Globus Maritime Limited reported a net income of $0.7 million for the third quarter of 2025, a turnaround from the $0.55 million loss recorded in the same period a year earlier. Revenue rose 41% to $12.6 million, and basic earnings per share climbed to $0.04 from a loss of $0.03 a year ago, beating analyst expectations by $0.16 per share and exceeding revenue forecasts by $2.1 million.
The earnings lift was driven by a combination of fleet expansion and stronger freight rates. The company’s average fleet size grew from 6.7 to 9 vessels, while the daily Time Charter Equivalent (TCE) rate increased 6% to $14,702 per vessel. Midsize bulkers are now chartered at $15,000 to $18,000 per day, reflecting a broader recovery in the dry‑bulk market. CEO Athanasios Feidakis noted that “we experienced a gradual but meaningful improvement in market rates for the vessel segments in which we operate.”
Operationally, Globus completed a dry‑dock of one vessel during the quarter, a temporary utilization hit that was contained within acceptable cost limits. The company also reaffirmed its fleet renewal plan, with two Ultramax newbuildings scheduled for delivery in 2026 and a $25 million loan facility secured to finance construction. Debt remains at $137.95 million, with a debt‑to‑equity ratio of 0.77, and the company has extended the maturity of its credit facilities to align with the newbuildings’ delivery schedule.
While the results are positive, some analysts have highlighted financial distress signals, noting an Altman Z‑Score in the distress zone and a negative Beneish M‑Score. Nonetheless, management’s focus on cost discipline and strategic financing suggests confidence in sustaining profitability as the market continues to recover.
Comparing to the preceding quarter, Globus posted an earnings per share loss of $0.18 in Q2 2025, indicating a clear improvement in profitability momentum. Revenue growth accelerated from the prior quarter, underscoring the company’s ability to capitalize on favorable market conditions.
Management remains optimistic about the near‑term outlook, citing continued demand for midsize bulk carriers and the expected benefits of the newbuildings. No material guidance changes were disclosed, but the company’s financial strategy and operational execution position it well for the remainder of the year.
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