Globus Maritime reports Q2 EPS 16c, consensus 4c

Reports Q2 revenue $9.5M, consensus $7.8M.”We are pleased to deliver once again positive half year results whilst maintaining a healthy balance sheet and remaining committed to renew and expand our fleet with modern and fuel-efficient vessels. The chartering market so far in 2024, albeit not spectacular, has been relatively healthy. Various dynamics and cargo flows keep shifting constantly, we have managed to remain profitable and keep our operating costs at reasonable levels and the fleet utilization high. Notwithstanding the significant geopolitical challenges around the world, we are navigating through these challenges without having to forego market opportunities that may appear. 2024 so far has been a significant year for the Company, having taken delivery of two newbuilding Ultramaxes and expecting to take delivery of a third one shortly. In addition to these vessels, we also have two newbuilding vessels being built in Japan to be delivered in 2026. At the same time, we have disposed of a 2005 Panamax for a gain. Furthermore, we managed to finance the new vessels acquired under what we view as favorable terms and conditions. It is so satisfactory to see our new vessels competitive and sought after by reputable charterers and currently trading at premiums to the BSI 58 index; additionally, and so far, they have proven to be significantly more efficient than the older Supramaxes replaced in the fleet. We continue to evaluate newbuildings of larger size as well as alternative fuel options and at the same time keep an eye in the secondhand market examining possibilities for further expansion of the fleet with fuel-efficient vessels. Internal discussions are ongoing regarding the options we see in the market, the prices and the delivery positions. At the same time, we are exploring various financing opportunities that open up to new markets across the globe. Our goal is to create and expand shareholder value while maintaining a healthy balance sheet as well as meeting or exceeding the safety and quality standards of our industry and customers.”