Quarterly ResultJun 10, 2026, 04:17 PM
Globus Maritime Q1 Revenue Jumps 42% to $12.2M; Net Income Turns Positive
AI Summary
Globus Maritime Limited reported strong financial results for the first quarter ended March 31, 2026. Revenue increased by 42% to $12.2 million, and Adjusted EBITDA grew significantly to $6.2 million, up from $2 million in the prior year. The company also saw a substantial rise in its Time Charter Equivalent (TCE) rate to $15,706 per day. This performance led to a net income of $1.1 million for the quarter, a turnaround from a net loss in the same period last year. Globus Maritime operates a fleet of nine dry bulk carriers and anticipates taking delivery of two new vessels later in the year.
Key Highlights
- Globus Maritime reported Q1 2026 revenue of $12.2 million, a 42% increase from $8.6 million in Q1 2025.
- Adjusted EBITDA for Q1 2026 was $6.2 million, up from $2 million in Q1 2025.
- Time Charter Equivalent (TCE) rate increased to $15,706 per day in Q1 2026 from $9,370 per day in Q1 2025.
- Net income for Q1 2026 was $1.1 million ($0.05 per share), compared to a net loss of $1.5 million ($0.07 per share) in Q1 2025.
- The company's fleet consists of nine dry bulk carriers, with a weighted average age of 8.5 years as of June 10, 2026.
- All vessels are currently operating on short-term time charters.
- The company expects to take delivery of two fuel-efficient Ultramax vessels later in the year.
Price Impact
More from GLBS