Globus Maritime Limited Reports Financial Results for the Quarter Ended March 31, 2024

Core Viewpoint - Globus Maritime Limited reported a decline in revenue and net loss for Q1 2024 compared to Q1 2023, despite an increase in adjusted EBITDA and daily time charter equivalent rates, indicating mixed financial performance amid a challenging market environment [2][11][12]. Financial Performance - Revenue for Q1 2024 was $7.7 million, down from $8.6 million in Q1 2023, reflecting an 11% decrease in voyage revenues attributed to a reduced average number of vessels [10][12]. - Adjusted EBITDA increased to $2 million in Q1 2024 from $1.3 million in Q1 2023, showcasing improved operational efficiency [10][11]. - The net loss for Q1 2024 was $0.3 million, compared to a net income of $2.6 million in Q1 2023, resulting in a basic and diluted loss per share of $0.01 [11][29]. Fleet and Operations - The company operates a fleet of seven dry bulk carriers, with a weighted average age of 10 years as of March 31, 2024 [3][37]. - The daily time charter equivalent (TCE) rate rose to $11,862 per vessel per day in Q1 2024, a 35% increase from $8,780 per vessel per day in Q1 2023 [12][32]. - Fleet utilization was reported at 98.5% for Q1 2024, slightly down from 99.3% in Q1 2023 [32]. Recent Developments - The company took delivery of its first new building, the m/v GLBS Hero, an Ultramax vessel, which is expected to operate efficiently with lower fuel consumption compared to older vessels [5][24]. - A sale and leaseback agreement for a new vessel, GLBS MIGHT, was entered into for $28 million, scheduled for delivery in Q3 2024 [9]. - The company is actively modernizing its fleet with fuel-efficient vessels to enhance operational performance and shareholder value [7][25][24]. Financial Position - As of March 31, 2024, total assets were $233.2 million, with total equity at $175.7 million and total debt at $53.5 million [19][27]. - The company secured a loan facility of $23 million to support general corporate purposes, with a repayment plan structured over 20 quarters [27].