Capital Link
A TCE rate of $19,686 per day, up 72% on a year ago, turned a second quarter loss into $4.0m of net income. The Japanese newbuilding program is nearly done and management is looking for the next place to put capital.
Globus Maritime (Nasdaq: GLBS) has posted net income of $4.0m for the second quarter, against a loss of $1.9m in the same period last year, on a dry bulk market that paid its 9 ship fleet substantially more for the same days at sea.
Revenue rose 53% to $14.6m. Adjusted EBITDA came in at $9.1m, close to triple the $3.2m of a year earlier, and net cash from operating activities reached $5.5m against $0.3m. Basic earnings were $0.19 per share.
The half year tells the same story. Revenue of $26.9m is 48% up on the $18.2m of the first six months of 2025, and net income of $5.1m reverses a loss of $3.4m.
Rate, not size
The Greek owner ran an average of 9 vessels through the quarter, the same as last year, and booked identical ownership days of 819. Utilization was 99.5%, a shade below the 99.8% of a year ago.
What changed was the rate. The daily TCE reached $19,686 per vessel, up 72% from $11,462. Over the half, TCE averaged $17,691 against $10,366, a rise of 71%.
Set that against daily operating expenses of $5,787, up marginally from $5,619, and the margin per ship per day widens from $5,800 to $13,900.
Notably, from the first quarter of 2026 the company changed how it calculates TCE, now including days spent seeking employment in operating days and calculating on operating days instead of available days. Prior periods have been recast on the new basis, so the figures here differ from what Globus published at the time.
All nine on spot
The fleet is 6 Kamsarmax and 3 Ultramax vessels, 680,622 dwt in total, with a weighted average age of 8.7 years. Every one of them trades on short-term time charters of under a year or on an index linked basis, which the company treats as spot.
That is a deliberate position, and this quarter it paid. Management’s stated view is that attractive opportunities remain in the spot and short-term markets, with moderate fleet growth and resilient seaborne trade providing the backdrop. The same structure would transmit a downturn just as directly, which is the trade being made.
The company flagged bunker prices as a variable requiring disciplined voyage management, and reported a net gain on bunker sales of $1.2m in the quarter. After the second quarter, it noted encouraging signs of recovery in the Pacific basin.
Geopolitics in the background
Globus set out the risks around the Persian Gulf, the Red Sea and the Black Sea, where disrupted trading patterns, elevated insurance costs and security exposure remain features of the trade.
On the escalation in Iran that followed the strikes at the end of February, the company’s assessment is that there was no significant impact on operations, financial position or performance in the 6 months to 30 June.
What comes next
The Japanese newbuilding program is approaching completion. Three 2024-built Ultramaxes, GLBS Hero, GLBS Might and GLBS Magic, joined the fleet through that year, alongside 2 Kamsarmax deliveries in November and December 2024.
With that spend winding down, management is looking at where capital goes next, and the balance sheet gives it room. Total assets stand at $294.1m against equity of $181.1m and debt of $105.4m, with cash of $31.8m including restricted cash. Debt sits at 36% of total assets. Vessels are carried at $250.4m.
Management is currently evaluating opportunities to deploy capital in a disciplined manner, supported by liquidity, operating cash flow and long-standing lender relationships. On a fleet averaging 8.7 years with no charter cover beyond 12 months, the case for acting while rates hold is a reasonable one to make.
SOURCE: Capital Link Editorial
