Globus ‘positive’ on dry bulk prospects despite ‘seasonal’ loss

GLOBUS Maritime slid to a wider first-quarter loss this year but has voiced confidence in both the dry bulk market and the company’s own fast-modernising fleet.

“We have a positive view of the medium- and long-term prospects of the industry,” said the company’s management in a statement.

“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 capitalise on the new regulatory environment.”

The Nasdaq-listed owner took delivery of three ultramax newbuildings last year, reducing the current average age of its nine-vessel fleet on the water to 7.5 years.

The company’s oldest vessel, the 2007-built River Globe (now SW Apple (IMO: 9464168)), was sold earlier this year, while two more ultramax newbuildings in Japan are scheduled for delivery next year and were described as “progressing smoothly”.

Athanasios Feidakis-led Global also said it had completed a first test voyage using biofuel with success.

The voyage was carried out with the use of a sustainable biofuel blend, and the trial was carefully monitored to assess engine performance, fuel consumption and overall operational impact, said the company.

There were “no technical issues encountered during the journey”, it added.

First-quarter voyage revenues increased by 13% to $8.6m although this was thanks to an increase in the size of the fleet.

In a seasonally weak quarter that was “further affected by geopolitical and economic factors around the world”, Globus saw its average time charter equivalent rate sink to $9,225 per vessel per day, from $11,862 in the year-ago quarter.

The company posted a net loss of $1.5m versus a $300,000 loss in the first quarter of 2024.

“We are now operating a much younger, more fuel-efficient fleet that allows us to keep our costs under control,” said management.

“We have an excellent relationship with our lenders which allows us to explore various financing options and tools to further expand and modernise our fleet.”