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