Globus Maritime Limited Reports Financial Results for the Third Quarter and Nine-month period ended September 30, 2024

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