[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]

GLYFADA, Greece, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Globus Maritime Limited ("Globus" or the "Company") (NASDAQ: GLBS), a dry bulk shipping company, announced today that the annual meeting of shareholders will be held at the offices of Globus Shipmanagement Corp. at 128 Vouliagmenis Avenue in Glyfada, Attica Greece, on September 12, 2024, at 11:00 a.m. local time. Shareholders of record at the close of business on August 8, 2024, are entitled to receive notice of, and to vote at, the annual meeting, or any a ...

Exhibit 99.2 GLOBUS MARITIME LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of our financial condition and results of operations for the three-month periods ended March 31, 2024 and 2023. Unless otherwise specified herein, references to the "Company", "we" or "our" shall include Globus Maritime Limited (NASDAQ: GLBS) and its subsidiaries. You should read the following discussion and analysis together with our unaudited interim cond ...

Core Viewpoint - Globus Maritime Limited reported a decline in revenue and net loss for Q1 2024 compared to Q1 2023, despite an increase in adjusted EBITDA and daily time charter equivalent rates, indicating mixed financial performance amid a challenging market environment [2][11][12]. Financial Performance - Revenue for Q1 2024 was $7.7 million, down from $8.6 million in Q1 2023, reflecting an 11% decrease in voyage revenues attributed to a reduced average number of vessels [10][12]. - Adjusted EBITDA increased to $2 million in Q1 2024 from $1.3 million in Q1 2023, showcasing improved operational efficiency [10][11]. - The net loss for Q1 2024 was $0.3 million, compared to a net income of $2.6 million in Q1 2023, resulting in a basic and diluted loss per share of $0.01 [11][29]. Fleet and Operations - The company operates a fleet of seven dry bulk carriers, with a weighted average age of 10 years as of March 31, 2024 [3][37]. - The daily time charter equivalent (TCE) rate rose to $11,862 per vessel per day in Q1 2024, a 35% increase from $8,780 per vessel per day in Q1 2023 [12][32]. - Fleet utilization was reported at 98.5% for Q1 2024, slightly down from 99.3% in Q1 2023 [32]. Recent Developments - The company took delivery of its first new building, the m/v GLBS Hero, an Ultramax vessel, which is expected to operate efficiently with lower fuel consumption compared to older vessels [5][24]. - A sale and leaseback agreement for a new vessel, GLBS MIGHT, was entered into for $28 million, scheduled for delivery in Q3 2024 [9]. - The company is actively modernizing its fleet with fuel-efficient vessels to enhance operational performance and shareholder value [7][25][24]. Financial Position - As of March 31, 2024, total assets were $233.2 million, with total equity at $175.7 million and total debt at $53.5 million [19][27]. - The company secured a loan facility of $23 million to support general corporate purposes, with a repayment plan structured over 20 quarters [27].

GLYFADA, Greece, June 07, 2024 (GLOBE NEWSWIRE) -- Globus Maritime Limited ("Globus", the "Company", "we", or "our") (NASDAQ: GLBS), a dry bulk shipping company, today reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2024. Current Fleet Deployment During the first quarter the charter market gradually rose to healthy levels, and based on that we hope the market rises to a level that can come to be generally perceived as seasonally stronger in the second, thi ...

Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns, operates and manages a fleet of seven dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus' subsidiaries own and operate seven vessels with a total carrying capacity of approximately 517,487DWT and a weighted average age of about 10 years as of March 31, 2024. GLYFADA, Greece, June 05, 2024 (GLOBE NEW ...

GLYFADA, Greece, March 15, 2024 (GLOBE NEWSWIRE) -- Globus Maritime Limited ("Globus," the "Company," "we," or "our"), (NASDAQ:GLBS), a dry bulk shipping company, announced today that the Company's annual report on Form 20-F that contains the Company's audited financial statements for the fiscal year ended December 31, 2023 was filed today with the Securities and Exchange Commission, and may be found on the Company's website at www.globusmaritime.gr under Investor Relations. Alternatively, shareholders may ...