Globus Maritime (GLBS) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $9.5 million, up 22% year-over-year, with net income of $3.3 million versus a $1.2 million loss in Q2 2023.

• H1 2024 revenue was $17.2 million, net income $3 million, both higher than H1 2023.

• Fleet expanded to seven vessels, including two new Ultramax deliveries in 2024, with all vessels on spot charters.

• Management highlights strong fleet utilization, cost control, and ongoing fleet renewal with modern, fuel-efficient ships.

Financial highlights

• Adjusted EBITDA was $4 million in Q2 2024 and $6 million in H1 2024, both significantly higher year-over-year.

• Basic EPS for Q2 2024 was $0.16, up from a $0.06 loss per share in Q2 2023; H1 2024 EPS was $0.14, up from $0.07 in H1 2023.

• TCE rate in Q2 2024 was $14,578 per day, up 77% year-over-year; H1 2024 TCE was $13,246 per day, up 56%.

• Cash and cash equivalents stood at $74.4 million as of June 30, 2024.

• Total debt and finance liabilities were $72.3 million at quarter-end, up from $52.3 million at year-end 2023.

Outlook and guidance

• Management remains focused on fleet renewal, expansion, and maintaining a healthy balance sheet.

• Evaluating newbuildings, alternative fuel options, and secondhand market opportunities for further growth.

• Exploring new financing opportunities and aiming to enhance shareholder value.