GLBSNasdaqDeep Sea Foreign Transportation of FreightUS GAAP · USD

Globus Maritime Limited

Globus Maritime Ltd is a dry bulk shipping company that owns and operates a fleet of oceangoing bulk carriers through wholly owned vessel-owning subsidiaries. It provides maritime transport services for dry cargo products on worldwide trade routes, with its business structured around chartering its vessels into the global seaborne freight market.

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Revenue44.2m USD
+26.8 %y/y
Operating profit (EBIT)4.5m USD
+32.8 %y/y
EBIT margin10.2%
+0.5 ppy/y
Net income-1.7m USD
−505.3 %y/y
Free cash flow11.4m USD
+112.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20020406080m USD2020: 12 m USD2020: EBIT -11 m USD20202021: 43 m USD2021: EBIT 18 m USD20212022: 62 m USD2022: EBIT 24 m USD20222023: 31 m USD2023: EBIT 6.3 m USD20232024: 35 m USD2024: EBIT 3.4 m USD20242025: 44 m USD2025: EBIT 4.5 m USD2025444.5
RevenueOperating profit (EBIT)
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Business

Share of revenue
Dry bulk vessel transportation100 %

Transport of bulk commodities such as grain, coal, ores and similar cargoes by sea.

Customers

Globus Maritime serves charterers that need seaborne transport for bulk commodities and industrial raw materials. Its customers are typically commodity traders, producers, and shipping brokers that hire vessel capacity for specific voyages or periods. Demand depends on global trade flows, fleet availability, and freight market conditions.

Commodity traders

Buy vessel capacity to move traded bulk cargoes across global routes.

Industrial producers and miners

Charter ships for export or import of raw materials and bulk inputs.

Shipbrokers and charterers

Arrange voyage or time-charter contracts for end cargo owners.

Strategy

Globus Maritime’s strategy is centered on operating a modern dry bulk fleet and placing vessels into the charter market where utilization and pricing are available. Fleet composition, vessel deployment, and charter timing are the main levers that shape competitiveness in a cyclical shipping market. Maintaining a balanced fleet mix across vessel sizes helps the company participate in different bulk trade flows and cargo classes.

Optimize fleet deploymentShort term

Earnings in dry bulk shipping depend heavily on where and when vessels are fixed.

Preserve fleet competitivenessMedium term

Modern, well-maintained vessels are more attractive to charterers and more flexible across cargo types.

Geography

The company operates on a worldwide basis rather than in a single home market, with vessels deployed wherever bulk cargo demand and charter opportunities exist. Its corporate base is in the Marshall Islands, while management and operating functions are connected to Greece, reflecting a common international shipping structure. Because revenues are tied to global trade lanes, the business is exposed to broad seaborne freight demand and route-specific conditions.

Risks

As a dry bulk carrier, the company is exposed to freight-rate volatility, vessel utilization swings, and fuel and port cost changes that are inherent to shipping cycles. It also faces operating risks from marine incidents, charterer credit exposure, environmental claims, and regulatory compliance across international waters. Because revenue depends on charter activity and voyage timing, quarterly results can move materially with market conditions and fleet deployment decisions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dry bulk freight market volatility1Vessel operating and marine casualty risk2Environmental and regulatory claims3Charterer and counterparty credit risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dry bulk freight market volatilityImpact: HighLikelihood: High

    Revenue depends on charter rates and market demand for bulk vessel capacity.

    ExposureCharter ratesVoyage revenueUtilization
  2. Vessel operating and marine casualty riskImpact: HighLikelihood: Medium

    Ship operations can lead to accidents, repairs, delays, and insurance claims.

    ExposureFleet operationsDowntimeClaims
  3. Environmental and regulatory claimsImpact: MediumLikelihood: Medium

    Shipping is subject to pollution, safety, and maritime regulation in many jurisdictions.

    ExposureComplianceFinesContingencies
  4. Charterer and counterparty credit riskImpact: MediumLikelihood: Medium

    Customers may default, delay payments, or dispute charter terms.

    ExposureReceivablesContract cash flow
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Accounting

Judgemental items
Voyage revenue recognition

Revenue depends on when voyages are completed and charter days are earned.

Impact: Can shift revenue between quarters

Vessel depreciation and impairment

Ship values depend on assumptions about useful life, scrap value, and market conditions.

Impact: Can materially affect carrying values and earnings

Contingent liabilities and claims

Shipping operations can generate environmental, contractual, and casualty claims.

Impact: May require provisions or expanded disclosures

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Last updated: 28/09/2026