Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”) (NASDAQ: GLBS), a dry bulk shipping company reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2025.

• Revenue

$8.6 million in Q1 2025 compared to $7.7 million in Q1 2024

• Adjusted EBITDA

$2 million in both Q1 2025 and Q1 2024

• Time Charter Equivalent

$9,225 per day in Q1 2025 compared to $11,862 per day in Q1 2024

Current Fleet Deployment

All our vessels are currently operating on short-term time charters, we generally consider as spot charters, the charters that are below one year in duration and/or are chartered on index linked basis (“on spot”).

Management Commentary

The first quarter of 2025 was weak with the seasonally weak quarter further affected by geopolitical and economic factors around the world. However, we are now operating a much younger, more fuel-efficient fleet that allows us to keep our costs under control. We are continuing with our expansion and renewal efforts with the construction for our two Ultramaxes in Japan (scheduled for delivery in 2026) progressing smoothly.

We have a positive view of the medium- and long-term prospects of the industry. At this time we are preparing diligently for the various environmental regulations that are forthcoming, and we hope our modern and fuel-efficient fleet will be able to capitalize on the new regulatory environment.

We have an excellent relationship with our lenders which allows us to explore various financing options and tools to further expand and modernize our fleet. We are evaluating all possibilities that will help us maintain a robust balance sheet and a sustainable future.

The company successfully completed its first test voyage using biofuel, marking a significant milestone in its path toward reducing carbon emissions and aligning with future environmental regulations. The voyage was carried out involving the use of a sustainable biofuel blend, and the trial was carefully monitored to assess engine performance, fuel consumption, and overall operational impact, with no technical issues encountered during the journey.

The biofuel used in the trial voyage reduced lifecycle CO₂ emissions compared to conventional marine fuel, without requiring major engine modifications or retrofitting. Results from the test will set the stage for future voyages and help the company prepare for upcoming environmental legislation, including FuelEU Maritime and the IMO’s revised carbon intensity regulations.

Our Company remains committed to driving change in the maritime sector by investing in cleaner fuels, operational efficiency, and innovation.

Full report: Globus Maritime Limited