Globus Maritime (GLBS) Q2 2025 earnings summary

Executive summary

• Reported a net loss of $1.9 million in Q2 2025 and $3.35 million for H1 2025, compared to net income in the prior year periods.

• Revenue was $9.5 million in Q2 2025 and $18.2 million in H1 2025, with a 5% year-over-year increase for H1 due to a larger fleet.

• Adjusted EBITDA reached $3.2 million in Q2 2025 and $5.2 million in H1 2025, both down from the previous year.

• Fleet expanded to nine vessels, with a weighted average age of 7.8 years as of September 2025.

Financial highlights

• Q2 2025 revenue was flat year-over-year at $9.5 million; H1 2025 revenue rose 5% to $18.2 million.

• Net loss of $1.9 million in Q2 2025 versus net income of $3.3 million in Q2 2024; H1 2025 net loss of $3.35 million versus net income of $3 million in H1 2024.

• Adjusted EBITDA declined to $3.2 million in Q2 2025 from $4.0 million in Q2 2024; H1 2025 Adjusted EBITDA was $5.2 million, down from $6.0 million.

• Daily TCE rate dropped 22% year-over-year in both Q2 and H1 2025, reflecting weaker market conditions.

• Operating expenses and depreciation increased due to a larger fleet.

Outlook and guidance

• Management expects continued benefit from healthy cargo flows, supportive ton-mile developments, and a modest newbuilding orderbook.

• Short- to medium-term outlook is constructive, with the fleet positioned to capture upside from current market rates.

• Two additional fuel-efficient Ultramax vessels are scheduled for delivery in about a year.