post-reporting date events [Note 5: Vessels, net and Advances for vessel acquisition](index=28&type=section&id=Note%205%20Vessels%2C%20net%20and%20Advances%20for%20vessel%20acquisition) This note details fleet changes, including $38.5 million in additions and the reclassification of the "Moon Globe" to "Assets held for sale" after an agreement to sell it for $11.5 million - Agreed to sell the 2005-built **"Moon Globe"** for a gross price of **$11.5 million**[111](index=111&type=chunk) - Following the sale agreement, the company recorded a reversal of impairment of **$1,891 thousand** and reclassified the vessel's carrying amount of **$11,368 thousand** to "Assets held for sale"[112](index=112&type=chunk) [Note 8: Long-Term Debt and Finance Liabilities, net](index=31&type=section&id=Note%208%20Long-Term%20Debt%20and%20Finance%20Liabilities%2C%20net) As of June 30, 2024, total long-term debt and finance liabilities reached $72.7 million, including a new $23 million loan and a $2.8 million sale and leaseback liability for "GLBS Might" Breakdown of Debt and Finance Liabilities as of June 30, 2024 (in thousands of U.S. Dollars) | Facility | Principal | Amortized Cost | | :--- | :--- | :--- | | (a) CIT Loan Facility | 46,925 | 46,719 | | (b) Marguerite Maritime S.A. Loan | 23,000 | 22,786 | | **Total Long-term debt** | **69,925** | **69,505** | | (c) Daxos Maritime Ltd (Sale-Leaseback) | 2,800 | 2,800 | | **Total Financial liabilities** | **2,800** | **2,800** | - Secured a new **$23 million** loan facility from Marguerite Maritime S.A. with interest at Term SOFR plus a 2.3% margin, collateralized by the m/v GLBS Hero[140](index=140&type=chunk) - Entered a **$28 million** sale and leaseback for the newbuilding "GLBS Might", accounted for as a financial liability due to the company's obligation to repurchase the vessel under IFRS 15[144](index=144&type=chunk) [Note 10: Commitments](index=34&type=section&id=Note%2010%20Commitments) The company has $10.1 million in future minimum revenues from time charters and substantial capital commitments of approximately $107.3 million for four newbuilding vessels, with deliveries through Q3 2026 Future Minimum Revenues (in thousands of U.S. Dollars) | Period | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Within one year | 10,076 | 8,060 | | **Total** | **10,076** | **8,060** | Contractual Payments for Newbuilding Vessels (in thousands of U.S. Dollars) | Period | Total Payments | | :--- | :--- | | July 1, 2024 to June 30, 2025 | 46,725 | | July 1, 2025 to June 30, 2026 | 11,280 | | July 1, 2026 to Nov 30, 2026 | 49,300 | | **Total** | **107,305** | [Note 12: Events after the reporting date](index=37&type=section&id=Note%2012%20Events%20after%20the%20reporting%20date) Post-reporting date events include the completion of the "Moon Globe" sale, delivery of "m/v GLBS Might" with associated financing drawdown, and a $1.5 million bonus payment to a consultant - The sale of the 2005-built **"Moon Globe"** for **$11.5 million** was completed, and the vessel was delivered to its new owners on July 8, 2024[162](index=162&type=chunk) - Took delivery of the newbuilding vessel **"m/v GLBS Might"** on August 20, 2024, and drew down the remaining **$25.2 million** of the **$28 million** sale and leaseback financing[163](index=163&type=chunk)[164](index=164&type=chunk) - Paid a **$1.5 million** bonus to a consultant affiliated with the CEO on August 26, 2024, following the successful delivery of the "GLBS Might"[165](index=165&type=chunk)

Financial Performance - The company reported revenue of $9.5 million for Q2 2024, a 22% increase from $7.8 million in Q2 2023, primarily due to higher average time charter rates [18][20] - Net income for Q2 2024 was $3.3 million, compared to a net loss of $1.2 million in Q2 2023, resulting in a basic income per share of $0.16 [17][19] - Adjusted EBITDA for Q2 2024 was $4 million, significantly up from $907,000 in Q2 2023 [16][25] Fleet and Operations - As of September 12, 2024, the company operates a fleet of seven dry bulk carriers, with a total carrying capacity of 507,313 DWT and a weighted average age of 7.9 years [3][35] - All vessels are currently operating on short-term time charters, maintaining high fleet utilization rates of 99.7% in Q2 2024 [4][22] - The company has taken delivery of two new Ultramax vessels in 2024 and has plans for further fleet expansion with two additional vessels expected in 2026 [7][8] Market Conditions - The chartering market in 2024 has been relatively healthy, allowing the company to remain profitable despite geopolitical challenges [6] - The average Daily Time Charter Equivalent (TCE) rate for Q2 2024 was $14,578 per day, a 77% increase from $8,244 per day in Q2 2023 [18][22] Financial Position - Total assets as of June 30, 2024, were $256.3 million, up from $231.4 million at the end of 2023, with total equity increasing to $178.9 million [34] - The company has entered into various financing agreements, including a $28 million sale and leaseback agreement and a $23 million loan facility, to support its operations and fleet expansion [11][12] Recent Developments - The company successfully sold a 2005-built vessel for $11.5 million in May 2024, contributing to its financial gains [13] - A new equity incentive plan was adopted to align the interests of officers and key employees with the company's long-term performance [15]

GLYFADA, Greece, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Globus Maritime Limited ("Globus" or the "Company"), (NASDAQ: GLBS), a dry bulk shipping company, announced the results of its annual meeting of shareholders, held earlier today in Glyfada, Greece. The following proposals were approved and adopted at the meeting: Globus Maritime Limited +30 210 960 8300 Athanasios Feidakis, CEO a.g.feidakis@globusmaritime.gr Capital Link – New York +1 212 661 7566 Nicolas Bornozis globus@capitallink.com 1. the election of ...

Core Points - Globus Maritime Limited will release its financial results for the quarter and six-month period ended June 30, 2024, after the market closes on September 12, 2024 [1] - The company operates a fleet of seven dry bulk vessels with a total carrying capacity of approximately 507,313 DWT and a weighted average age of 7.9 years as of September 10, 2024 [3] Company Overview - Globus Maritime Limited is an integrated dry bulk shipping company providing marine transportation services worldwide [3] - The company transports various dry bulk cargoes including iron ore, coal, grain, steel products, cement, and alumina [3]