Core Viewpoint - Globus Maritime Limited is set to release its financial results for the first quarter of 2024 on June 7, 2024, after market close in New York [1]. Company Overview - Globus Maritime Limited is an integrated dry bulk shipping company providing marine transportation services globally [2]. - The company currently owns, operates, and manages a fleet of seven dry bulk vessels [2]. - The total carrying capacity of Globus' fleet is approximately 517,487 DWT, with a weighted average age of about 10 years as of March 31, 2024 [2].

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 ...

As filed with the Securities and Exchange Commission on March 15, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT ...

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 nine-month periods ended September 30, 2023 and 2022. 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 c ...

[Introduction and Cautionary Statements](index=1&type=section&id=Introduction%20and%20Cautionary%20Statements) This section outlines the scope of management's discussion and analysis, along with important disclosures regarding forward-looking statements and associated risks [Management's Discussion and Analysis Scope](index=1&type=section&id=Management%27s%20Discussion%20and%20Analysis%20Scope) This section provides a discussion and analysis of Globus Maritime Limited's financial condition and results of operations for the three-month periods ended March 31, 2023 and 2022, and should be read in conjunction with the unaudited interim condensed consolidated financial statements and the Annual Report on Form 20-F for the year ended December 31, 2022 - The discussion covers financial condition and results of operations for **Q1 2023 and Q1 2022**[2](index=2&type=chunk) - References to 'Company', 'we', or 'our' include Globus Maritime Limited and its subsidiaries[2](index=2&type=chunk) - Readers should review this analysis with the unaudited interim condensed consolidated financial statements and the **2022 Annual Report on Form 20-F**[2](index=2&type=chunk) [Forward-Looking Statements](index=1&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements regarding future operations, financial results, business expansion, and market conditions, which are subject to risks and uncertainties, cautioning readers not to place undue reliance on these statements as actual results may differ materially - Statements are forward-looking if they are predictive, depend on future events, or use words like 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'estimates,' 'projects,' 'forecasts,' 'may,' 'should,' and similar expressions[3](index=3&type=chunk) - Forward-looking statements cover future operating/financial results, economic/political conditions, vessel acquisitions, business strategy, capital/operating expenses, competition, shipping market trends, financial condition, liquidity, and vessel availability/construction[3](index=3&type=chunk) - Factors that might cause future results to differ include changes in governmental regulations, economic/competitive conditions (e.g., charter rates), off-hire periods, and other risks detailed in the Annual Report's 'Risk Factors' section[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Overview](index=2&type=section&id=Company%20Overview) This section provides an overview of Globus Maritime Limited's core business, operational structure, and management services [Business Description and Structure](index=2&type=section&id=Business%20Description%20and%20Structure) Globus Maritime Limited is a Marshall Islands corporation primarily engaged in the ownership and operation of a fleet of dry bulk motor vessels for worldwide dry cargo transportation, with operations managed by its wholly-owned subsidiary, Globus Shipmanagement Corp., providing commercial, technical, cash management, and accounting services - Globus Maritime Limited's principal business is the ownership and operation of dry bulk motor vessels for global dry cargo transportation[6](index=6&type=chunk) - Operations are conducted through vessel-owning subsidiaries and managed by Globus Shipmanagement Corp., a wholly-owned Marshall Islands corporation[6](index=6&type=chunk)[7](index=7&type=chunk) - The Manager provides commercial, technical, cash management, and accounting services for the fleet, with management fees eliminated on consolidation[7](index=7&type=chunk) [Key Financial Measures and Definitions](index=2&type=section&id=Key%20Financial%20Measures%20and%20Definitions) This section defines the company's revenue recognition policies and various expense categories, including operating, administrative, and finance costs [Revenue Recognition](index=2&type=section&id=Revenue%20Recognition) The Company generates revenue primarily from time charters, recognized on a straight-line basis over the charter period, bifurcated into lease income (IFRS 16) and technical management services (IFRS 15), with the latter estimated using a residual approach based on crew, maintenance, and consumable costs - Revenues are generated from charter hire of vessels, primarily through time charters, and recognized on a straight-line basis[8](index=8&type=chunk) - Time charter revenues are treated as lease income (IFRS 16) and technical management services (IFRS 15)[8](index=8&type=chunk) - The technical management service component is estimated using a residual approach, based on crew expenses, maintenance, and consumable costs, which were approximately **$4,620 in 2023** and **$4,445 in 2022**[9](index=9&type=chunk) [Expense Categories](index=4&type=section&id=Expense%20Categories) This section defines various expense categories including time charter arrangements, voyage expenses (port, canal, bunker, commissions), vessel operating expenses (crew, insurance, maintenance), general and administrative expenses (officer services, public company costs), depreciation (straight-line over 25 years, adjusted scrap rate), interest and finance costs (LIBOR/SOFR-based debt), and gains/losses on derivative financial instruments (interest rate swaps measured at fair value) [Time Charters](index=4&type=section&id=Time%20Charters) - Under time charters, the charterer pays voyage expenses (port, canal, bunkers), while the owner pays vessel operating expenses (crewing, insurance, repairs, maintenance, spares, tonnage taxes)[11](index=11&type=chunk) - Time charter rates are usually fixed but fluctuate seasonally and annually, influenced by spot charter rates and vessel supply/demand[11](index=11&type=chunk) [Voyage Expenses](index=4&type=section&id=Voyage%20Expenses) - Voyage expenses primarily include port, canal, and bunker expenses specific to a charter, paid by charterers under time charters or by the Company under voyage charters[12](index=12&type=chunk) - Brokerage commissions on revenue are also included in voyage expenses[12](index=12&type=chunk) [Gain on sale of bunkers, net](index=4&type=section&id=Gain%20on%20sale%20of%20bunkers%2C%20net) - Gain on sale of bunkers results from the difference in bunker value when a vessel is redelivered from a previous charter and when it is delivered to a new charterer[13](index=13&type=chunk) [Vessel Operating Expenses](index=4&type=section&id=Vessel%20Operating%20Expenses) - Vessel operating expenses include crew wages, insurance, repairs, maintenance, spares, consumable stores, tonnage taxes, and other miscellaneous owner-borne costs[14](index=14&type=chunk) - All vessel operating expenses are expensed as incurred[14](index=14&type=chunk) [General and Administrative Expenses](index=4&type=section&id=General%20and%20Administrative%20Expenses) - General and administrative expenses consist of senior executive officer services and costs associated with being a public company, including public reporting, legal, accounting, compliance, board compensation, and investor relations[15](index=15&type=chunk) [Depreciation](index=4&type=section&id=Depreciation) - Vessel costs are depreciated on a straight-line basis over an estimated useful life of **25 years**, after deducting residual value[16](index=16&type=chunk) - The estimated residual value (scrap rate) was adjusted from **$380/ton to $440/ton** during Q4 2022 due to increased worldwide scrap rates[16](index=16&type=chunk) [Interest and Finance Costs](index=4&type=section&id=Interest%20and%20Finance%20Costs) - Interest expense and financing costs are incurred on debt used to finance the fleet[17](index=17&type=chunk) - Interest rates were based on three-month LIBOR until August 10, 2022, and on SOFR plus an applicable margin thereafter[17](index=17&type=chunk) [Gain/(Loss) on derivative financial instruments](index=4&type=section&id=Gain%2F%28Loss%29%20on%20derivative%20financial%20instruments) - The Company uses interest rate swap agreements to manage interest rate risk, which are measured at fair value using discounted cash flow techniques[18](index=18&type=chunk) - Changes in the fair value of interest rate swaps are classified under 'Gain/(Loss) on derivative financial instruments' in the consolidated statement of comprehensive income[20](index=20&type=chunk) [Selected Consolidated Financial Data](index=6&type=section&id=Selected%20Consolidated%20Financial%20Data) This section presents key consolidated financial data, including statements of comprehensive income, balance sheets, cash flows, and operational metrics [Consolidated Statements of Comprehensive Income Data](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20Data) For the three months ended March 31, 2023, total revenues decreased significantly to $8.58 million from $18.44 million in the prior year, primarily due to a sharp decline in voyage revenues, with operating income also falling substantially from $11.47 million to $3.30 million, leading to a total comprehensive income of $2.59 million, down from $12.08 million in Q1 2022 Consolidated Statements of Comprehensive Income Data (Q1 2023 vs Q1 2022) | Metric | Three months ended March 31, 2023 (unaudited) ($000's) | Three months ended March 31, 2022 ($000's) | | :----------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Voyage revenues | $8,489 | $18,351 | | Management & consulting fee income | $90 | $90 | | **Total Revenues** | **$8,579** | **$18,441** | | Voyage expenses | $(1,614) | $(349) | | Gain on sale of bunkers, net | $- | $1,149 | | Vessel operating expenses | $(4,519) | $(4,355) | | Depreciation | $(1,275) | $(1,404) | | Depreciation of dry-docking costs | $(1,163) | $(951) | | Administrative expenses | $(944) | $(716) | | Administrative expenses payable to related parties | $(170) | $(359) | | Reversal of Impairment | $4,400 | $- | | Other income, net | $9 | $10 | | **Operating income** | **$3,303** | **$11,466** | | Interest income | $448 | $5 | | Interest expense and finance costs | $(920) | $(389) | | Gain / (Loss) on derivative financial instruments, net | $(211) | $967 | | Foreign exchange gains / (losses), net | $(34) | $34 | | **Total finance gains/(costs), net** | **$(717)** | **$617** | | **Total income and total comprehensive income for the period** | **$2,586** | **$12,083** | | Basic & diluted income per share for the period | $0.13 | $0.59 | | EBITDA (unaudited) | $5,496 | $14,822 | | Adjusted EBITDA (unaudited) | $1,341 | $13,821 | [EBITDA and Adjusted EBITDA Reconciliation](index=6&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) EBITDA and Adjusted EBITDA are non-IFRS measures used to assess financial performance and debt servicing ability, with Q1 2023 EBITDA at $5.50 million (down from $14.82 million) and Adjusted EBITDA significantly decreased to $1.34 million (from $13.82 million), reflecting a substantial decline in profitability - EBITDA and Adjusted EBITDA are non-IFRS measures used to assess financial performance and a company's ability to service indebtedness[23](index=23&type=chunk)[24](index=24&type=chunk) - These metrics have limitations, as they do not reflect cash expenditures, debt service requirements, working capital changes, and may not be comparable across companies[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) Total Comprehensive Income to EBITDA and Adjusted EBITDA Reconciliation (Q1 2023 vs Q1 2022) | Metric | 2023 (Unaudited) ($000's) | 2022 (Unaudited) ($000's) | | :------------------------------------------ | :--------------- | :--------------- | | Total comprehensive income for the period | $2,586 | $12,083 | | Interest and finance costs, net | $472 | $384 | | Depreciation | $1,275 | $1,404 | | Depreciation of drydocking costs | $1,163 | $951 | | **EBITDA (unaudited)** | **$5,496** | **$14,822** | | Loss / (Gain) on derivative financial instruments | $211 | $(967) | | Foreign exchange loss /(gains), net | $34 | $(34) | | Reversal of Impairment | $(4,400) | $- | | **Adjusted EBITDA (unaudited)** | **$1,341** | **$13,821** | [Balance Sheets Data](index=8&type=section&id=Balance%20Sheets%20Data) As of March 31, 2023, total assets slightly decreased to $224.16 million from $225.46 million at December 31, 2022, while total equity increased to $173.28 million from $170.70 million, and total liabilities decreased to $50.88 million from $54.76 million, primarily driven by a reduction in total debt Balance Sheets Data (As at March 31, 2023 vs December 31, 2022) | Metric | As at March 31, 2023 (Unaudited) ($000's) | As at December 31, 2022 ($000's) | | :------------------------------------------ | :------------------------------- | :---------------------- | | Vessels, net | $119,756 | $129,461 | | Advances for vessel acquisition | $31,896 | $28,172 | | Other non-current assets | $4,419 | $5,498 | | **Total non-current assets** | **$156,071** | **$163,131** | | Cash and bank balances and bank deposits (including restricted cash) | $47,509 | $55,211 | | Other current assets | $20,584 | $7,116 | | **Total current assets** | **$68,093** | **$62,327** | | **Total assets** | **$224,164** | **$225,458** | | **Total equity** | **$173,284** | **$170,698** | | Total debt net of unamortized debt discount | $42,725 | $44,325 | | Other liabilities | $8,155 | $10,435 | | **Total liabilities** | **$50,880** | **$54,760** | | **Total equity and liabilities** | **$224,164** | **$225,458** | [Statements of Cash Flows Data](index=9&type=section&id=Statements%20of%20Cash%20Flows%20Data) For the three months ended March 31, 2023, the Company experienced a net cash outflow from operating activities of $2.56 million, a significant reversal from the $10.33 million generated in Q1 2022, with investing activities using $3.35 million primarily for vessel acquisition advances, and financing activities using $0.77 million Statements of Cash Flows Data (Q1 2023 vs Q1 2022) | Metric | Three months ended March 31, 2023 (Unaudited) ($000's) | Three months ended March 31, 2022 ($000's) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | | Net cash (used in) / generated from operating activities | $(2,555) | $10,327 | | Net cash used in investing activities | $(3,354) | $(15) | | Net cash used in financing activities | $(767) | $(2,248) | [Operational Metrics & TCE Reconciliation](index=9&type=section&id=Operational%20Metrics%20%26%20TCE%20Reconciliation) In Q1 2023, the Daily Time Charter Equivalent (TCE) rate significantly decreased by 63% to $8,780 per vessel per day from $23,643 in Q1 2022, reflecting a challenging market, while daily operating expenses increased by 4% to $5,579, and fleet utilization remained high at 99.3% Operational Metrics (Q1 2023 vs Q1 2022) | Metric | Three months ended March 31, 2023 (Unaudited) | Three months ended March 31, 2022 | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Ownership days | 810 | 810 | | Available days | 783 | 810 | | Operating days | 777 | 798 | | Fleet utilization | 99.3% | 98.5% | | Average number of vessels | 9.0 | 9.0 | | Daily time charter equivalent (TCE) rate | $8,780 | $23,643 | | Daily operating expenses | $5,579 | $5,377 | Voyage Revenues to Daily Time Charter Equivalent ("TCE") Reconciliation (Q1 2023 vs Q1 2022) | Metric | Three months ended March 31, 2023 (Unaudited) ($000's) | Three months ended March 31, 2022 ($000's) | | :-------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Voyage revenues | $8,489 | $18,351 | | Plus: Gain on sale of bunkers, net | $- | $1,149 | | Less: Voyage expenses | $1,614 | $349 | | **Net revenues** | **$6,875** | **$19,151** | | Available days | 783 | 810 | | **Daily TCE rate** | **$8,780** | **$23,643** | - Daily TCE rate decreased by **63% from $23,643 in Q1 2022 to $8,780 in Q1 2023**[30](index=30&type=chunk)[31](index=31&type=chunk) [Recent Developments](index=10&type=section&id=Recent%20Developments) This section details recent corporate activities, including new vessel construction contracts, updates to debt financing, and the sale of a vessel [New Building Vessels Contracts](index=10&type=section&id=New%20Building%20Vessels%20Contracts) The Company signed contracts in April and May 2022 for the construction and purchase of three fuel-efficient bulk carriers (one 64,000 dwt vessel from Japan and two 64,000 dwt sister vessels from China), with total consideration approximately $107.8 million, deliveries scheduled for 2024, and financing planned through a combination of debt and equity - On April 29, 2022, a contract was signed for one **64,000 dwt bulk carrier** from Nihon Shipyard Co. (Japan) for approximately **$37.5 million**, with delivery in **H1 2024**[33](index=33&type=chunk) - On May 13, 2022, two contracts were signed for two **64,000 dwt sister bulk carriers** from Nantong COSCO KHI Ship Engineering Co. (China) for approximately **$70.3 million**, with deliveries in **Q3 and Q4 2024**[34](index=34&type=chunk) - The Company intends to finance these new buildings with a combination of debt and equity, having made initial installments totaling **$7.4 million (Japan vessel)** and **$20.7 million (China vessels)** by March 2023[33](index=33&type=chunk)[34](index=34&type=chunk) [Debt Financing Update](index=10&type=section&id=Debt%20Financing%20Update) In August 2022, the Company amended its CIT loan facility, increasing it from $34.25 million to $52.25 million to finance the vessel Orion Globe and for general corporate purposes, changing the benchmark rate from LIBOR to SOFR, and decreasing the applicable margin from 3.75% to 3.35%, also entering a new swap agreement for the additional borrower - In August 2022, the CIT loan facility was increased from **$34.25 million to $52.25 million**[35](index=35&type=chunk) - The additional **$18 million loan** was for financing the vessel Orion Globe and for general corporate/working capital purposes[35](index=35&type=chunk) - The benchmark rate for the entire facility was amended from LIBOR to SOFR, and the applicable margin decreased from **3.75% to 3.35%**[35](index=35&type=chunk) [Vessel Sale](index=10&type=section&id=Vessel%20Sale) On March 6, 2023, the Company agreed to sell the 2007-built vessel Sun Globe for a gross price of $14.1 million, with delivery to the new owners expected in June 2023, subject to standard closing conditions - The Company entered an agreement on **March 6, 2023**, to sell the **2007-built Sun Globe**[36](index=36&type=chunk) - The gross sale price is **$14.1 million**, before commissions, to an unaffiliated third party[36](index=36&type=chunk) - The vessel is expected to be delivered to its new owners in **June 2023**[36](index=36&type=chunk) [Management's Discussion of Financial Performance](index=10&type=section&id=Management%27s%20Discussion%20of%20Financial%20Performance) This section provides management's analysis of financial performance, including external impacts and detailed revenue/expense changes [Impact of Russia-Ukraine Conflict](index=10&type=section&id=Impact%20of%20Russia-Ukraine%20Conflict) The Russia-Ukraine conflict has caused global economic instability and volatility, potentially increasing Company costs and adversely affecting its business, including securing charters and financing, though currently there is no direct effect on the Company's operations - The Russia-Ukraine conflict has disrupted supply chains and caused global economic instability and volatility[37](index=37&type=chunk) - Potential adverse effects include increased costs and challenges in securing charters and financing on attractive terms[37](index=37&type=chunk) - Currently, there is no direct effect on the Company's operations[37](index=37&type=chunk) [Total Comprehensive Income Analysis (Q1 2023 vs Q1 2022)](index=10&type=section&id=Total%20Comprehensive%20Income%20Analysis%20%28Q1%202023%20vs%20Q1%202022%29) Total comprehensive income for Q1 2023 significantly decreased to $2.6 million ($0.13 EPS) from $12.1 million ($0.59 EPS) in Q1 2022, primarily driven by a substantial decrease in voyage revenues, increased voyage expenses, and a reduction in gain on sale of bunkers, partially offset by a reversal of impairment - Total comprehensive income decreased from **$12.08 million in Q1 2022 to $2.59 million in Q1 2023**[38](index=38&type=chunk) - Basic and diluted income per share fell from **$0.59 to $0.13**[38](index=38&type=chunk) Factors Affecting Total Comprehensive Income (Q1 2023 vs Q1 2022) | Factor | Change ($000's) | | :------------------------------------------ | :-------------- | | Net income and total comprehensive income for 3-month period of 2022 | 12,083 | | Decrease in Voyage revenues | (9,862) | | Increase in Voyage expenses | (1,265) | | Decrease in Gain on sale of bunkers, net | (1,149) | | Increase in Vessels operating expenses | (164) | | Decrease in Depreciation | 129 | | Increase in Depreciation of dry-docking costs | (212) | | Increase in Total administrative expenses | (39) | | Increase in Reversal of Impairment | 4,400 | | Decrease in Other income, net | (1) | | Increase in Interest income | 443 | | Increase in Interest expense and finance costs | (531) | | Decrease in Gain/(loss) on derivative financial instruments | (1,178) | | Decrease in Foreign exchange gains/(losses) | (68) | | Net income and total comprehensive income for 3-month period of 2023 | 2,586 | [Detailed Revenue and Expense Analysis](index=12&type=section&id=Detailed%20Revenue%20and%20Expense%20Analysis) Voyage revenues decreased by 54% due to lower time charter rates, while voyage expenses increased significantly, mainly from bunker costs, with no gain on sale of bunkers in Q1 2023 compared to $1.1 million in Q1 2022, vessel operating expenses saw a slight increase, and depreciation decreased due to a higher scrap rate, a $4.4 million impairment reversal was recognized from the sale of Sun Globe, interest expense more than doubled due to higher interest rates and increased borrowings, and derivative financial instruments shifted from a gain to a loss [Voyage Revenues](index=12&type=section&id=Voyage%20Revenues) - Voyage revenues decreased by **54% to $8.5 million in Q1 2023** from **$18.4 million in Q1 2022**[41](index=41&type=chunk) - The decrease was mainly attributed to a **63% decline in the Daily Time Charter Equivalent (TCE) rate**, from **$23,643 in Q1 2022 to $8,780 in Q1 2023**[41](index=41&type=chunk) [Voyage Expenses](index=12&type=section&id=Voyage%20Expenses) - Voyage expenses increased significantly to **$1.6 million in Q1 2023** from **$0.3 million in Q1 2022**[42](index=42&type=chunk) Voyage Expenses Breakdown ($000's) | Category | 2023 | 2022 | | :--------- | :--- | :--- | | Commissions | 114 | 288 | | Bunkers | 1,353 | - | | Other voyage expenses | 147 | 61 | | **Total** | **1,614** | **349** | - The increase was primarily driven by **$1.35 million in bunker expenses in Q1 2023**, compared to none in Q1 2022[42](index=42&type=chunk) [Gain on sale of bunkers, net](index=12&type=section&id=Gain%20on%20sale%20of%20bunkers%2C%20net) - No gain from bunkers was recognized in Q1 2023, compared to a gain of approximately **$1.1 million in Q1 2022**[43](index=43&type=chunk) [Vessel Operating Expenses](index=12&type=section&id=Vessel%20Operating%20Expenses) - Vessel operating expenses increased slightly to **$4.5 million in Q1 2023** from **$4.4 million in Q1 2022**[44](index=44&type=chunk) Vessel Operating Expenses Breakdown (%) | Category | 2023 | 2022 | | :--------- | :--- | :--- | | Crew expenses | 51% | 49% | | Repairs and spares | 17% | 22% | | Insurance | 7% | 8% | | Stores | 16% | 13% | | Lubricants | 6% | 5% | | Other | 3% | 3% | - Average daily operating expenses increased by **4% to $5,579 per vessel per day in Q1 2023** from **$5,377 in Q1 2022**[44](index=44&type=chunk) [Depreciation](index=12&type=section&id=Depreciation) - Depreciation charge decreased to **$1.3 million in Q1 2023** from **$1.4 million in Q1 2022**[45](index=45&type=chunk) - This decrease is mainly due to the increase of the scrap rate from **$380/ton to $440/ton** during Q4 2022[45](index=45&type=chunk) [Total Administrative Expenses](index=12&type=section&id=Total%20Administrative%20Expenses) - Total administrative expenses, including related parties, remained stable at **$1.1 million** for both Q1 2023 and Q1 2022[46](index=46&type=chunk) [Reversal of Impairment](index=12&type=section&id=Reversal%20of%20Impairment) - Following the agreement to sell the m/v Sun Globe, the Company recognized a reversal of impairment amounting to **$4.4 million**[47](index=47&type=chunk)[48](index=48&type=chunk) - This reversal was due to a significant increase in the vessel's market value, leading to an increase in its carrying amount to its recoverable amount (selling price less cost to sell)[48](index=48&type=chunk) [Interest Expense and Finance Costs](index=14&type=section&id=Interest%20Expense%20and%20Finance%20Costs) - Interest expense and finance costs increased to **$0.9 million in Q1 2023** from **$0.4 million in Q1 2022**[49](index=49&type=chunk) Interest Expense and Finance Costs Breakdown ($000's) | Category | 2023 | 2022 | | :-------------------------------- | :--- | :--- | | Interest payable on long-term borrowings | 846 | 312 | | Bank charges | 6 | 23 | | Operating lease liability interest | 9 | 16 | | Amortization of debt discount | 49 | 35 | | Other finance expenses | 10 | 3 | | **Total** | **920** | **389** | - The increase is mainly due to a rise in the weighted average interest rate from **4.02% in Q1 2022 to 7.95% in Q1 2023** (driven by 3-month Term SOFR rates) and an increase in outstanding principal of the loan agreement[49](index=49&type=chunk) [Gain/(Loss) on derivative financial instruments](index=14&type=section&id=Gain%2F%28Loss%29%20on%20derivative%20financial%20instruments) - The Company recognized a loss of approximately **$104 thousand in Q1 2023** from interest rate swaps, compared to a gain of **$967 thousand in Q1 2022**[50](index=50&type=chunk) - An additional loss of approximately **$107 thousand** was recognized in Q1 2023 from a new swap agreement related to the increased CIT loan facility[51](index=51&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, cash and bank balances decreased to $50.6 million from $58.8 million at December 31, 2022, but the Company maintained a working capital surplus of $50.4 million and was in compliance with debt covenants, operating activities shifted from generating $10.3 million cash in Q1 2022 to using $2.6 million in Q1 2023, primarily due to decreased voyage revenues, investing activities used $3.4 million mainly for vessel construction advances, and financing activities used $0.8 million [Cash and Working Capital](index=14&type=section&id=Cash%20and%20Working%20Capital) - Cash and bank balances (including restricted cash) decreased to **$50.6 million as of March 31, 2023**, from **$58.8 million as of December 31, 2022**[52](index=52&type=chunk) - The Company reported a working capital surplus of **$50.4 million as of March 31, 2023**, including assets reclassified as held for sale[52](index=52&type=chunk) - The Company was in compliance with the covenants included in the CIT loan facility as of **March 31, 2023**[52](index=52&type=chunk) [Going Concern Assessment](index=14&type=section&id=Going%20Concern%20Assessment) - Management regularly assesses the Company's ability to continue as a going concern, considering future profitability, debt repayment schedules, compliance with debt covenants, and potential financing sources[53](index=53&type=chunk)[54](index=54&type=chunk) - Assumptions for future cash flows are based on historical trends and future expectations regarding time charter equivalent rates, operating expenses, capital expenditures, fleet utilization, and general/administrative expenses[54](index=54&type=chunk) - Based on Q1 2023 comprehensive income, cash and cash equivalents, working capital surplus, and debt covenant compliance, the Company is expected to operate as a going concern[55](index=55&type=chunk) [Cash Flow from Operating Activities](index=16&type=section&id=Cash%20Flow%20from%20Operating%20Activities) - Net cash used in operating activities was **$2.6 million in Q1 2023**, a decrease from **$10.3 million generated in Q1 2022**[56](index=56&type=chunk) - This decrease was mainly attributed to the decline in Voyage revenues from **$18.4 million in Q1 2022 to $8.5 million in Q1 2023**[56](index=56&type=chunk) [Cash Flow from Investing Activities](index=16&type=section&id=Cash%20Flow%20from%20Investing%20Activities) - Net cash used in investing activities increased to **$3.4 million in Q1 2023** from **$15 thousand in Q1 2022**[57](index=57&type=chunk) - The increase was mainly due to a **$3.7 million advance for vessel construction and purchase in Q1 2023**[57](index=57&type=chunk) [Cash Flow from Financing Activities](index=16&type=section&id=Cash%20Flow%20from%20Financing%20Activities) Net Cash Used in Financing Activities ($000's) | Metric | 2023 (Unaudited) | 2022 | | :------------------------------------------ | :--------------- | :----- | | Repayment of long-term debt | $(1,625) | $(1,250) | | (Increase)/decrease in restricted cash | $1,572 | $(541) | | Repayment of lease liability | $(77) | $(75) | | Interest paid | $(637) | $(382) | | **Net cash used in financing activities** | **$(767)** | **$(2,248)** | - Net cash used in financing activities was **$0.77 million in Q1 2023**, a decrease from **$2.25 million used in Q1 2022**[58](index=58&type=chunk) - Outstanding borrowings under loan agreements increased to **$42.8 million as of March 31, 2023**, from **$30.5 million as of March 31, 2022**[58](index=58&type=chunk) [Unaudited Interim Condensed Consolidated Financial Statements](index=18&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited interim condensed consolidated financial statements, including comprehensive income, financial position, equity changes, and cash flows [Unaudited Interim Condensed Consolidated Statement of Comprehensive Income](index=18&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The statement shows a significant decline in total comprehensive income for Q1 2023 to $2.59 million from $12.08 million in Q1 2022, primarily driven by a 54% decrease in voyage revenues and a shift from a gain to a loss on derivative financial instruments, partially offset by a $4.4 million reversal of impairment Unaudited Interim Condensed Consolidated Statement of Comprehensive Income (Q1 2023 vs Q1 2022) | Metric | Three months ended March 31, 2023 ($000's) | Three months ended March 31, 2022 ($000's) | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Voyage revenues | $8,489 | $18,351 | | Management & consulting fee income | $90 | $90 | | **Total Revenues** | **$8,579** | **$18,441** | | Voyage expenses | $(1,614) | $(349) | | Gain on sale of bunkers, net | $- | $1,149 | | Vessel operating expenses | $(4,519) | $(4,355) | | Depreciation | $(1,275) | $(1,404) | | Depreciation of dry-docking costs | $(1,163) | $(951) | | Administrative expenses | $(944) | $(716) | | Administrative expenses payable to related parties | $(170) | $(359) | | Reversal of Impairment | $4,400 | $- | | Other income, net | $9 | $10 | | **Operating income** | **$3,303** | **$11,466** | | Interest income | $448 | $5 | | Interest expense and finance costs | $(920) | $(389) | | (Loss) / Gain on derivative financial instruments, net | $(211) | $967 | | Foreign exchange gains / (losses), net | $(34) | $34 | | **TOTAL INCOME FOR THE PERIOD** | **$2,586** | **$12,083** | | Other Comprehensive Income | $- | $- | | **TOTAL COMPREHENSIVE INCOME FOR THE PERIOD** | **$2,586** | **$12,083** | | Basic and Diluted income per share for the period | $0.13 | $0.59 | [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2023, total assets were $224.16 million, a slight decrease from $225.46 million at December 31, 2022, with non-current assets decreasing due to lower vessel values, while current assets increased, notably with $13.62 million classified as assets held for sale, total equity increased to $173.28 million, and total liabilities decreased to $50.88 million Condensed Consolidated Statement of Financial Position (As at March 31, 2023 vs December 31, 2022) | Metric | March 31, 2023 (Unaudited) ($000's) | December 31, 2022 ($000's) | | :------------------------------------------ | :------------------------- | :---------------- | | **NON-CURRENT ASSETS** | | | | Vessels, net | $119,756 | $129,461 | | Advances for vessel purchase | $31,896 | $28,172 | | Office furniture and equipment | $80 | $90 | | Right of use asset | $415 | $493 | | Restricted cash | $3,045 | $3,590 | | Fair value of derivative financial instruments | $869 | $1,315 | | Other non-current assets | $10 | $10 | | **Total non-current assets** | **$156,071** | **$163,131** | | **CURRENT ASSETS** | | | | Current portion of fair value of derivative financial instruments | $1,018 | $1,092 | | Trade receivables, net | $1,099 | $109 | | Inventories | $1,582 | $3,028 | | Prepayments and other assets | $3,268 | $2,887 | | Restricted cash | $1,352 | $2,378 | | Cash and cash equivalents | $46,157 | $52,833 | | Assets held for sale | $13,617 | $- | | **Total current assets** | **$68,093** | **$62,327** | | **TOTAL ASSETS** | **$224,164** | **$225,458** | | **EQUITY** | | | | Issued share capital | $82 | $82 | | Share premium | $284,406 | $284,406 | | Accumulated deficit | $(111,204) | $(113,790) | | **Total equity** | **$173,284** | **$170,698** | | **NON-CURRENT LIABILITIES** | | | | Long-term borrowings, net of current portion | $32,858 | $37,522 | | Provision for staff retirement indemnities | $175 | $148 | | Lease liabilities | $108 | $188 | | **Total non-current liabilities** | **$33,141** | **$37,858** | | **CURRENT LIABILITIES** | | | | Current portion of long-term borrowings | $9,867 | $6,803 | | Trade accounts payable | $3,596 | $3,548 | | Accrued liabilities and other payables | $3,129 | $5,814 | | Current portion of lease liabilities | $324 | $321 | | Deferred revenue | $823 | $416 | | **Total current liabilities** | **$17,739** | **$16,902** | | **TOTAL LIABILITIES** | **$50,880** | **$54,760** | | **TOTAL EQUITY AND LIABILITIES** | **$224,164** | **$225,458** | [Unaudited Interim Condensed Consolidated Statement of Changes in Equity](index=20&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The statement shows that total equity increased to $173.28 million as of March 31, 2023, from $170.70 million at January 1, 2023, primarily due to the total comprehensive income of $2.59 million for the period, with no changes occurring in issued share capital or share premium during the period Unaudited Interim Condensed Consolidated Statement of Changes in Equity (Q1 2023 vs Q1 2022) | Metric | Issued share Capital ($000's) | Share Premium ($000's) | (Accumulated Deficit) ($000's) | Total Equity ($000's) | | :-------------------------------- | :------------------- | :------------ | :-------------------- | :----------- | | **As at January 1, 2023** | **$82** | **$284,406** | **$(113,790)** | **$170,698** | | Income for the period | $- | $- | $2,586 | $2,586 | | Other comprehensive income | $- | $- | $- | $- | | Total comprehensive income for the period | $- | $- | $2,586 | $2,586 | | **As at March 31, 2023** | **$82** | **$284,406** | **$(111,204)** | **$173,284** | | **As at January 1, 2022** | **$82** | **$284,406** | **$(138,070)** | **$146,418** | | Income for the period | $- | $- | $12,083 | $12,083 | | Other comprehensive income | $- | $- | $- | $- | | Total comprehensive income for the period | $- | $- | $12,083 | $12,083 | | **As at March 31, 2022** | **$82** | **$284,406** | **$(125,987)** | **$158,501** | [Unaudited Interim Condensed Consolidated Statement of Cash Flows](index=21&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The statement shows a net decrease in cash and cash equivalents of $6.68 million for Q1 2023, resulting in an ending balance of $46.16 million, driven by net cash used in operating activities ($2.56 million), investing activities ($3.35 million, mainly for vessel advances), and financing activities ($0.77 million) Unaudited Interim Condensed Consolidated Statement of Cash Flows (Q1 2023 vs Q1 2022) | Metric | Three months ended March 31, 2023 ($000's) | Three months ended March 31, 2022 ($000's) | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Income for the period | $2,586 | $12,083 | | Adjustments for: | | | | Depreciation | $1,275 | $1,404 | | Depreciation of deferred dry-docking costs | $1,163 | $951 | | Payment of deferred dry-docking costs | $(3,946) | $(891) | | Provision for staff retirement indemnities | $27 | $(2) | | Reversal of Impairment | $(4,400) | $- | | Loss / (Gain) on derivative financial instruments | $211 | $(967) | | Interest expense and finance costs | $920 | $389 | | Interest income | $(448) | $(5) | | Foreign exchange losses / (gains), net | $27 | $(31) | | (Increase)/decrease in: | | | | Trade receivables, net | $(990) | $88 | | Inventories | $1,447 | $(1,702) | | Prepayments and other assets | $(381) | $(948) | | Increase/(decrease) in: | | | | Trade accounts payable | $(891) | $2,382 | | Accrued liabilities and other payables | $439 | $(1,545) | | Deferred revenue | $406 | $(879) | | **Net cash (used in) / generated from operating activities** | **$(2,555)** | **$10,327** | | **Cash flows from investing activities:** | | | | Advance for vessel acquisition | $(3,724) | $- | | Improvements | $(77) | $(19) | | Purchases of office furniture and equipment | $(1) | $(1) | | Interest received | $448 | $5 | | **Net cash used in investing activities** | **$(3,354)** | **$(15)** | | **Cash flows from financing activities:** | | | | Repayment of long-term debt | $(1,625) | $(1,250) | | (Increase)/decrease in restricted cash | $1,572 | $(541) | | Repayment of lease liability | $(77) | $(75) | | Interest paid | $(637) | $(382) | | **Net cash used in financing activities** | **$(767)** | **$(2,248)** | | **Net (decrease) / increase in cash and cash equivalents** | **$(6,676)** | **$8,064** | | Cash and cash equivalents at the beginning of the period | $52,833 | $45,213 | | **Cash and cash equivalents at the end of the period** | **$46,157** | **$53,277** | [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=22&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the financial statements, covering accounting policies, cash, related parties, vessels, share capital, earnings per share, debt, contingencies, commitments, and fair values [Note 1. Basis of presentation and general information](index=22&type=section&id=Note%201.%20Basis%20of%20presentation%20and%20general%20information) - Globus Maritime Limited, formed in Jersey in 2006, redomiciled to the Marshall Islands in 2010 and trades on NASDAQ[64](index=64&type=chunk) - The Company's principal business is owning and operating dry bulk motor vessels for worldwide dry cargo transportation, managed by its wholly-owned subsidiary, Globus Shipmanagement Corp[65](index=65&type=chunk)[66](index=66&type=chunk) - The unaudited interim condensed consolidated financial statements are prepared under IAS 34 Interim Financial Reporting and should be read with the **2022 Annual Report**[67](index=67&type=chunk)[68](index=68&type=chunk) - The Company assesses its ability to continue as a going concern, and based on Q1 2023 results (total comprehensive income of **$2.59 million**, cash of **$46.16 million**, working capital surplus of **$50.4 million**, and debt covenant compliance), it is expected to operate as a going concern[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - The Russia-Ukraine conflict has caused global instability, but currently has no direct effect on the Company's operations[73](index=73&type=chunk) [Note 2. Changes in Accounting policies and Recent accounting pronouncements](index=25&type=section&id=Note%202.%20Changes%20in%20Accounting%20policies%20and%20Recent%20accounting%20pronouncements) - No changes to significant accounting policies in Q1 2023, other than IFRS amendments adopted as of **January 1, 2023**, which had no impact on the interim financial statements[74](index=74&type=chunk)[75](index=75&type=chunk) - The Company has not early adopted amendments to IAS 7, IFRS 7, IAS 1, IAS 8, and IAS 12, and is assessing their potential impact[75](index=75&type=chunk)[78](index=78&type=chunk) - Non-current assets are classified as held for sale when IFRS 5 criteria are met, measured at the lower of carrying amount or fair value less cost to sell, and are not depreciated[76](index=76&type=chunk) [Note 3. Cash and cash equivalents and Restricted cash](index=25&type=section&id=Note%203.%20Cash%20and%20cash%20equivalents%20and%20Restricted%20cash) Cash and Cash Equivalents ($000's) | Category | March 31, 2023 | December 31, 2022 | | :--------- | :------------- | :---------------- | | Cash on hand | $43 | $36 | | Cash at banks | $46,114 | $52,797 | | **Total** | **$46,157** | **$52,833** | - Restricted cash pledged for collateral requirements was **$4.40 million as of March 31, 2023** (**$3.05 million non-current, $1.35 million current**), down from **$5.97 million as of December 31, 2022**[80](index=80&type=chunk) [Note 4. Transactions with Related Parties](index=27&type=section&id=Note%204.%20Transactions%20with%20Related%20Parties) - Details and nature of transactions with related parties remained unchanged in Q1 2023[81](index=81&type=chunk) - The balance due to related parties was **$1.90 million as of March 31, 2023**, a decrease from **$2.20 million as of December 31, 2022**, included in Trade accounts payables[81](index=81&type=chunk) [Note 5. Vessels, net](index=27&type=section&id=Note%205.%20Vessels%2C%20net) Vessels, net Reconciliation ($000's) | Metric | Vessels cost | Vessels depreciation | Dry docking costs | Depreciation of dry-docking costs | Net Book Value | | :-------------------------- | :----------- | :------------------- | :---------------- | :-------------------------------- | :------------- | | Balance at January 1, 2023 | $234,916 | $(113,009) | $23,365 | $(15,811) | $129,461 | | Additions | $77 | $- | $1,785 | $- | $1,862 | | Reversal of Impairment | $4,400 | $- | $- | $- | $4,400 | | Depreciation & Amortization | $- | $(1,187) | $- | $(1,163) | $(2,350) | | Transfer to Assets Held for sale | $(22,996) | $10,423 | $(3,517) | $2,473 | $(13,617) | | **Balance at March 31, 2023** | **$216,397** | **$(103,773)** | **$21,633** | **$(14,501)** | **$119,756** | - Total depreciation for Q1 2023 was **$1.28 million**, comprising vessel depreciation (**$1.19 million**), office furniture/equipment depreciation (**$10 thousand**), and right-of-use asset depreciation (**$78 thousand**)[82](index=82&type=chunk) - A **$4.4 million reversal of impairment** was recognized for the Sun Globe vessel due to a significant increase in its market value, and the vessel was reclassified as held for sale at **$13.62 million**[83](index=83&type=chunk) [Note 6. Share Capital and Share Premium](index=27&type=section&id=Note%206.%20Share%20Capital%20and%20Share%20Premium) Authorized Share Capital ($000's) | Category | March 31, 2023 | December 31, 2022 | | :------------------------------------------ | :------------- | :---------------- | | 500,000,000 Common Shares of par value $0.004 each | $2,000 | $2,000 | | 100,000,000 Class B common shares of par value $0.001 each | $100 | $100 | | 100,000,000 Preferred shares of par value $0.001 each | $100 | $100 | - As of March 31, 2023, the Company had **20,582,301 issued and fully paid common shares**, with no new shares issued during Q1 2023 or Q1 2022[88](index=88&type=chunk) - Total outstanding warrants as of March 31, 2023, were **19,701,120**, classified in equity, with no exercises during the period[94](index=94&type=chunk) [Note 7. Earnings per Share](index=29&type=section&id=Note%207.%20Earnings%20per%20Share) - Basic and diluted EPS are calculated by dividing net income attributable to shareholders by the weighted average number of shares outstanding[95](index=95&type=chunk)[96](index=96&type=chunk) - Warrants were out-of-the-money during Q1 2023 and Q1 2022 and thus not included in diluted EPS computation to avoid anti-dilutive effects[97](index=97&type=chunk) Net Income per Common Share | Metric | March 31, 2023 | March 31, 2022 | | :-------------------------------- | :------------- | :------------- | | Income attributable to common equity holders ($000's) | $2,586 | $12,083 | | Weighted average number of shares – basic and diluted | 20,582,301 | 20,582,301 | | Net income per common share – basic and diluted | $0.13 | $0.59 | [Note 8. Long-Term Debt, net](index=31&type=section&id=Note%208.%20Long-Term%20Debt%2C%20net) Long-Term Debt, net ($000's) | Metric | March 31, 2023 | December 31, 2022 | | :------------------------------------------ | :------------- | :---------------- | | Loan Balance | $42,750 | $44,375 | | Unamortized Debt Discount | $(493) | $(541) | | Accrued Interest | $468 | $491 | | **Total Borrowings** | **$42,725** | **$44,325** | | Less: Current Portion | $(9,867) | $(6,803) | | **Long-Term Portion** | **$32,858** | **$37,522** | - As of March 31, 2023, the Company was in compliance with its loan covenants[100](index=100&type=chunk)[104](index=104&type=chunk) - The CIT loan facility was increased to **$52.25 million in August 2022**, with the benchmark rate changed from LIBOR to SOFR and the margin reduced to **3.35%**[101](index=101&type=chunk)[102](index=102&type=chunk) - The remaining **$3.86 million loan** for the Sun Globe vessel was classified as current, as it is contractually required to be repaid upon the vessel's sale[103](index=103&type=chunk) Contractual Annual Loan Principal Payments to First Citizens Bank & Trust Company ($000's) | Year | Amount | | :----------- | :----- | | March 31, 2024 | $9,606 | | 2025 | $5,742 | | 2026 | $5,742 | | May 10, 2026 | $21,660 | | **Total** | **$42,750** | [Note 9. Contingencies](index=33&type=section&id=Note%209.%20Contingencies) - The Company is not aware of any material claims, suits, complaints, or contingent liabilities arising from its ordinary course of shipping business[106](index=106&type=chunk) [Note 10. Commitments](index=33&type=section&id=Note%2010.%20Commitments) Future Net Minimum Revenues from Non-Cancellable Operating Leases ($000's) | Period | March 31, 2023 | December 31, 2022 | | :--------- | :------------- | :---------------- | | Within one year | $4,936 | $6,675 | | **Total** | **$4,936** | **$6,675** | - The lease component of voyage revenue was **$3.87 million in Q1 2023**, a significant decrease from **$13.91 million in Q1 2022**[108](index=108&type=chunk) - The Company has commitments for three new building vessels totaling approximately **$107.8 million**, with significant payments due in 2024[112](index=112&type=chunk)[113](index=113&type=chunk) Contractual Annual Payments for Shipbuilding Contracts ($000's) | Subsidiary | April 1, 2023 to March 31, 2024 | April 1, 2024 to December 31, 2024 | | :---------------------- | :------------------------------ | :--------------------------------- | | Calypso Shipholding S.A. | $25,900 | $- | | Daxos Maritime Limited | $- | $24,785 | | Paralus Shipholding S.A. | $- | $24,785 | | **Total** | **$25,900** | **$49,570** | [Note 11. Fair values](index=35&type=section&id=Note%2011.%20Fair%20values) Fair Values of Financial Instruments (March 31, 2023) | Metric | Carrying amount ($000's) | Fair value (Level 2) ($000's) | | :------------------------------------------ | :-------------- | :------------------- | | **Financial assets measured at fair value:** | | | | Non-current portion of fair value of derivative financial instruments | $869 | $869 | | Current portion of fair value of derivative financial instruments | $1,018 | $1,018 | | **Financial liabilities not measured at fair value:** | | | | Long-term borrowings | $42,750 | $43,919 | Fair Values of Financial Instruments (December 31, 2022) | Metric | Carrying amount ($000's) | Fair value (Level 2) ($000's) | | :------------------------------------------ | :-------------- | :------------------- | | **Financial assets measured at fair value:** | | | | Non-current portion of fair value of derivative financial instruments | $1,315 | $1,315 | | Current portion of fair value of fair value of derivative financial instruments | $1,092 | $1,092 | | **Financial liabilities not measured at fair value:** | | | | Long-term borrowings | $44,375 | $45,549 | - Derivative financial instruments (Interest Rate Swaps) are measured at fair value using discounted cash flow techniques (Level 2)[118](index=118&type=chunk) - Long-term borrowings, not measured at fair value, have their fair value determined using discounted cash flow techniques[119](index=119&type=chunk) - There were no transfers between Level 1, Level 2, and Level 3 fair value hierarchy during the period[120](index=120&type=chunk) [Note 13. Events after the reporting date](index=37&type=section&id=Note%2013.%20Events%20after%20the%20reporting%20date) - No events occurred after the reporting date of **March 31, 2023**[121](index=121&type=chunk)

Share Capital and Financing - As of December 31, 2022, the company had 20,582,301 common shares and 10,300 Series Preferred Shares outstanding[453]. - The company entered into a credit facility for up to $15 million with Firment Shipping Inc., which was fully repaid on July 27, 2020[438][440]. - In June 2020, the company completed a public offering of 342,857 units at $35 per unit, including common shares and Class A Warrants[441]. - The company issued 1,256,765 common shares and warrants to purchase 1,270,587 common shares on December 9, 2020, with the exercise price reduced from $8.50 to $6.25[445]. - In May 2021, the company secured a loan facility of $34.25 million from First Citizens Bank & Trust Company, bearing interest at LIBOR plus a margin of 3.75%[461]. - The CIT Loan Facility was increased from $34.25 million to $52.25 million in August 2022, secured by a first preferred mortgage over the vessel Orion Globe[462]. - The outstanding amount under the Firment Shipping Credit Facility was $14.2 million as of December 31, 2020[441]. - The company has not exercised any of the June PP Warrants, July PP Warrants, December 2020 Warrants, January 2021 Warrants, February 2021 Warrants, or June 2021 Warrants as of the date of the report[451]. - As of December 31, 2022, the company had $44.4 million in outstanding indebtedness under credit arrangements, an increase from $31.8 million in 2021, indicating a rise in financial leverage[523]. - The mandatory debt repayments for 2023 under the CIT Loan Facility are $6.5 million, with $1.6 million already paid[555]. - The company had an aggregate debt outstanding of $44.4 million under the CIT Loan Facility as of December 31, 2022, an increase from $31.75 million in 2021[568]. - The CIT Loan Facility contains covenants requiring a minimum loan to value ratio of 75% for the first 18 months and a maximum leverage ratio of 0.75:1.00[556]. - As of December 31, 2022, Globus Maritime Limited was in compliance with the covenants of the CIT Loan Facility[587]. - The company may seek additional capital through equity or debt offerings, selling vessels, or refinancing to improve its debt structure[557]. Fleet and Operations - The average number of vessels in the fleet increased from 5.2 in 2020 to 7.1 in 2021, and further to 9.0 in 2022, indicating a growth in fleet size[469]. - The company plans to grow its fleet through selective acquisitions or construction of new vessels, aiming for attractive returns on equity and accretive earnings[466]. - In 2022, the average fleet size increased from 7.1 vessels in 2021 to 9.0 vessels, contributing to higher voyage revenues compared to 2021[496]. - Total operating days for 2022 were 3,029 with a fleet utilization rate of 98.5%, compared to 2,477 operating days and 97.9% utilization in 2021[537]. - The company aims to manage its fleet to maintain profitability across the shipping cycle, adjusting charter contracts based on market conditions to maximize returns for shareholders[468]. Revenue and Expenses - For the year ended December 31, 2022, the company reported operating income of $23.6 million, an increase from $17.9 million in 2021[536]. - Voyage revenues increased by $18.2 million, or 42%, to $61.4 million in 2022, driven by an increase in the average number of vessels from 7.1 in 2021 to 9 in 2022 and an increase in TCE from $16,627 to $18,227[537]. - Voyage expenses rose by $4.3 million, or 391%, to $5.4 million in 2022, attributed to longer travel periods and increased dry-docking repairs[538]. - Vessel operating expenses increased by $4.2 million, or 30%, to $18 million in 2022, with daily operating expenses rising to $5,483 from $5,325 in 2021[539]. - Depreciation charges increased to $5.6 million in 2022 from $3.9 million in 2021, primarily due to fleet expansion[540]. - Depreciation of dry-docking costs rose by $1.8 million, or 64%, to $4.6 million in 2022, reflecting the increase in fleet size and dry-docking activities[541]. - Interest expense and finance costs decreased by $1 million, or 30%, to $2.3 million in 2022, with total borrowings outstanding increasing to $44.38 million from $31.75 million[545]. - Administrative expenses increased by $0.3 million, or 11%, to $2.9 million in 2022, mainly due to higher Greek taxes[542]. Market Conditions - Dry bulk shipping rates are significantly influenced by global economic activity, particularly in China, which is the largest importer of dry bulk commodities[473]. - Spot rates for Kamsarmax, Panamax, and Supramax vessels reached levels not seen since 2010 in 2021, with high rates continuing into the first half of 2022 before starting to decline[474]. - The conflict between Russia and Ukraine has caused significant volatility in the global economy, potentially increasing costs and affecting the company's ability to secure charters and financing[480]. - The Baltic Dry Index (BDI) registered a high of 3,369 and a low of 965 in 2022, reflecting significant volatility in the dry bulk market[600]. - The global dry cargo fleet deadweight carrying capacity is forecasted to grow by 2.7% in 2023, while demand is expected to grow by 1.5-2.5%[601]. - The dry bulk orderbook stands at 69 million dwt, representing 7.1% of the world's total dry bulk fleet, with significant deliveries scheduled for 2023 and 2024[606]. Regulatory and Compliance - The company has not installed scrubbers on its vessels and will continue to evaluate options to comply with IMO 2020 regulations, which mandate a reduction in sulfur emissions[483]. - The company must maintain a minimum liquidity of $500,000 for each mortgaged ship and a cash amount of not less than $150,000 for each unencumbered ship[84]. - The company has a maximum leverage ratio of 0.75:1.00 and must maintain a debt service coverage ratio of at least 1.15:1.00 after any dividend payments[84]. Cash Flow and Investments - Net cash generated from operating activities in 2022 was $26.9 million, up from $20.8 million in 2021, primarily due to an increase in the average number of vessels and TCE rates[563]. - Net cash used in investing activities was $29 million in 2022, mainly for advances paid for three newbuildings, compared to $72 million in 2021 for vessel purchases[564]. - The company generated $9.7 million from financing activities in 2022, including $18 million from a new deed of accession to the CIT loan facility[565]. - As of December 31, 2022, working capital amounted to approximately $45 million, an increase from $37.8 million in 2021[560]. - The company incurs additional capital expenditures for vessel surveys, which may reduce operating days and increase cash flow needs[598]. - The company has capital expenditures planned for the construction of new vessels, including a $37.5 million bulk carrier scheduled for delivery in the first half of 2024[594]. - The company signed contracts for two additional fuel-efficient bulk carriers with a total consideration of approximately $70.3 million, with deliveries expected in late 2024[595]. Risk Management - The company has charter agreements that expose it to counterparty risk, which could lead to significant losses if charterers fail to meet their obligations[500]. - The company has a low-risk approach to treasury management, investing cash balances in term deposit accounts to align with liquidity requirements[589].

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 nine-month periods ended September 30, 2022 and 2021. 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 c ...

[Introduction and Company Overview](index=1&type=section&id=1_Introduction_and_Company_Overview) Globus Maritime Limited's overview covers its dry bulk vessel operations and management structure [Forward-Looking Statements](index=1&type=section&id=1.1_Forward-Looking_Statements) This section outlines the predictive nature and inherent risks of forward-looking statements, detailing factors that could cause actual results to differ - Forward-looking statements are predictive, depend on future events or conditions, and include words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'estimates,' 'projects,' 'forecasts,' 'may,' 'should,' and similar expressions[3](index=3&type=chunk) - Factors that might cause future results to differ include changes in governmental rules/regulations, economic and competitive conditions (e.g., market fluctuations in charter rates, charterers' abilities to perform), the length and number of off-hire periods, dependence on third-party managers, and other risks detailed in the Annual Report[5](index=5&type=chunk) [Company Business and Structure](index=2&type=section&id=1.2_Company_Business_and_Structure) Globus Maritime Limited operates dry bulk vessels for global cargo transportation, managed by its wholly-owned subsidiary - The principal business of Globus Maritime Limited is the ownership and operation of a fleet of dry bulk motor vessels, providing maritime services for the transportation of dry cargo products on a worldwide basis[6](index=6&type=chunk)[70](index=70&type=chunk) - Vessel operations are managed by Globus Shipmanagement Corp., a wholly-owned Marshall Islands corporation, which provides commercial, technical, cash management, and accounting services[7](index=7&type=chunk)[71](index=71&type=chunk) Wholly-Owned Subsidiaries and Vessels (as at March 31, 2022) | Company | Country of Incorporation | Vessel Delivery Date | Vessel Owned | | :-------------------------- | :------------------- | :------------------- | :------------------- | | Globus Shipmanagement Corp. | Marshall Islands | - | Management Co. | | Devocean Maritime Ltd. | Marshall Islands | December 18, 2007 | m/v River Globe | | Domina Maritime Ltd. | Marshall Islands | May 19, 2010 | m/v Sky Globe | | Dulac Maritime S.A. | Marshall Islands | May 25, 2010 | m/v Star Globe | | Artful Shipholding S.A. | Marshall Islands | June 22, 2011 | m/v Moon Globe | | Longevity Maritime Limited | Malta | September 15, 2011 | m/v Sun Globe | | Serena Maritime Limited | Marshall Islands | October 29, 2020 | m/v Galaxy Globe | | Talisman Maritime Limited | Marshall Islands | July 20, 2021 | m/v Power Globe | | Argo Maritime Limited | Marshall Islands | June 9, 2021 | m/v Diamond Globe | | Calypso Shipholding S.A. | Marshall Islands | - | - | | Daxos Maritime Limited | Marshall Islands | - | - | | Olympia Shipholding S.A. | Marshall Islands | - | - | | Paralus Shipholding S.A. | Marshall Islands | - | - | | Salaminia Maritime Limited | Marshall Islands | November 29, 2021 | m/v Orion Globe | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=2&type=section&id=2_Management's_Discussion_and_Analysis_of_Financial_Condition_and_Results_of_Operations) This section analyzes Globus Maritime's financial condition and operational results, highlighting key performance drivers and liquidity [Key Measures and Revenue Recognition](index=2&type=section&id=2.1_Key_Measures_and_Revenue_Recognition) This section details the company's revenue generation, IFRS 16 accounting, operating expenses, and interest rate swap management [Revenues](index=2&type=section&id=2.1.1_Revenues) The company generates revenues from time charters, recognizing lease income under IFRS 16, with separate technical management service fees - The Company generates revenues from charterers through time charters, recognizing revenue on a straight-line basis over the charter period as lease income in accordance with IFRS **16**[8](index=8&type=chunk) - The standalone transaction price for the technical management service component (non-lease) was approximately **$4,445 thousand** for **Q1 2022** (vs. **$3,141 thousand** for **Q1 2021**), and the lease component was **$13,906 thousand** for **Q1 2022** (vs. **$2,026 thousand** for **Q1 2021**)[10](index=10&type=chunk)[119](index=119&type=chunk) [Time Charters](index=4&type=section&id=2.1.2_Time_Charters) Time charters involve charterers paying voyage expenses and owners paying vessel operating expenses, with rates influenced by supply and demand - Under time charters, the charterer pays voyage expenses (port, canal charges, bunkers), while the vessel owner pays vessel operating expenses (crewing, insurance, repairs, maintenance, spares, consumable stores, tonnage taxes)[12](index=12&type=chunk) - Time charter rates are usually fixed but fluctuate seasonally and annually, influenced by changes in spot charter rates, which are driven by vessel supply and demand[12](index=12&type=chunk) [Voyage Expenses](index=4&type=section&id=2.1.3_Voyage_Expenses) Voyage expenses primarily include port, canal, and bunker costs specific to a charter, along with brokerage commissions - Voyage expenses primarily consist of port, canal, and bunker expenses unique to a particular charter, paid by charterers under time charter arrangements or by the Company under voyage charter arrangements, and also include brokerage commissions[13](index=13&type=chunk) [Gain on Sale of Bunkers, Net](index=4&type=section&id=2.1.4_Gain_on_Sale_of_Bunkers_Net) Gain on sale of bunkers results from value differences between vessel redelivery and delivery to new charterers - A gain on sale of bunkers results from the difference in the value of bunkers paid by the Company upon vessel redelivery from a previous charterer and the value of bunkers sold when the vessel is delivered to a new charterer[14](index=14&type=chunk)[85](index=85&type=chunk) [Vessel Operating Expenses](index=4&type=section&id=2.1.5_Vessel_Operating_Expenses) Vessel operating expenses, expensed as incurred, primarily cover crew wages, insurance, repairs, maintenance, and tonnage taxes - Vessel operating expenses, expensed as incurred, primarily include crew wages and related costs, insurance, repairs and maintenance, spares and consumable stores, and tonnage taxes[15](index=15&type=chunk) [General and Administrative Expenses](index=4&type=section&id=2.1.6_General_and_Administrative_Expenses) General and administrative expenses cover senior executive services and public company costs like reporting, legal, and board compensation - General and administrative expenses consist of senior executive officer services and costs associated with being a public company, including public reporting, legal, accounting, NASDAQ compliance, board compensation, and investor relations[16](index=16&type=chunk) [Depreciation](index=4&type=section&id=2.1.7_Depreciation) Vessels are depreciated straight-line over **25 years** with an estimated residual value of **$380** per lightweight **ton** - Vessels are depreciated on a straight-line basis over an estimated useful life of **25 years** from delivery, with an estimated residual value of **$380** per lightweight **ton**[17](index=17&type=chunk) [Interest and Finance Costs](index=4&type=section&id=2.1.8_Interest_and_Finance_Costs) Interest and finance costs on debt for fleet acquisition are typically based on three-month LIBOR and an applicable margin - Interest expense and financing costs are incurred on debt used to partially finance fleet acquisition, generally calculated based on the three-month LIBOR rate and an applicable margin[18](index=18&type=chunk) [Interest Rate Swap](index=4&type=section&id=2.1.9_Interest_Rate_Swap) The company uses interest rate swaps to manage interest rate risk, measured at fair value, with changes recognized in comprehensive income - The Company uses interest rate swap agreements to manage exposure to interest rate risk, measuring them at fair value using discounted cash flow techniques[19](index=19&type=chunk)[129](index=129&type=chunk) - Changes in the fair value of interest rate swaps are classified under 'Gain/ (Loss) on derivative financial instruments' in the consolidated statement of comprehensive income/(loss)[22](index=22&type=chunk) - The fair value of interest rate swaps is classified as 'Fair value of derivative financial instruments' in the consolidated statement of financial position, as either current or non-current assets or liabilities[20](index=20&type=chunk)[21](index=21&type=chunk) [Selected Financial and Operational Data](index=6&type=section&id=2.2_Selected_Financial_and_Operational_Data) This section presents key consolidated financial and operational data for **Q1 2022** and **2021**, highlighting significant year-over-year changes [Consolidated Statements of Comprehensive Income/(Loss) Data](index=6&type=section&id=2.2.1_Consolidated_Statements_of_Comprehensive_Income/(Loss)_Data) This section provides key figures from the consolidated statements of comprehensive income/(loss) for **Q1 2022** and **Q1 2021** Consolidated Statements of Comprehensive Income/(Loss) Data (Q1 2022 vs Q1 2021) | Metric (in thousands of U.S. Dollars) | March 31, 2022 | March 31, 2021 | Change (YoY) | | :------------------------------------ | :------------- | :------------- | :----------- | | Voyage revenues | 18,351 | 5,167 | +255.1% | | Management & consulting fee income | 90 | - | N/A | | Total Revenues | 18,441 | 5,167 | +256.9% | | Operating income | 11,466 | 103 | +11032.0% | | Total finance gains/(costs), net | 617 | (869) | N/A (**swing to gain**) | | Total income/(loss) for the period | 12,083 | (766) | N/A (**swing to income**) | | Basic & diluted income/(loss) per share | 0.59 | (0.11) | N/A (**swing to income**) | [EBITDA and Adjusted EBITDA Reconciliation](index=6&type=section&id=2.2.2_EBITDA_and_Adjusted_EBITDA_Reconciliation) This section reconciles EBITDA and Adjusted EBITDA, non-IFRS measures used to assess financial performance and debt servicing ability EBITDA and Adjusted EBITDA (Q1 2022 vs Q1 2021) | Metric (in thousands of U.S. Dollars) | March 31, 2022 | March 31, 2021 | Change (YoY) | | :------------------------------------ | :------------- | :------------- | :----------- | | EBITDA (unaudited) | 14,822 | 1,366 | +985.0% | | Adjusted EBITDA (unaudited) | 13,821 | 1,306 | +958.3% | - EBITDA and Adjusted EBITDA are non-IFRS measures used to assess financial performance and a company's ability to service/incur indebtedness, but they have limitations as analytical tools and should not be considered in isolation[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [Balance Sheets Data](index=8&type=section&id=2.2.3_Balance_Sheets_Data) This section presents key figures from the balance sheets as of **March 31, 2022**, and **December 31, 2021** Balance Sheet Data (as at March 31, 2022 vs December 31, 2021) | Metric (in thousands of U.S. Dollars) | March 31, 2022 | December 31, 2021 | Change | | :------------------------------------ | :------------- | :---------------- | :----- | | Total non-current assets | 134,181 | 135,712 | (1,531) | | Cash and bank balances and bank deposits (including restricted cash) | 55,499 | 46,861 | +8,638 | | Other current assets | 5,850 | 3,079 | +2,771 | | Total current assets | 61,349 | 49,940 | +11,409 | | Total assets | 195,530 | 185,652 | +9,878 | | Total equity | 158,501 | 146,418 | +12,083 | | Total debt net of unamortized debt discount | 30,088 | 31,303 | (1,215) | | Other liabilities | 6,941 | 7,931 | (990) | | Total liabilities | 37,029 | 39,234 | (2,205) | [Statements of Cash Flows Data](index=9&type=section&id=2.2.4_Statements_of_Cash_Flows_Data) This section provides key figures from the statements of cash flows for **Q1 2022** and **Q1 2021** Cash Flow Data (Q1 2022 vs Q1 2021) | Metric (in thousands of U.S. Dollars) | March 31, 2022 | March 31, 2021 | Change (YoY) | | :------------------------------------ | :------------- | :------------- | :----------- | | Net cash generated from operating activities | 10,327 | 436 | +2267.0% | | Net cash used in investing activities | (15) | (4,326) | +99.7% (**decrease in use**) | | Net cash (used in) / generated from financing activities | (2,248) | 36,239 | N/A (**swing to use**) | [Operational Data and Daily Time Charter Equivalent (TCE) Rate](index=9&type=section&id=2.2.5_Operational_Data_and_Daily_Time_Charter_Equivalent_(TCE)_Rate) This section presents key operational data and the Daily Time Charter Equivalent (TCE) rate for **Q1 2022** and **Q1 2021** Operational Data (Q1 2022 vs Q1 2021) | Metric | March 31, 2022 | March 31, 2021 | Change (YoY) | | :------------------------------------ | :------------- | :------------- | :----------- | | Ownership days | 810 | 540 | +50.0% | | Available days | 810 | 516 | +57.0% | | Operating days | 798 | 512 | +55.9% | | Fleet utilization | 98.5% | 99.2% | -0.7 pp | | Average number of vessels | 9.0 | 6.0 | +50.0% | | Daily time charter equivalent (TCE) rate | 23,643 | 9,857 | +140.0% | | Daily operating expenses | 5,377 | 5,698 | -5.6% | - The **140%** increase in Daily TCE rate for **Q1 2022** (**$23,643**) compared to **Q1 2021** (**$9,857**) is attributed to better conditions throughout the bulk market and an expanded fleet of **nine vessels** (up from **six**)[47](index=47&type=chunk) [Recent Developments](index=10&type=section&id=2.3_Recent_Developments) Globus Maritime committed to acquiring three new fuel-efficient bulk carriers for **$107.8 million** and is preparing for LIBOR cessation by **June 2023** [Contract for New Building Vessels](index=10&type=section&id=2.3.1_Contract_for_New_Building_Vessels) The company committed to acquiring three new fuel-efficient bulk carriers for **$107.8 million**, with deliveries scheduled for **2024** - On **April 29, 2022**, the Company signed a contract for one **64,000 dwt** fuel-efficient bulk carrier from Nihon Shipyard Co. (Japan) for approximately **$37.5 million**, scheduled for delivery in the first half of **2024**[36](index=36&type=chunk)[132](index=132&type=chunk) - On **May 13, 2022**, the Company signed two contracts for two **64,000 dwt** fuel-efficient bulk carriers from Nantong COSCO KHI Ship Engineering Co. (China) for approximately **$70.3 million**, with deliveries scheduled for **Q3** and **Q4 2024**[37](index=37&type=chunk)[133](index=133&type=chunk) - The total consideration for the three new **vessels** is approximately **$107.8 million**, to be financed with a combination of debt and equity. Initial installments totaling **$21.2 million** (**$7.4 million** and **$13.8 million**) were paid in **May 2022**[36](index=36&type=chunk)[37](index=37&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) [LIBOR Replacement](index=10&type=section&id=2.3.2_LIBOR_Replacement) LIBOR cessation by **June 2023** requires transitioning loan agreements to alternative rates, posing risks to borrowing costs and financing - LIBOR will cease publication after **June 30, 2023**, requiring the Company to transition its existing loan agreements from U.S. Dollar LIBOR to an alternative reference rate (e.g., SOFR) prior to this date[38](index=38&type=chunk)[110](index=110&type=chunk) - The discontinuation of LIBOR presents risks including volatility in applicable interest rates, potential increased borrowing costs for future financing, or unavailability/difficulty in attaining financing, which could adversely affect profitability, earnings, and cash flow[39](index=39&type=chunk) [Impact of External Factors](index=10&type=section&id=2.4_Impact_of_External_Factors) The company acknowledges ongoing disruptions from COVID-19 and the Russia-Ukraine conflict, posing significant business and financial risks [Impact of COVID-19](index=10&type=section&id=2.4.1_Impact_of_COVID-19) The COVID-19 pandemic continues to disrupt the global economy and shipping, potentially affecting business and cargo movement - The COVID-19 pandemic continues to cause substantial disruptions in the global economy and shipping industry, leading to significant volatility in financial markets and potentially negative effects on the Company's business, financial performance, and cargo movement due to quarantine checks[40](index=40&type=chunk)[41](index=41&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - As of **March 31, 2022**, the Company evaluated the carrying amount of its **vessels** and concluded that **no impairment should be recorded or previously recognized impairment should be reversed**[42](index=42&type=chunk)[80](index=80&type=chunk) [Conflicts (Russia-Ukraine)](index=10&type=section&id=2.4.2_Conflicts_(Russia-Ukraine)) The Russia-Ukraine conflict has disrupted supply chains and caused economic instability, potentially affecting business, with **no direct operational impact** - The Russia-Ukraine conflict has disrupted supply chains and caused global economic instability, potentially increasing costs and adversely affecting the Company's business, including its ability to secure charters and financing on attractive terms[43](index=43&type=chunk)[77](index=77&type=chunk) - Currently, there is **no direct effect on the Company's operations from the Russia-Ukraine conflict**[43](index=43&type=chunk)[77](index=77&type=chunk) [Results of Operations: Three-month period ended March 31, 2022 compared to the three-month period ended March 31, 2021](index=12&type=section&id=2.5_Results_of_Operations:_Three-month_period_ended_March_31,_2022_vs_2021) The company reported a **Q1 2022** comprehensive income of **$12.1 million**, a turnaround from a **$0.8 million** loss, driven by increased revenues [Overall Performance](index=12&type=section&id=2.5.1_Overall_Performance) The company achieved a total comprehensive income of **$12.1 million** in **Q1 2022**, a significant improvement from a **$0.8 million** loss in **Q1 2021** Total Comprehensive Income/(Loss) (Q1 2022 vs Q1 2021) | Metric | March 31, 2022 | March 31, 2021 | | :------------------------------------ | :------------- | :------------- | | Total comprehensive income/(loss) | $12,083 | $(766) | | Basic & diluted income/(loss) per share | $0.59 | $(0.11) | Factors Contributing to Income Increase (Q1 2022 vs Q1 2021) | Factor | Impact ($000s) | | :------------------------------------ | :------------- | | Net loss and total comprehensive loss for the 3-month period of 2021 | (766) | | Increase in Voyage revenues | 13,184 | | Increase in management & consulting fee income | 90 | | Increase in Gain on sale of bunkers, net | 1,149 | | Decrease in Interest expense and finance costs | 541 | | Increase in Gain on derivative financial instruments | 967 | | Net income and total comprehensive income for the 3-month period of 2022 | 12,083 | [Voyage Revenues](index=12&type=section&id=2.5.2_Voyage_Revenues) Voyage revenues increased by **256%** to **$18.4 million** in **Q1 2022**, driven by a **140%** rise in Daily TCE rate and an expanded fleet - Voyage revenues increased by **256%** to **$18.4 million** in **Q1 2022**, up from **$5.2 million** in **Q1 2021**[47](index=47&type=chunk) - This increase was mainly attributed to a **140%** rise in the Daily Time Charter Equivalent (TCE) rate (**$23,643** in **Q1 2022** vs. **$9,857** in **Q1 2021**) and an expanded fleet of **nine vessels** (up from **six**)[47](index=47&type=chunk) [Management & Consulting Fee Income](index=12&type=section&id=2.5.3_Management_&_Consulting_Fee_Income) The Company recognized **$90 thousand** in management & consulting fee income in **Q1 2022** from a consultancy agreement with a related party - The Company recognized **$90 thousand** in management & consulting fee income in **Q1 2022**, stemming from a consultancy agreement with Eolos Shipmanagement S.A. (a related party) entered into on **July 15, 2021**, for a daily fee of **$1,000**[48](index=48&type=chunk) [Voyage Expenses](index=12&type=section&id=2.5.4_Voyage_Expenses) Voyage expenses increased to **$0.3 million** in **Q1 2022** from **$0.1 million** in **Q1 2021**, due to higher commissions and other expenses Voyage Expenses (Q1 2022 vs Q1 2021) | In $000's | 2022 | 2021 | | :---------------- | :--- | :--- | | Commissions | 288 | 72 | | Other voyage expenses | 61 | 6 | | Total | 349 | 78 | - Voyage expenses increased to **$0.3 million** in **Q1 2022** from **$0.1 million** in **Q1 2021**, primarily due to higher commissions and other voyage expenses[49](index=49&type=chunk) [Gain on Sale of Bunkers, Net](index=12&type=section&id=2.5.5_Gain_on_Sale_of_Bunkers,_Net) A gain of approximately **$1.1 million** from bunkers was recognized in **Q1 2022**, with no such gain in **Q1 2021** - A gain of approximately **$1.1 million** from bunkers was recognized in **Q1 2022**, resulting mainly from the difference in bunker values between vessel redelivery from a previous charterer and delivery to a new charterer; no such gain was recognized in **Q1 2021**[50](index=50&type=chunk) [Vessel Operating Expenses](index=14&type=section&id=2.5.6_Vessel_Operating_Expenses) Vessel operating expenses increased to **$4.4 million** in **Q1 2022** due to fleet expansion, despite a **6%** decrease in average daily expenses - Vessel operating expenses increased to **$4.4 million** in **Q1 2022** from **$3.1 million** in **Q1 2021**, mainly due to the fleet expansion from **six** to **nine vessels**[51](index=51&type=chunk) - Average daily operating expenses decreased by **6%** to **$5,377** per vessel per day in **Q1 2022** (from **$5,698** in **Q1 2021**)[52](index=52&type=chunk) Vessel Operating Expenses Breakdown (Q1 2022 vs Q1 2021) | Category | 2022 | 2021 | | :--------------- | :--- | :--- | | Crew expenses | 49% | 52% | | Repairs and spares | 22% | 24% | | Insurance | 8% | 7% | | Stores | 13% | 11% | | Lubricants | 5% | 3% | | Other | 3% | 3% | [Depreciation](index=14&type=section&id=2.5.7_Depreciation) Depreciation charges increased to **$1.4 million** in **Q1 2022** due to fleet expansion, partly offset by a higher scrap rate - Depreciation charges increased to **$1.4 million** in **Q1 2022** from **$0.7 million** in **Q1 2021**, primarily due to the fleet expansion from **six** to **nine vessels**[53](index=53&type=chunk) - This increase was partly counterbalanced by an increase in the scrap rate in the Company's books from **$300/ton** to **$380/ton** during **Q4 2021**[53](index=53&type=chunk) [Total Administrative Expenses](index=14&type=section&id=2.5.8_Total_Administrative_Expenses) Total administrative expenses increased to **$1.1 million** in **Q1 2022** from **$0.7 million** in **Q1 2021**, partly due to new personnel - Total administrative expenses increased to **$1.1 million** in **Q1 2022** from **$0.7 million** in **Q1 2021**, partly attributed to new personnel hirings resulting from the fleet expansion[54](index=54&type=chunk) [Interest Expense and Finance Costs](index=14&type=section&id=2.5.9_Interest_Expense_and_Finance_Costs) Interest expense and finance costs decreased to **$0.4 million** in **Q1 2022** from **$0.9 million** in **Q1 2021**, due to a reduced weighted interest rate - Interest expense and finance costs decreased to **$0.4 million** in **Q1 2022** from **$0.9 million** in **Q1 2021**[55](index=55&type=chunk) - This decrease is mainly attributed to a reduction in the weighted interest rate from **8.76%** in **Q1 2021** to **4.02%** in **Q1 2022**, following the refinancing of the EnTrust loan facility with the CIT loan facility in **May 2021**[56](index=56&type=chunk) Interest Expense and Finance Costs Breakdown (Q1 2022 vs Q1 2021) | In $000's | 2022 | 2021 | | :-------------------------------- | :--- | :--- | | Interest payable on long-term borrowings | 312 | 810 | | Bank charges | 23 | 22 | | Operating lease liability interest | 16 | 10 | | Amortization of debt discount | 35 | 77 | | Other finance expenses | 3 | 11 | | Total | 389 | 930 | [Gain on Derivative Financial Instruments](index=14&type=section&id=2.5.10_Gain_on_Derivative_Financial_Instruments) A gain of approximately **$967 thousand** from derivative financial instruments was recognized in **Q1 2022** from an Interest Rate Swap - The Company recognized a gain of approximately **$967 thousand** from derivative financial instruments in **Q1 2022**, net of interest, resulting from an Interest Rate Swap agreement entered into on **May 10, 2021**, following the new loan facility with CIT Bank N.A[57](index=57&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=2.6_Liquidity_and_Capital_Resources) As of **March 31, 2022**, the company maintained strong liquidity with a **$50.1 million** working capital surplus and improved operating cash flow - As of **March 31, 2022**, cash and bank balances and bank deposits (including restricted cash) were **$55.5 million**, an increase from **$46.9 million** at **December 31, 2021**[58](index=58&type=chunk)[31](index=31&type=chunk) - The Company reported a working capital surplus of **$50.1 million** as of **March 31, 2022**, and was **in compliance with the covenants** in its loan agreement with CIT, indicating its **ability to operate as a going concern**[58](index=58&type=chunk)[59](index=59&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - Net cash generated from operating activities increased significantly to **$10.3 million** in **Q1 2022**, compared to **$0.4 million** in **Q1 2021**, mainly due to the increase in Voyage revenues[60](index=60&type=chunk)[32](index=32&type=chunk) - Net cash used in investing activities decreased substantially to **$15 thousand** in **Q1 2022**, compared to **$4.3 million** in **Q1 2021**, primarily due to lower advances for vessel purchases[61](index=61&type=chunk)[32](index=32&type=chunk) Net Cash Flows from Financing Activities (Q1 2022 vs Q1 2021) | In $000's | March 31, 2022 | March 31, 2021 | | :------------------------------------ | :------------- | :------------- | | Proceeds from issuance of share capital | - | 42,999 | | Proceeds from issuance of warrants | - | 15 | | Transaction costs on issue of new common shares | - | (272) | | Repayment of long-term debt | (1,250) | (1,493) | | Prepayment of long-term debt | - | (4,477) | | (Increase)/decrease in restricted cash | (541) | 360 | | Repayment of lease liability | (75) | (80) | | Interest paid | (382) | (813) | | Net cash (used in)/generated from financing activities | (2,248) | 36,239 | [Unaudited Interim Condensed Consolidated Financial Statements](index=18&type=section&id=3_Unaudited_Interim_Condensed_Consolidated_Financial_Statements) This section presents the unaudited interim condensed consolidated financial statements, including income, balance sheet, equity, and cash flow [Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss)](index=18&type=section&id=3.1_Unaudited_Interim_Condensed_Consolidated_Statements_of_Comprehensive_Income/(Loss)) The statement shows a total comprehensive income of **$12.1 million** for **Q1 2022**, a significant improvement from a **$0.8 million** loss in **Q1 2021** Key Income Statement Figures (Q1 2022 vs Q1 2021) | Metric (in thousands of U.S. Dollars) | March 31, 2022 | March 31, 2021 | | :------------------------------------ | :------------- | :------------- | | Voyage revenues | 18,351 | 5,167 | | Management & consulting fee income | 90 | - | | Total Revenues | 18,441 | 5,167 | | Operating income | 11,466 | 103 | | Total income/(loss) for the period | 12,083 | (766) | | Basic and Diluted income/(loss) per share | 0.59 | (0.11) | [Condensed Consolidated Statements of Financial Position](index=19&type=section&id=3.2_Condensed_Consolidated_Statements_of_Financial_Position) The balance sheet as of **March 31, 2022**, shows total assets of **$195.5 million**, with equity rising and liabilities decreasing Key Balance Sheet Figures (as at March 31, 2022 vs December 31, 2021) | Metric (in thousands of U.S. Dollars) | March 31, 2022 | December 31, 2021 | | :------------------------------------ | :------------- | :---------------- | | Vessels, net | 128,610 | 130,724 | | Total non-current assets | 134,181 | 135,712 | | Cash and cash equivalents | 53,277 | 45,213 | | Total current assets | 61,349 | 49,940 | | TOTAL ASSETS | 195,530 | 185,652 | | Total equity | 158,501 | 146,418 | | Long-term borrowings, net of current portion | 25,218 | 26,438 | | Total non-current liabilities | 25,806 | 27,108 | | Current portion of long-term borrowings | 4,870 | 4,865 | | Total current liabilities | 11,223 | 12,126 | | TOTAL LIABILITIES | 37,029 | 39,234 | | TOTAL EQUITY AND LIABILITIES | 195,530 | 185,652 | [Unaudited Interim Condensed Consolidated Statements of Changes in Equity](index=20&type=section&id=3.3_Unaudited_Interim_Condensed_Consolidated_Statements_of_Changes_in_Equity) Total equity increased to **$158.5 million** as of **March 31, 2022**, primarily due to comprehensive income Changes in Equity (Q1 2022 vs Q1 2021) | Metric (in thousands of U.S. Dollars) | As at March 31, 2022 | As at January 1, 2022 | As at March 31, 2021 | As at January 1, 2021 | | :------------------------------------ | :------------------- | :-------------------- | :------------------- | :-------------------- | | Issued share capital | 82 | 82 | 42 | 12 | | Share premium | 284,406 | 284,406 | 237,954 | 195,102 | | Accumulated deficit | (125,987) | (138,070) | (153,786) | (153,020) | | Total Equity | 158,501 | 146,418 | 84,210 | 42,094 | | Total comprehensive income/(loss) for the period | 12,083 | - | (766) | - | | Issuance of new common shares (2021) | - | - | 42,999 | - | | Issuance of new common shares due to exercise of Warrants (2021) | - | - | 15 | - | | Transaction costs on issue of new common shares (2021) | - | - | (272) | - | | Share-based payments (2021) | - | - | 10 | - | [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=21&type=section&id=3.4_Unaudited_Interim_Condensed_Consolidated_Statements_of_Cash_Flows) Net cash generated from operating activities was **$10.3 million** in **Q1 2022**, with minimal investing cash use and financing activities shifting to cash usage Key Cash Flow Figures (Q1 2022 vs Q1 2021) | Metric (in thousands of U.S. Dollars) | March 31, 2022 | March 31, 2021 | | :------------------------------------ | :------------- | :------------- | | Income/(Loss) for the period | 12,083 | (766) | | Net cash generated from operating activities | 10,327 | 436 | | Net cash used in investing activities | (15) | (4,326) | | Net cash (used in)/generated from financing activities | (2,248) | 36,239 | | Net increase in cash and cash equivalents | 8,064 | 32,349 | | Cash and cash equivalents at the beginning of the period | 45,213 | 19,037 | | Cash and cash equivalents at the end of the period | 53,277 | 51,386 | [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=22&type=section&id=4_Notes_to_the_Unaudited_Interim_Condensed_Consolidated_Financial_Statements) This section provides detailed notes to the unaudited interim condensed consolidated financial statements, covering accounting policies, debt, and commitments [Basis of Presentation and General Information](index=22&type=section&id=4.1_Basis_of_Presentation_and_General_Information) The interim condensed consolidated financial statements, prepared under IAS **34**, reflect a working capital surplus and debt covenant compliance - The unaudited interim condensed consolidated financial statements are prepared in accordance with IAS **34** Interim Financial Reporting[72](index=72&type=chunk) - As of **March 31, 2022**, the Company reported a working capital surplus of **$50.1 million** and was **in compliance with its debt covenants**, indicating its **ability to operate as a going concern**[75](index=75&type=chunk)[76](index=76&type=chunk) [Significant Accounting Policies and Recent Accounting Pronouncements](index=24&type=section&id=4.2_Significant_Accounting_Policies_and_Recent_Accounting_Pronouncements) **No significant changes to accounting policies** occurred in **Q1 2022**, with adopted IFRS amendments having **no financial statement impact** - **No significant changes to the Company's accounting policies** occurred in **Q1 2022**, other than the adoption of IFRS **3**, IAS **16**, IAS **37** amendments, and Annual Improvements **2018-2020**, none of which impacted the financial statements[81](index=81&type=chunk)[82](index=82&type=chunk)[87](index=87&type=chunk) - The IFRS **16** amendment for COVID-19 Related Rent Concessions (extending the practical expedient to **June 30, 2022**) also had **no impact on the Company's financial statements**[83](index=83&type=chunk)[84](index=84&type=chunk) [Cash and Cash Equivalents and Restricted Cash](index=24&type=section&id=4.3_Cash_and_Cash_Equivalents_and_Restricted_Cash) As of **March 31, 2022**, cash and cash equivalents totaled **$53.3 million**, with **$5.8 million** in restricted cash pledged for collateral Cash and Cash Equivalents (as at March 31, 2022 vs December 31, 2021) | Metric (in thousands of U.S. Dollars) | March 31, 2022 | December 31, 2021 | | :------------------------------------ | :------------- | :---------------- | | Cash on hand | 17 | 25 | | Cash at banks | 53,260 | 45,188 | | Total | 53,277 | 45,213 | - As of **March 31, 2022**, the Company had pledged **$5,766 thousand** in restricted cash to fulfill collateral requirements, with **$3,544 thousand** classified as non-current and **$2,222 thousand** as current assets[89](index=89&type=chunk) [Transactions with Related Parties](index=26&type=section&id=4.4_Transactions_with_Related_Parties) Related party transaction details remained unchanged in **Q1 2022**, except for non-executive director compensation, totaling **$80 thousand** per director - Details of the Company's transactions with related parties did not change in **Q1 2022**, as discussed in the **2021** Annual Report[90](index=90&type=chunk) - In **2022**, the Company changed the compensation of non-executive directors, with the annual service fee for each director totaling **$80 thousand**[91](index=91&type=chunk) [Vessels, Net](index=26&type=section&id=4.5_Vessels,_Net) The net book value of **vessels** decreased slightly to **$128.6 million** as of **March 31, 2022**, reflecting depreciation and amortization Vessels, Net (in thousands of U.S. Dollars) | Metric | Balance at January 1, 2022 | Additions | Depreciation & Amortization | Balance at March 31, 2022 | | :------------------------------------ | :------------------------- | :-------- | :-------------------------- | :------------------------ | | Vessels cost | 233,738 | 19 | - | 233,757 | | Vessels depreciation | (107,776) | - | (1,309) | (109,085) | | Dry docking costs | 15,927 | 127 | - | 16,054 | | Depreciation of dry-docking costs | (11,165) | - | (951) | (12,116) | | Net Book Value | 130,724 | 146 | (2,260) | 128,610 | - **No impairment or reversal of impairment was recognized** for **vessels** for both **Q1 2022** and **Q1 2021**[92](index=92&type=chunk) [Share Capital and Share Premium](index=26&type=section&id=4.6_Share_Capital_and_Share_Premium) As of **March 31, 2022**, authorized share capital remained at **$2.2 million**, with **20.6 million** common **shares** and **19.7 million** warrants outstanding Authorized Share Capital (as at March 31, 2022 vs December 31, 2021) | Category | March 31, 2022 | December 31, 2021 | | :------------------------------------ | :------------- | :---------------- | | 500,000,000 Common Shares of par value $0.004 each | 2,000 | 2,000 | | 100,000,000 Class B common shares of par value $0.001 each | 100 | 100 | | 100,000,000 Preferred shares of par value $0.001 each | 100 | 100 | | Total authorised share capital | 2,200 | 2,200 | - As of **March 31, 2022**, **20,582,301** common **shares** were issued and fully paid, and Globus' share premium amounted to **$284,406 thousand**[94](index=94&type=chunk)[97](index=97&type=chunk) - The Company had a total of **19,701,120 warrants** outstanding as of **March 31, 2022**, to purchase an aggregate of **19,701,120** common **shares**, with **no exercises during the period**[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [Earnings/(Loss) per Share](index=28&type=section&id=4.7_Earnings/(Loss)_per_Share) Basic and diluted income per share for **Q1 2022** was **$0.59**, a significant improvement from a **$0.11** loss per share in **Q1 2021** Net Income/(Loss) per Common Share (Q1 2022 vs Q1 2021) | Metric | March 31, 2022 | March 31, 2021 | | :------------------------------------ | :------------- | :------------- | | Income/(Loss) attributable to common equity holders | 12,083 | (766) | | Weighted average number of shares – basic and diluted | 20,582,301 | 7,209,657 | | Net income/(loss) per common share – basic and diluted | $0.59 | $(0.11) | - Warrants were **out-of-the-money** during **Q1 2022** and **anti-dilutive** during **Q1 2021**, and thus were not included in the computation of diluted EPS[104](index=104&type=chunk)[105](index=105&type=chunk) [Long-Term Debt, Net](index=30&type=section&id=4.8_Long-Term_Debt,_Net) As of **March 31, 2022**, total long-term debt was **$30.5 million**, primarily from the CIT loan facility, with the company **in compliance** Long-Term Debt, Net (in thousands of U.S. Dollars) | Metric | March 31, 2022 | December 31, 2021 | | :------------------------------------ | :------------- | :---------------- | | Loan Balance (Gross) | 30,500 | 31,750 | | Unamortized Debt Discount | (412) | (447) | | Total Borrowings (Net) | 30,088 | 31,303 | | Less: Current Portion (Net) | (4,870) | (4,865) | | Long-Term Portion (Net) | 25,218 | 26,438 | - In **May 2021**, the Company entered a new term loan facility for up to **$34,250 thousand** with CIT Bank N.A. to refinance existing indebtedness, bearing interest at LIBOR plus a margin of **3.75%** for three-month interest periods[110](index=110&type=chunk) - As of **March 31, 2022**, the Company was **in compliance with the loan covenants** of the CIT loan facility, including maintaining consolidated cash of **not less than $150 thousand** for each group vessel[109](index=109&type=chunk)[111](index=111&type=chunk)[113](index=113&type=chunk) Contractual Annual Loan Principal Payments to CIT Bank N.A. (subsequent to March 31, 2022) | March 31, | CIT Bank N.A. ($000s) | | :-------- | :-------------------- | | 2023 | 5,000 | | 2024 | 5,000 | | 2025 | 5,000 | | 2026 | 15,500 | | Total | 30,500 | [Share Based Payment](index=32&type=section&id=4.9_Share_Based_Payment) **No share-based payments** were made in **Q1 2022** due to a change in non-executive director compensation to cash - There were **no share-based payments** for the period from **January 1** to **March 31, 2022**, as the Company changed the compensation of non-executive directors[115](index=115&type=chunk) - For the period from **January 1** to **March 31, 2021**, non-executive director payments included **1,946** common **shares**, totaling **$10 thousand**[115](index=115&type=chunk) [Contingencies](index=32&type=section&id=4.10_Contingencies) Management is **not aware of any material claims, suits, complaints, or contingent liabilities** from ordinary shipping business - Management is **not aware of any material claims, suits, complaints, or contingent liabilities** arising in the ordinary course of the shipping business[116](index=116&type=chunk) [Commitments](index=33&type=section&id=4.11_Commitments) As of **March 31, 2022**, the company had **$10.7 million** in future lease revenues and committed **$107.8 million** for three new **vessels** Future Net Minimum Lease Revenues Receivable (in thousands of U.S. Dollars) | Period | March 31, 2022 | December 31, 2021 | | :--------------- | :------------- | :---------------- | | Within one year | 10,680 | 6,082 | | Total | 10,680 | 6,082 | - On **April 29, 2022**, the Company assumed a commitment of approximately **$37.5 million** for the construction of one new bulk carrier, and on **May 13, 2022**, committed approximately **$70.3 million** for two additional new bulk carriers, totaling approximately **$107.8 million** for three **vessels**[123](index=123&type=chunk)[124](index=124&type=chunk) - In **May 2022**, the Company paid initial installments of **$7.4 million** for the first vessel and **$13.8 million** for the two additional **vessels**[123](index=123&type=chunk)[124](index=124&type=chunk) [Fair Values](index=34&type=section&id=4.12_Fair_Values) The company measures derivative financial instruments and long-term borrowings at fair value using Level **2** inputs, with **no transfers between hierarchy levels** Fair Value of Financial Instruments (as at March 31, 2022 vs December 31, 2021) | Metric (in thousands of U.S. Dollars) | March 31, 2022 (Carrying Amount) | March 31, 2022 (Fair Value - Level 2) | December 31, 2021 (Carrying Amount) | December 31, 2021 (Fair Value - Level 2) | | :------------------------------------ | :------------------------------- | :------------------------------------ | :---------------------------------- | :--------------------------------------- | | Derivative financial instruments (non-current asset) | 1,126 | 1,126 | 417 | 417 | | Current portion of fair value of derivative financial instruments (asset) | 208 | 208 | - | - | | Current portion of fair value of derivative financial instruments (liability) | - | - | 92 | 92 | | Long-term borrowings | 30,500 | 30,899 | 31,750 | 32,155 | - Valuation techniques for derivative financial instruments (Interest Rate Swap) and long-term borrowings use discounted cash flow with a discount rate as the significant unobservable input (Level **2**)[129](index=129&type=chunk)[130](index=130&type=chunk) - There have been **no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy** during the period[131](index=131&type=chunk) [Events After the Reporting Date](index=36&type=section&id=4.13_Events_After_the_Reporting_Date) After **March 31, 2022**, the company committed to constructing three new fuel-efficient bulk carriers for **$107.8 million**, with initial installments paid - On **April 29, 2022**, the Company entered a contract for the construction and purchase of one **64,000 dwt** fuel-efficient bulk carrier for approximately **$37.5 million**, with delivery scheduled for the first half of **2024**[132](index=132&type=chunk) - On **May 13, 2022**, the Company signed two contracts for the construction and purchase of two **64,000 dwt** fuel-efficient bulk carriers for approximately **$70.3 million**, with deliveries scheduled for **Q3** and **Q4 2024**[133](index=133&type=chunk) - In **May 2022**, the Company paid initial installments of **$7.4 million** for the first vessel and **$13.8 million** for the two additional **vessels**[132](index=132&type=chunk)[133](index=133&type=chunk)

PART I [Key Information](index=6&type=section&id=Item%203.%20Key%20Information) This section outlines the principal risks associated with the company and its industry, detailing the cyclical and volatile nature of the dry bulk shipping market, competitive pressures, and the impact of global financial conditions and geopolitical events [Risk Factors](index=6&type=section&id=D.%20Risk%20Factors) The company faces significant risks from the cyclical and volatile dry bulk shipping industry, influenced by global economic conditions, vessel supply/demand balance, and geopolitical events, alongside company-specific risks like stock price volatility, potential shareholder dilution, and restrictive debt covenants - The international dry bulk shipping industry is characterized by **high volatility and cyclicality** in charter rates, vessel values, and profitability, driven by supply and demand for vessel capacity and cargo[36](index=36&type=chunk)[44](index=44&type=chunk) - Pandemics like COVID-19 and geopolitical conflicts, such as the one in Ukraine, create **significant operational difficulties**, disrupt supply chains, and introduce unpredictable consequences for demand, charter rates, and the company's financial outlook[56](index=56&type=chunk)[117](index=117&type=chunk) - The company's **stock price has been highly volatile**, with significant fluctuations that may not align with business developments. The closing price in 2021 ranged from a high of **$7.46** to a low of **$1.98**[132](index=132&type=chunk)[133](index=133&type=chunk) - Restrictive covenants in the company's loan agreements may **limit liquidity and corporate activities**, such as paying dividends, incurring additional debt, or selling assets. A default under one loan could trigger cross-defaults under other financing arrangements[151](index=151&type=chunk)[156](index=156&type=chunk) [Information on the Company](index=43&type=section&id=Item%204.%20Information%20on%20the%20Company) Globus Maritime Limited is an integrated dry bulk shipping company providing worldwide marine transportation services, with details on its history, fleet, chartering strategy, customer base, competitive landscape, and complex regulatory environment [History and Development of the Company](index=43&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) The company, incorporated in 2006 and redomiciled to the Marshall Islands in 2010, has undergone several reverse stock splits and engaged in numerous capital-raising activities, including public offerings and the acquisition of three Kamsarmax vessels in 2021 - The company has executed multiple reverse stock splits to manage its share price and maintain listing compliance, including a **1-for-4 split in 2016**, a **1-for-10 split in 2018**, and a **1-for-100 split in October 2020**[246](index=246&type=chunk)[260](index=260&type=chunk) - Throughout 2020 and 2021, the company **raised significant capital** through a series of public and registered direct offerings of common shares and warrants, substantially increasing its shares outstanding and strengthening its balance sheet[250](index=250&type=chunk)[255](index=255&type=chunk)[257](index=257&type=chunk) - In 2021, the company expanded its fleet by acquiring three Kamsarmax vessels: **m/v Diamond Globe for $27 million**, **m/v Power Globe for $16.2 million**, and **m/v Orion Globe for $28.4 million**, all financed with available cash[271](index=271&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk) - In May 2021, the company secured a **new loan facility of $34.25 million from CIT Bank N.A.** to repay its existing, higher-interest EnTrust Loan Facility[268](index=268&type=chunk) [Business Overview](index=47&type=section&id=B.%20Business%20Overview) Globus Maritime operates a fleet of nine dry bulk vessels with a total carrying capacity of 626,257 dwt and a weighted average age of 10.2 years, employing a mix of short-term and longer-term charters while navigating intense competition and extensive international, EU, and U.S. regulations Fleet Composition as of December 31, 2021 | Vessel | Year Built | Vessel Type | Carrying Capacity (dwt) | | :--- | :--- | :--- | :--- | | m/v River Globe | 2007 | Supramax | 53,627 | | m/v Sky Globe | 2009 | Supramax | 56,855 | | m/v Star Globe | 2010 | Supramax | 56,867 | | m/v Moon Globe | 2005 | Panamax | 74,432 | | m/v Sun Globe | 2007 | Supramax | 58,790 | | 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 | | **Total** | | | **626,257** | - The company's chartering strategy is to employ its vessels on a **mix of short-term/spot market contracts and longer-term time charters** to balance stable cash flow with the ability to capitalize on market upswings[279](index=279&type=chunk) - The company's operations are subject to extensive regulation, including the **IMO's global 0.5% sulphur cap on marine fuels**, which came into force on January 1, 2020. The company's vessels comply by using more expensive low-sulphur fuel as they are not equipped with scrubbers[347](index=347&type=chunk) - The company must comply with the **Ballast Water Management (BWM) Convention**, which entered into force in September 2017 and requires vessels to have systems to manage ballast water and prevent the spread of harmful aquatic organisms[357](index=357&type=chunk) [Operating and Financial Review and Prospects](index=65&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section provides a detailed analysis of the company's financial performance and condition, highlighting a significant turnaround in 2021 with increased operating income driven by higher charter rates, strengthened liquidity from equity offerings, and an overview of debt facilities and market trends [Operating Results](index=66&type=section&id=A.%20Operating%20Results) The company's operating results dramatically improved in 2021, with voyage revenues increasing by 266% to $43.2 million and an operating income of $17.9 million, driven by a surge in average daily Time Charter Equivalent (TCE) rates and a larger fleet Key Operational Metrics (2019-2021) | Metric | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Ownership days | 2,594 | 1,894 | 1,825 | | Available days | 2,531 | 1,778 | 1,788 | | Operating days | 2,477 | 1,733 | 1,756 | | Fleet utilization | 97.9% | 97.5% | 98.2% | | Average number of vessels | 7.1 | 5.2 | 5.0 | | Daily TCE rate | $16,627 | $5,210 | $7,564 | Results of Operations (in thousands of U.S. Dollars) | Line Item | 2021 | 2020 | | :--- | :--- | :--- | | Voyage revenues | 43,211 | 11,753 | | Vessel operating expenses | (13,808) | (8,581) | | Impairment loss | — | (4,615) | | **Operating income/(loss)** | **17,944** | **(11,423)** | | Interest expense and finance costs | (3,262) | (4,155) | | **TOTAL INCOME/(LOSS) FOR THE YEAR** | **14,950** | **(17,372)** | - **Voyage revenues increased by 266% in 2021** compared to 2020, primarily due to a **significant increase in average Time Charter Equivalent (TCE) rates**[501](index=501&type=chunk) - **Daily vessel operating expenses increased by 18% in 2021 to $5,325**, mainly attributed to **higher crew-related costs**, including more frequent repatriations and COVID-19 compliance measures[503](index=503&type=chunk) [Liquidity and Capital Resources](index=88&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company's liquidity significantly improved, with unrestricted cash and cash equivalents increasing to $45.2 million at year-end 2021, driven by cash from operations and $77.4 million in net cash from financing activities, primarily from equity offerings totaling $89.6 million, and a new $34.25 million loan facility with CIT Bank N.A. Cash Flow Summary (in millions of U.S. Dollars) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 20.8 | (6.2) | | Net Cash Used In Investing Activities | (72.0) | (18.5) | | Net Cash from Financing Activities | 77.4 | 41.5 | | **Unrestricted Cash at Year End** | **45.2** | **19.0** | - In May 2021, the company entered into a **new loan facility with CIT Bank N.A. for up to $34.25 million**, bearing interest at **LIBOR plus 3.75%**. The proceeds were used to repay the outstanding balance of the higher-cost EnTrust Loan Facility[547](index=547&type=chunk)[576](index=576&type=chunk) - The CIT Loan Facility contains several financial covenants, including a **minimum liquidity requirement of $500,000 per mortgaged ship**, a **maximum leverage ratio of 0.75:1.00**, and **restrictions on dividend payments**[584](index=584&type=chunk)[587](index=587&type=chunk) - **Working capital improved to a surplus of $37.8 million** as of December 31, 2021, compared to a surplus of $9.2 million as of December 31, 2020[554](index=554&type=chunk) [Trend Information](index=94&type=section&id=D.%20Trend%20Information) The dry bulk shipping market experienced significant volatility and a strong recovery in 2021, with demand growth outpacing fleet supply growth, though the market remains cyclical and subject to global economic trends and geopolitical events like the Russia-Ukraine conflict - The **Baltic Dry Index (BDI) was highly volatile in 2021**, ranging from a low of **1,303** to a high of **5,650**, reflecting a strong recovery in the dry bulk market[600](index=600&type=chunk)[602](index=602&type=chunk) - In 2021, **demand growth for dry bulk vessels (4.1%) outpaced supply growth (3.6%)**, contributing to the significant increase in the BDI[601](index=601&type=chunk) - The **conflict between Russia and Ukraine is expected to cause significant volatility and uncertainty** in the dry bulk market, potentially shifting trade routes for grain and coal, which could increase ton-mile demand[604](index=604&type=chunk) - The **dry bulk orderbook stands at a relatively low 6.7% of the world's total fleet**, which may provide support for charter rates going forward[605](index=605&type=chunk) [Directors, Senior Management and Employees](index=95&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section provides information on the company's leadership and governance structure, including the staggered board of directors, key personnel, executive compensation primarily managed through a consultancy agreement with an affiliate of the CEO, and the company's equity incentive plan - The company's senior leadership includes **Georgios Feidakis as Chairman** and his son, **Athanasios Feidakis, as President, CEO, and CFO**[608](index=608&type=chunk)[609](index=609&type=chunk) - Executive compensation for the CEO is structured through a consultancy agreement with Goldenmare Limited, an affiliated company. In December 2020, the annual fee was increased to **€400,000**, and a one-time cash bonus of **$1.5 million** was approved. Another **$1.5 million bonus** was approved in December 2021[615](index=615&type=chunk) - The **Board of Directors is classified into three staggered three-year terms**. It has established an **Audit Committee, a Remuneration Committee, and a Nomination Committee**[607](index=607&type=chunk)[624](index=624&type=chunk) - The company has a **2012 Equity Incentive Plan (EIP) authorizing up to 100,000 common shares** for awards like stock options and restricted stock to directors, officers, and employees[631](index=631&type=chunk)[633](index=633&type=chunk) [Major Shareholders and Related Party Transactions](index=100&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the ownership structure and transactions with related parties, highlighting the significant voting control held by the CEO through Series B preferred shares and outlining key related party agreements such as office leases and consultancy services - The CEO, Athanasios Feidakis, **controls 49.99% of the company's voting power** via Goldenmare Limited's ownership of **10,300 Series B preferred shares**, which have **25,000 votes per share**, subject to a **49.99% aggregate voting cap**[656](index=656&type=chunk)[692](index=692&type=chunk) Major Shareholders as of April 11, 2022 | Name of Beneficial Owner | Number of common shares beneficially owned | Percentage of common shares beneficially owned | | :--- | :--- | :--- | | Armistice Capital, LLC | 1,200,000 | 5.8% | | Intracoastal Capital LLC | 1,959,250 | 8.7% | | Lind Global Macro Fund, LP | 2,241,200 | 9.8% | | Hudson Bay Master Fund Ltd. | 2,283,475 | 9.99% | | George Feidakis (Chairman) | 761,530 | 3.7% | - The company leases its office space from Cyberonica S.A., an affiliate of the Chairman. In August 2021, a new agreement was signed, increasing the space and the monthly rent to **€26,000**[659](index=659&type=chunk) - The company has a **consultancy agreement with Goldenmare Limited**, an affiliate of the CEO, for advisory services. The agreement includes an **annual fee of €400,000** and provisions for significant one-time bonuses[665](index=665&type=chunk) [Financial Information](index=104&type=section&id=Item%208.%20Financial%20Information) This section confirms the inclusion of consolidated financial statements under Item 18, notes the absence of significant legal proceedings, and discusses the company's dividend policy, which has not involved common share dividends since 2012 due to board discretion and loan agreement restrictions - The company has **not paid any dividends on its common shares since 2012**[672](index=672&type=chunk) - The declaration and payment of any future dividends are at the discretion of the board of directors and are **restricted by covenants in the CIT Loan Facility**[671](index=671&type=chunk)[679](index=679&type=chunk) - The company has **not been involved in any legal proceedings** that have had or may have a significant effect on its business or financial position[670](index=670&type=chunk) [Additional Information](index=105&type=section&id=Item%2010.%20Additional%20Information) This section details the company's corporate governance and legal framework, including its authorized share capital with significant voting power concentrated in Series B preferred stock, anti-takeover provisions, and a detailed analysis of U.S. federal income tax considerations, including the Section 883 exemption and PFIC risks - The company's capital structure includes **common shares (1 vote)**, **Class B common shares (20 votes, none outstanding)**, and **Series B preferred shares (25,000 votes, capped at 49.99% of total voting power)**[686](index=686&type=chunk)[692](index=692&type=chunk) - The company has **several anti-takeover provisions**, including a **classified board of directors**, the ability to issue **'blank check' preferred stock**, and **advance notice requirements for shareholder proposals**[713](index=713&type=chunk)[717](index=717&type=chunk)[718](index=718&type=chunk) - The company believes its income from international shipping was **exempt from U.S. federal income tax in 2021 under Section 883 of the Internal Revenue Code** by satisfying the 'Publicly Traded Test'[1100](index=1100&type=chunk)[766](index=766&type=chunk) - There is a risk that the company could be classified as a **Passive Foreign Investment Company (PFIC)**, which would result in adverse U.S. federal income tax consequences for U.S. shareholders. The company believes it should not be treated as a PFIC based on its current operations[224](index=224&type=chunk)[775](index=775&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=127&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to several market risks, primarily interest rate risk from floating-rate debt, currency risk from operating expenses in foreign currencies, and commodity risk related to fluctuating fuel prices - The company is exposed to **interest rate risk from its floating-rate debt**. A **1.0% increase in LIBOR would increase interest expense by approximately $0.3 million in 2022**[796](index=796&type=chunk)[799](index=799&type=chunk)[800](index=800&type=chunk) - The company faces **foreign currency risk** as it generates revenues in U.S. dollars but incurs some operating expenses in other currencies. It does not currently use financial derivatives to hedge this risk[801](index=801&type=chunk)[802](index=802&type=chunk) - **Commodity risk is present due to fluctuating fuel prices**, which can adversely affect profitability, especially for vessels not on time charter where the charterer bears the fuel cost[803](index=803&type=chunk) PART II [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=128&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) This section highlights the material impact of the Series B preferred shares on the rights of common shareholders, as these shares, held by an affiliate of the CEO, grant the holder up to 49.99% of the total voting power, thereby giving substantial control over corporate matters - The **Series B preferred shares**, held by an affiliate of the CEO, grant the holder **up to 49.99% of the company's total voting power**, giving it **substantial control over corporate matters** and limiting the influence of common shareholders[808](index=808&type=chunk)[809](index=809&type=chunk)[810](index=810&type=chunk) [Controls and Procedures](index=129&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2021, with an unqualified attestation report from the independent registered public accounting firm - Management concluded that the company's **disclosure controls and procedures were effective as of December 31, 2021**[819](index=819&type=chunk)[821](index=821&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, 2021**[824](index=824&type=chunk) - The **independent registered public accounting firm issued an unqualified attestation report** on the effectiveness of the company's internal control over financial reporting[825](index=825&type=chunk)[826](index=826&type=chunk) [Corporate Governance](index=130&type=section&id=Item%2016.%20Corporate%20Governance) This section outlines the company's corporate governance practices, including the designation of an audit committee financial expert, adoption of a code of ethics, fees paid to the principal accountant, and the company's adherence to home country practices as a foreign private issuer, which exempts it from certain Nasdaq rules - The Board of Directors has designated **Ioannis Kazantzidis as the audit committee financial expert**[829](index=829&type=chunk) Principal Accountant Fees (in thousands of U.S. Dollars) | Fee Category | 2021 | 2020 | | :--- | :--- | :--- | | Audit Fees | $327.1 | $363.6 | | Tax Fees | $6.85 | $5.0 | | **Total** | **$333.95** | **$368.6** | - As a foreign private issuer, the company is **exempt from certain Nasdaq corporate governance requirements**, including having a majority-independent board and obtaining shareholder approval for all equity issuances[841](index=841&type=chunk) PART III [Financial Statements](index=132&type=section&id=Item%2018.%20Financial%20Statements) This section contains the audited consolidated financial statements for Globus Maritime Limited for the fiscal year ended December 31, 2021, including the Independent Registered Public Accounting Firm's unqualified opinion on both the financial statements and internal control over financial reporting, along with key financial statements and detailed notes Consolidated Statement of Financial Position (in thousands of U.S. Dollars) | | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 135,712 | 64,160 | | Total current assets | 49,940 | 22,281 | | **TOTAL ASSETS** | **185,652** | **86,441** | | **EQUITY AND LIABILITIES** | | | | Total equity | 146,418 | 42,094 | | Total non-current liabilities | 27,108 | 31,285 | | Total current liabilities | 12,126 | 13,062 | | **TOTAL EQUITY AND LIABILITIES** | **185,652** | **86,441** | Consolidated Statement of Comprehensive Income/(Loss) (in thousands of U.S. Dollars) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Voyage revenues | 43,211 | 11,753 | 15,623 | | Operating income/(loss) | 17,944 | (11,423) | (33,649) | | **TOTAL INCOME/(LOSS) FOR THE YEAR** | **14,950** | **(17,372)** | **(36,351)** | | **Basic and Diluted EPS (U.S.$)** | **1.01** | **(18.11)** | **(873.36)** |

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 nine-month periods ended September 30, 2021 and 2020. 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 c ...