Globus Maritime (GLBS) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose 16% year-over-year to $8.95 million, but net loss was $0.55 million versus $3.5 million profit in Q3 2023.

• Nine-month 2024 revenue increased 9% to $26.2 million, with net income of $2.4 million, down from $4.9 million in 2023.

• Fleet expanded to nine vessels, including three new eco Ultramax ships delivered in 2024; average fleet age is 7.4 years.

• All vessels are deployed on spot charters, with management focused on fuel efficiency and regulatory compliance.

Financial highlights

• Adjusted EBITDA was $2.9 million in Q3 2024 (up 46% year-over-year) and $8.9 million for nine months (up 109%).

• Q3 2024 TCE rate was $13,867/day, up 39% year-over-year; nine-month TCE was $13,450/day, up 50%.

• Daily operating expenses decreased 4% to $5,326 for the nine months.

• Cash and cash equivalents at September 30, 2024, were $59.7 million, with total assets of $280.1 million.

• Total debt and finance liabilities rose to $95.3 million from $52.3 million at year-end 2023.

Segment performance

• Average fleet size was 6.8 vessels for the nine months, down from 8.4 in 2023 due to vessel sales.

• Fleet utilization remained high at 99.3% for the nine months.

• Voyage expenses dropped sharply due to fewer ballast days and lower bunker costs.