Globus Maritime (GLBS) Q1 2025 earnings summary

Executive summary

• Revenue increased 13% to $8.6 million in Q1 2025, driven by a larger fleet despite lower daily rates.

• Net loss widened to $1.5 million from $0.3 million year-over-year, with loss per share at $0.07.

• Fleet expanded to nine vessels, with a weighted average age of 7.5 years as of June 2025.

• All vessels are on short-term or spot charters, reflecting a flexible deployment strategy.

• Completed sale of the 2007-built River Globe for $8.55 million in Q1 2025.

Financial highlights

• Adjusted EBITDA remained stable at $2.0 million compared to Q1 2024.

• Time Charter Equivalent (TCE) rate declined 22% to $9,225 per day year-over-year.

• Daily operating expenses increased to $5,321 from $5,104 year-over-year.

• Net cash from operating activities was $905,000 in Q1 2025, down from $1.49 million in Q1 2024.

• Total assets stood at $316 million and total equity at $175 million as of March 31, 2025.

Outlook and guidance

• Management expects medium- and long-term industry prospects to be positive.

• Ongoing fleet renewal with two Ultramax vessels under construction for 2026 delivery.

• Preparing for new environmental regulations, leveraging a modern, fuel-efficient fleet.