Globus Maritime(US:GLBS) Globenewswire·2025-06-16 20:05Company Overview - Globus Maritime Limited operates a fleet of nine dry bulk carriers, including six Kamsarmax and three Ultramax vessels, with a total carrying capacity of 680,622 deadweight tons and a weighted average age of 7.5 years as of June 16, 2025 [2][28]. Financial Performance - For Q1 2025, the company reported revenue of $8.6 million, an increase from $7.7 million in Q1 2024, representing a 13% growth attributed to an increase in the average number of vessels from 6.7 to 9.8 [8][15]. - The net loss for Q1 2025 was $1.5 million, compared to a net loss of $0.3 million in Q1 2024, resulting in a basic and diluted loss per share of $0.07 [13][14]. - Adjusted EBITDA for Q1 2025 was $2 million, consistent with Q1 2024 [8][13]. Fleet Deployment and Operations - All vessels are currently operating on short-term time charters, generally considered as spot charters, which are below one year in duration [4]. - The fleet utilization rate was 100% in Q1 2025, compared to 98.5% in Q1 2024 [18]. Management Insights - The first quarter of 2025 was characterized as weak due to seasonal factors and geopolitical issues, but the company is focused on maintaining a younger, more fuel-efficient fleet to control costs [5]. - The company is preparing for upcoming environmental regulations and aims to leverage its modern fleet to adapt to the new regulatory environment [6]. Recent Developments - The company successfully completed its first test voyage using biofuel, which reduced lifecycle CO₂ emissions compared to conventional marine fuel, marking a significant step towards compliance with future environmental regulations [9][10]. - On February 4, 2025, the company entered into an agreement to sell the 2007-built River Globe for a gross price of $8.55 million, with the vessel delivered to new owners on March 17, 2025 [12]. Financial Position - As of March 31, 2025, total assets were $315.99 million, with total equity of $174.92 million and total debt of $133.12 million [27].