Globus Maritime(US:GLBS) Globenewswire·2025-11-28 19:00Core Viewpoint - Globus Maritime Limited reported a gradual improvement in market rates for dry bulk shipping during Q3 2025, leading to increased revenues and a net income for the quarter, despite a net loss for the nine-month period [5][12][16]. Financial Performance - Revenue for Q3 2025 reached $12.6 million, a 41% increase from $8.95 million in Q3 2024, primarily due to a higher average number of vessels operated [15][12]. - For the first nine months of 2025, revenue was $30.8 million, an 18% increase from $26.2 million in the same period of 2024 [17]. - Net income for Q3 2025 was $0.7 million, compared to a net loss of $0.55 million in Q3 2024 [14]. - The nine-month period ended with a net loss of $2.6 million, contrasting with a net income of $2.4 million for the same period in 2024 [16]. Fleet Profile - The company operates a fleet of nine dry bulk carriers, including six Kamsarmax and three Ultramax vessels, with a total carrying capacity of 680,622 DWT and a weighted average age of 8 years [2][29]. - All vessels are currently operating on short-term time charters [4]. Operational Highlights - The average number of vessels operated increased from 6.7 in Q3 2024 to 9.0 in Q3 2025 [18]. - The Time Charter Equivalent (TCE) rate for Q3 2025 was $14,702 per day, a 6% increase from $13,867 per day in Q3 2024 [15]. - Fleet utilization was reported at 98.7% for Q3 2025, slightly down from 99.6% in Q3 2024 [18]. Management Commentary - The management expressed optimism about the market conditions, noting a positive trend in rates for midsize bulk carriers, which are currently around $15,000 to $18,000 per day [6][9]. - The company has secured financing for two new vessels scheduled for delivery in the second half of 2026, enhancing operational flexibility [7][11]. Recent Developments - The company completed the dry-docking of one vessel during the quarter, which temporarily affected utilization but was completed within expected costs [7]. - A vessel sale agreement was made for the River Globe, generating $8.55 million before commissions [9]. Debt Financing - In September 2025, the company amended its CIT loan facility, reducing the margin from 2.70% to 1.95% and extending the maturity date [10]. - The company arranged a $25 million loan facility and a $28 million sale and bareboat back agreement for its new vessels under construction [11]. Balance Sheet Overview - As of September 30, 2025, total assets were reported at $289.8 million, down from $321.0 million in 2024, with total debt at $109.8 million [28].