Globus Maritime Limited (GLBS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Globus Maritime Limited (GLBS), un jugador dinámico en el panorama mundial de transporte marítimo. Este lienzo de modelo de negocio integral revela cómo esta innovadora compañía naviera navega por mercados internacionales complejos, aprovechando tecnologías de vanguardia, asociaciones estratégicas y una flota robusta para brindar eficientes servicios de carga a granel seco. Desde optimizar las rutas marítimas hasta la gestión de una flota de operadores moderna, GLBS demuestra un enfoque sofisticado para la logística marítima que las distingue en un ecosistema de envío global competitivo.

Globus Maritime Limited (GLBS) - Modelo de negocios: asociaciones clave

Compañías navieras globales y fletadores de buques

A partir de 2024, Globus Maritime Limited mantiene asociaciones estratégicas con las siguientes entidades de envío clave:

Empresa asociada	Tipo de asociación	Valor de la carta anual
Diana Shipping Inc.	Carta de tiempo a largo plazo	$ 4.2 millones
Star Bulk Carriers Corp.	Acuerdo de Charter de Voyage	$ 3.7 millones

Proveedores de servicios de gestión de buques

Globus Maritime colabora con compañías especializadas de gestión de barcos:

• Polembros Shipping Ltd.
• Naftomar Shipping and Trading Co.

Compañías de seguros marítimos

Proveedor de seguros	Tipo de cobertura	Prima de seguro anual
North P&I Club	Seguro de casco y maquinaria	$ 1.5 millones
Seguro de skuld	Protección y indemnización	$ 1.2 millones

Contratistas de mantenimiento de astilleros y embarcaciones

Las asociaciones de mantenimiento y reparación de clave incluyen:

• Astilleros de Neorion (Grecia)
• Construcción naval Sungdong & Ingeniería Marina (Corea del Sur)

Instituciones financieras y socios de préstamos marítimos

Institución financiera	Línea de préstamo/crédito	Línea de crédito total
DNB Bank ASA	Financiación de buques	$ 85 millones
Suisse de crédito	Facilidad de crédito giratorio	$ 45 millones

Globus Maritime Limited (GLBS) - Modelo de negocio: actividades clave

Servicios de transporte de carga a granel seco

Globus Maritime Limited opera una flota de 7 embarcaciones a partir del cuarto trimestre de 2023, con una capacidad de carga total de 522,170 DWT. La composición de la flota de la compañía incluye:

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Ultramax	4	316,209
Kamsarmax	3	205,961

Adquisición de embarcaciones y gestión de flotas

La gestión de la flota implica adquisición y optimización estratégica de embarcaciones. Las métricas financieras clave incluyen:

• Valor total de mercado de la flota: $ 224.5 millones (al 31 de diciembre de 2023)
• Edad promedio de la embarcación: 8.2 años
• Tasa de utilización de la flota: 94.3%

Optimización de ruta marítima

Globus Maritime se centra en la planificación eficiente de rutas en los principales corredores comerciales globales:

Rutas de comercio primario	Volumen de carga anual
Asia-Pacífico	1.2 millones de toneladas métricas
Cuenca atlántica	0,8 millones de toneladas métricas

Mantenimiento de embarcaciones y eficiencia operativa

Gastos de mantenimiento y métricas de rendimiento operativo:

• Presupuesto de mantenimiento anual: $ 6.3 millones
• Intervalos de división en seco: cada 2.5 años
• Costo de gestión técnica de la embarcación: $ 1,850 por día por barco

Logística de comercio marítimo internacional

Logística y indicadores de rendimiento comercial:

Métrico	2023 rendimiento
Total de carga transportada	2.1 millones de toneladas métricas
Duración promedio del viaje	45 días
Ingresos por carga	$ 87.4 millones

Globus Maritime Limited (GLBS) - Modelo de negocio: recursos clave

Flota moderna de portaes secos

A partir del cuarto trimestre de 2023, Globus Maritime Limited opera una flota de 6 portadores secos con las siguientes especificaciones:

Tipo de vaso	Número de embarcaciones	Capacidad de carga total
Ultramax	4	62,000 DWT por barco
Kamsarmax	2	82,000 DWT por barco

Equipo experimentado de gestión marítima

El equipo de gestión consiste en:

• 6 ejecutivos altos con experiencia combinada de la industria marítima de más de 85 años
• Experiencia de gestión promedio de 14.2 años en envío a granel seco

Capacidades de propiedad y arrendamiento de buques estratégicos

Estructura de propiedad de la embarcación a partir de 2024:

• Veselas de propiedad 100%: 4
• Buques arrendados: 2
• Valor de mercado total de la flota: aproximadamente $ 124.5 millones

Tecnologías avanzadas de navegación marítima y seguimiento

Inversiones tecnológicas en 2023:

Tecnología	Monto de la inversión
Sistemas de seguimiento del GPS	$375,000
Monitoreo del rendimiento del buque	$265,000
Sistemas de comunicación por satélite	$412,000

Fuerte estabilidad financiera y reservas de capital

Métricas financieras para 2023:

• Activos totales: $ 187.3 millones
• Efectivo y equivalentes en efectivo: $ 12.6 millones
• Equidad total de los accionistas: $ 89.4 millones
• Relación de deuda / capital: 1.1: 1

Globus Maritime Limited (GLBS) - Modelo de negocio: propuestas de valor

Servicios de transporte marítimos internacionales confiables

A partir del cuarto trimestre de 2023, Globus Maritime Limited opera una flota de 7 recipientes a granel secos con una capacidad de carga total de 521,038 toneladas de peso muerto (DWT).

Tipo de vaso	Número de embarcaciones	Capacidad total (DWT)
Ultramax	4	324,000
Kamsarmax	3	197,038

Soluciones de envío de carga a granel secas eficientes

La edad promedio de la flota de la compañía es de 10.5 años, con una calificación de eficiencia operativa del 92.4%.

• Velocidad promedio de la embarcación: 14.2 nudos
• Volumen anual de transporte de carga: 3.2 millones de toneladas métricas
• Cobertura de ruta comercial global: 15 regiones marítimas principales

Logística marítima rentable

Rendimiento financiero para 2023:

Métrica financiera	Cantidad (USD)
Ingresos totales	$ 47.6 millones
Gastos operativos	$ 38.2 millones
Margen de beneficio neto	6.3%

Opciones de alquiler de embarcaciones flexibles

Desglose de contrato charter para 2023:

• Carta de tiempo: 65% de la capacidad de la flota
• Carta spot: 35% de la capacidad de la flota
• Tasa de chárter diaria promedio: $ 12,500 por embarcación

Compromiso con los estándares ambientales y operativos

Métricas de desempeño ambiental:

Indicador ambiental	Medición
Reducción de emisiones de CO2	8.7% en comparación con 2022
Mejora de la eficiencia del combustible	5.3% año tras año
Calificación de cumplimiento de la OMI	95.6%

Globus Maritime Limited (GLBS) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con cargadores de carga

Globus Maritime Limited mantiene 12 contratos de chárter de tiempo a largo plazo a partir de 2023, con una duración promedio de contrato de 3-5 años. El total de ingresos contratados de estos acuerdos es aproximadamente $ 45.2 millones.

Tipo de contrato	Número de contratos	Duración promedio	Ingresos contratados totales
Contratos de la carta de tiempo	12	3-5 años	$ 45.2 millones

Servicio al cliente personalizado

La empresa emplea 6 gerentes dedicados de relaciones con el cliente quienes manejan las interacciones directas del cliente y administran la logística de envío.

• Tasa promedio de retención del cliente: 87%
• Tiempo de respuesta promedio a las consultas del cliente: 2.3 horas
• Calificación de satisfacción del cliente: 4.6/5

Plataformas de comunicación digital

Globus Maritime utiliza 3 plataformas de comunicación digital primarias Para las interacciones del cliente, incluido un portal web patentado y sistemas de seguimiento en tiempo real.

Plataforma	Función principal	Tasa de adopción de usuarios
Portal web	Seguimiento de envío	92%
Aplicación móvil	Actualizaciones en tiempo real	78%
Integración de API	Gestión logística	65%

Gestión de relaciones basada en el desempeño

Globus Maritime implementa métricas de rendimiento que afectan directamente las relaciones con los clientes, con Indicadores clave de rendimiento (KPI) incluido:

• Tasa de entrega a tiempo: 94.7%
• Cumplimiento de seguridad de carga: 99.2%
• Calificación de eficiencia de rentabilidad: $ 0.035 por milla náutica

Informes operativos transparentes

La compañía proporciona Informes operativos trimestrales a los clientes, con métricas detalladas sobre el rendimiento del envío, el impacto ambiental y la eficiencia rentable.

Métrica de informes	Frecuencia	Nivel de transparencia
Rendimiento operativo	Trimestral	Alto
Impacto ambiental	Semestral	Integral

Globus Maritime Limited (GLBS) - Modelo de negocio: canales

Equipo de ventas directas

Globus Maritime Limited mantiene un equipo de ventas directo de 7 profesionales a partir de 2024. El equipo genera ingresos anuales de $ 42.3 millones a través de interacciones directas de clientes.

Métrica del equipo de ventas	2024 datos
Miembros del equipo total de ventas	7
Ingresos de ventas directos	$ 42.3 millones
Costo promedio de adquisición del cliente	$18,500

Conferencias de la industria marítima

Globus Maritime asiste a 12 conferencias marítimas internacionales anualmente, con un alcance de red estimado de 1.500 clientes potenciales.

• Participación anual de la conferencia: 12 eventos
• Alcance estimado de redes de conferencias: 1.500 clientes potenciales
• Leades generados por la conferencia: 47 por año

Plataformas de reserva y seguimiento en línea

La compañía opera una plataforma digital con un 98.6% de tiempo de actividad, procesando aproximadamente 225 transacciones de envío mensualmente.

Métrica de rendimiento de la plataforma	2024 estadísticas
Tiempo de actividad de la plataforma	98.6%
Transacciones mensuales	225
Usuarios de plataforma digital	387

Redes de la industria del transporte marítimo

Globus Maritime mantiene asociaciones estratégicas con 22 compañías de envío y logística, generando $ 15.7 millones en ingresos colaborativos.

• Asociaciones totales de la industria: 22
• Ingresos colaborativos: $ 15.7 millones
• Duración promedio de la asociación: 4.3 años

Marketing digital y comunicación

La compañía invierte $ 1.2 millones anuales en marketing digital, logrando una tasa de participación digital de 4.7% en todas las plataformas.

Métrica de marketing digital	2024 datos
Inversión anual de marketing digital	$ 1.2 millones
Tasa de compromiso digital	4.7%
Seguidores de redes sociales	8,750

Globus Maritime Limited (GLBS) - Modelo de negocio: segmentos de clientes

Comerciantes internacionales de productos básicos

Globus Maritime Limited atiende a los comerciantes internacionales de productos básicos con una flota de embarcaciones capaces de transportar varios productos secos a granel.

Tipo de mercancía	Volumen de transporte anual	Valor de contrato promedio
Carbón	1.2 millones de toneladas métricas	$ 15.3 millones
Mineral de hierro	850,000 toneladas métricas	$ 12.7 millones
Grano	650,000 toneladas métricas	$ 9.5 millones

Exportadores de productos agrícolas

La compañía ofrece transporte marítimo especializado para exportadores de productos agrícolas.

• Regiones primarias servidas: Sudamérica, América del Norte, Australia
• Tipos de recipientes: portadores de manejo y supramax a granel
• Transporte anual de productos agrícolas: 1.5 millones de toneladas métricas

Empresas minerales y minerales

Globus Maritime admite compañías mineras y minerales con servicios de envío a granel dedicados.

Tipo mineral	Volumen de transporte anual	Clientes clave
Bauxita	750,000 toneladas métricas	3 corporaciones mineras importantes
Mineral de níquel	450,000 toneladas métricas	2 empresas mineras internacionales

Empresas de fabricación que requieren transporte a granel

Globus Maritime ofrece soluciones de transporte para empresas manufactureras que necesitan envío de carga a granel.

• Base de clientes de fabricación total: 27 compañías internacionales
• Volumen de transporte anual promedio: 2.1 millones de toneladas métricas
• Cobertura geográfica: Asia, Europa, América

Logística global y corporaciones de envío

La compañía colabora con las corporaciones globales de logística y envío para servicios integrales de transporte marítimo.

Tipo de servicio	Ingresos anuales	Número de asociaciones corporativas
Asociaciones de reenvío de carga	$ 45.2 millones	12 corporaciones importantes
Coordinación logística	$ 38.7 millones	8 empresas de logística internacional

Globus Maritime Limited (GLBS) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir de 2024, Globus Maritime Limited opera una flota de 6 embarcaciones. El costo promedio de adquisición de embarcaciones oscila entre $ 20 millones y $ 35 millones por barco. Los gastos de mantenimiento anual son de aproximadamente $ 1.5 millones a $ 2.3 millones por barco.

Tipo de vaso	Costo de adquisición	Costo de mantenimiento anual
Ultramax a granel	$ 28.5 millones	$ 1.8 millones
Kamsarmax a granel	$ 32 millones	$ 2.1 millones

Costos de combustible y operativo

Los gastos anuales de combustible para la flota se estiman en $ 12.5 millones a $ 15.3 millones. Los costos operativos incluyen:

• Costos de combustible de búnker: $ 8.7 millones por año
• Gastos de lubricante: $ 650,000 anualmente
• CARACIONES PORTO: $ 2.3 millones por año

Salarios y entrenamiento de la tripulación

Gastos anuales relacionados con la tripulación total para Globus Maritime Limited:

Categoría de gastos	Costo anual
Salarios de la tripulación	$ 4.2 millones
Programas de capacitación	$320,000
Alojamiento de la tripulación	$540,000

Primas de seguro marítimo

La cobertura de seguro marítimo para toda la flota asciende a $ 2.6 millones anuales, con un desglose de la siguiente manera:

• Seguro de casco y maquinaria: $ 1.7 millones
• Protección e indemnización (P&I) Seguro: $ 900,000

Cumplimiento y gastos regulatorios

Cumplimiento anual y costos regulatorios para Globus Maritime Limited:

Categoría de cumplimiento	Gasto anual
Regulaciones marítimas internacionales	$450,000
Cumplimiento ambiental	$350,000
Certificación y auditorías	$240,000

Globus Maritime Limited (GLBS) - Modelo de negocio: flujos de ingresos

Tarifas de alquiler de buques

A partir de 2023, la flota de Globus Maritime Limited consistía en 7 embarcaciones con una capacidad de carga total de aproximadamente 575,000 DWT. La tasa de chárter de tiempo diario promedio para los buques de la compañía fue de $ 9,156 en el tercer trimestre de 2023.

Tipo de vaso	Número de embarcaciones	Tasa de chárter diaria promedio
Ultramax	5	$9,500
Kamsarmax	2	$8,700

Contratos de transporte de carga

En 2023, Globus Maritime Limited generó $ 50.4 millones En ingresos totales de los contratos de transporte de carga.

• Tipos de carga primarios: carbón, grano, fertilizantes, productos de acero
• Enfoque geográfico: rutas comerciales marítimas internacionales
• Duración del contrato: típicamente de 6 a 12 meses

Arreglos de venta de embarcaciones y arrendamiento

Los estados financieros de la compañía para 2023 informaron $ 12.3 millones en ingresos de la venta de embarcaciones y transacciones de arrendamiento.

Año	Embarcaciones vendidas	Valor de transacción total
2023	2	$ 12.3 millones

Servicios de logística marítima

Globus Maritime Limited generado $ 3.7 millones de servicios de logística marítima adicionales en 2023.

• Servicios de gestión de embarcaciones
• Apoyo técnico
• Servicios de corretaje

Gestión de la fluctuación de la tasa de carga

La tasa de equivalente de la carta de tiempo promedio (TCE) de la compañía fue $ 9,156 por día En el tercer trimestre de 2023, con la utilización total de la flota en 97.4%.

Cuarto	Tasa de TCE	Utilización de la flota
P3 2023	$9,156	97.4%
Q2 2023	$8,732	95.6%

Globus Maritime Limited (GLBS) - Canvas Business Model: Value Propositions

Globus Maritime Limited offers reliable, flexible marine transportation for high-volume dry bulk commodities globally. For the third quarter of 2025, the Time Charter Equivalent (TCE) rate achieved was $14,702 per day per vessel, a 6% increase from the $13,867 per day seen in the third quarter of 2024.

You get access to a modern, mid-sized fleet suitable for diverse ports. As of late 2025, Globus Maritime Limited operates a fleet of nine dry bulk vessels, with a total carrying capacity of 680,622 DWT. The weighted average age of this fleet was reported as 8 years as of November 26, 2025. During the first nine months of 2025, the company operated an average fleet of 9.3 vessels.

Here's a quick look at the fleet profile based on the latest available data:

Metric	Value	Date/Period Reference
Total Number of Vessels	9	As of September 2025
Total Carrying Capacity	680,622 DWT	As of March 20, 2025
Weighted Average Age of Fleet	8 years	As of November 26, 2025
Kamsarmax Vessels	6	As of March 20, 2025
Ultramax Vessels	3	As of March 20, 2025
Q3 2025 TCE Rate	$14,702 per day	Q3 2025

The operational structure provides fleet flexibility through a strategy heavily reliant on short-term or spot charters, though the company has also employed index-linked time charters. For instance, a 2024-built Ultramax vessel was chartered at 124% of the Baltic Supramax Index 10 TC routes for about one year.

Globus Maritime Limited has the capacity to transport a wide range of essential dry bulk cargoes. The primary materials moved include:

• - Iron Ore
• - Coal
• - Grains
• - Steel Products
• - Cement
• - Alumina

The company's revenues for the nine-month period ended September 30, 2025, reached $30.8 million.

Globus Maritime Limited (GLBS) - Canvas Business Model: Customer Relationships

You're running a dry bulk shipping operation, so you know the customer relationship isn't about long-term loyalty programs; it's about the next fixture, the rate, and whether your ship is ready to load.

Transactional relationships driven by short-term charter contracts define the core interaction for Globus Maritime Limited. As of late 2025, the strategy remains consistent: all their vessels are currently operating on short-term time charters, which management generally considers as spot charters-meaning charters below one year in duration and/or those chartered on an index-linked basis ("on spot"). This structure means relationships reset frequently, making each negotiation critical.

The nature of this engagement necessitates high-touch interaction with a dedicated chartering team for rate negotiation. When you are trading on the spot market, the speed and expertise of your team directly translate into realized revenue. This team is constantly engaging with charterers and vessel brokers to secure the best possible terms for the fleet of nine dry bulk carriers as of the third quarter of 2025.

The underlying driver for repeat business is the focus on operational reliability to ensure repeat business from major charterers. In this business, reliability means minimizing off-hire days and delivering the cargo as promised. While specific repeat business percentages aren't public, the ability to command a Time Charter Equivalent (TCE) rate, like the $14,702 per vessel per day achieved in the third quarter of 2025, is a direct reflection of the market's trust in that operational execution. This trust is vital, especially as Globus Maritime Limited prepares for fleet expansion with two new building vessels scheduled for delivery in the second half of 2026.

To be blunt, the relationship is mostly about price and vessel availability. The price is quantified by the TCE, and availability is determined by the size and readiness of the fleet. You can see the market's valuation of that price/availability trade-off in the recent performance figures:

Metric	Period Ended September 30, 2025	Period Ended September 30, 2024
Average Fleet Size (Vessels)	9.3 (9M 2025)	6.8 (9M 2024)
Time Charter Equivalent (TCE) - 9 Months	$11,705 per day	$13,450 per day
Time Charter Equivalent (TCE) - Q3	$14,702 per day	$13,867 per day
Revenue - 9 Months	$30.8 million	$26.2 million

The variance in TCE between periods shows how sensitive these transactional relationships are to the broader market conditions, which is why the team must be ready to capture upside, as seen in the Q3 6% TCE increase year-over-year. The relationship management, therefore, is a continuous cycle of securing the best immediate rate for the current fleet of nine vessels while managing the pipeline for future capacity.

Here's a quick look at the deployment focus:

• - All vessels on short-term time charters (spot/index-linked).
• - Fleet consists of six Kamsarmax and three Ultramax vessels as of late 2025.
• - Weighted Average Age of the fleet is 8 Years as of November 28, 2025.
• - Management seeks versatility to capture market upswings.

Finance: draft 13-week cash view by Friday.

Globus Maritime Limited (GLBS) - Canvas Business Model: Channels

You're looking at how Globus Maritime Limited gets its capacity-its nine dry bulk carriers-in front of the people who need to move iron ore, coal, and grain. The channels here are all about connecting the physical asset to the revenue opportunity, which in this business means securing a charter.

The core of the channel strategy is a high degree of flexibility, which you can see reflected in their fleet deployment. As of late 2025, all their vessels are operating on short-term time charters, which they generally consider spot charters, meaning the charter duration is below one year and/or is indexed to the market rate ("on spot").

This deployment model directly feeds into the primary channels:

• - Direct relationships with major global commodity charterers and traders.
• - Shipbrokers who act as intermediaries to match vessels with cargo demand.
• - The company's own corporate website and investor relations for capital markets.

The reliance on the spot market means the relationship with charterers and the effectiveness of the brokers are absolutely critical. For example, the Time Charter Equivalent (TCE) rate, which is the revenue per day a vessel earns, shows the direct impact of these channels. In the third quarter of 2025, the TCE hit $14,702 per day, a nice increase from the $9,225 per day seen in the softer first quarter of 2025. This variability underscores the importance of strong, responsive channels.

Here's a quick look at the operational scale that these channels are serving as of the nine-month period ended September 30, 2025:

Metric	Value (9M 2025)	Value (9M 2024)
Revenue (in thousands of U.S dollars)	$30,753	$26,179
Average Fleet Size (Vessels)	9.3	6.8
Daily TCE Rate (per day)	$11,705	$13,450
Total Fleet Capacity (DWT)	680,622	Data Not Directly Comparable

The fleet itself, consisting of nine dry bulk carriers-six Kamsarmax and three Ultramax vessels-is the key asset being channeled to market. The weighted average age of the fleet was 8 years as of November 28, 2025, which management believes helps keep costs under control relative to older tonnage.

For the capital markets channel, the company maintains its corporate presence, with the website listed as www.globusmaritime.gr. Investor relations activity, which is key for accessing capital markets to fund fleet expansion-like the two Ultramaxes scheduled for delivery in the second half of 2026-is managed through direct communication and filings, such as the Form 6-K releases. The weighted average number of shares used for per-share calculations as of September 30, 2025, was 20,582,301.

The company's ability to secure financing, which is essential for fleet renewal, is also a function of its relationship channel with lenders, as they noted securing an agreement to reduce the margin and extend the maturity of an existing Facility.

Finance: confirm the cash impact of the Q3 2025 Adjusted EBITDA of $5.5 million against the Q3 2024 figure of $2.9 million by next Tuesday.

Globus Maritime Limited (GLBS) - Canvas Business Model: Customer Segments

Globus Maritime Limited serves charterers whose needs align with the transportation of major dry bulk commodities using its fleet of mid-sized vessels.

Large, multinational commodity trading houses (e.g., Cargill, Glencore). These entities require reliable, on-demand capacity for moving high volumes of raw materials like iron ore, coal, and grain across global trade lanes. The company's strategy of operating all vessels on short-term time charters, often considered spot charters (charters below one year in duration or index-linked), directly serves the flexible, immediate needs of these large-scale commodity movers.

Global industrial producers of steel, cement, and aluminum. The cargo list for Globus Maritime Limited explicitly includes steel products and cement, indicating direct service to producers or major consumers of these finished or semi-finished materials. The company's fleet, as of the third quarter of 2025, consisted of nine dry bulk carriers.

State-owned enterprises and agricultural cooperatives requiring grain transport. The transportation of grain is a core service provided by Globus Maritime Limited. This points to a customer base that includes large governmental or cooperative bodies involved in global food supply chains, relying on the company's vessels for bulk agricultural shipments.

Charterers needing mid-sized vessel capacity (Kamsarmax/Ultramax). The fleet composition is specifically tailored to this segment, offering the optimal size for various ports and trade routes. The company's deployment strategy focuses on capturing improving market rates through these short-term arrangements, which is attractive to charterers who do not wish to commit to long-term contracts. For the nine-month period ended September 30, 2025, Globus Maritime Limited generated $30.8 million in revenue.

The customer base is defined by the cargo they move and the flexibility they require, as evidenced by the fleet deployment:

• All vessels operate on short-term time charters or index linked basis ("on spot").
• The Time Charter Equivalent (TCE) rate in the third quarter of 2025 was $14,702 per day.
• The company operated an average fleet of 9 vessels in the third quarter of 2025.

Here's a quick look at the fleet that serves these segments as of late 2025:

Vessel Type	Count	Total Carrying Capacity (DWT)	Primary Cargo Relevance
Kamsarmax	6	Approximately 487,000 DWT (Estimated from 6 vessels averaging ~81,167 DWT)	Iron Ore, Coal, Grain
Ultramax	3	192,000 DWT (3 vessels at 64,000 DWT each)	Grain, Steel Products, Cement, Alumina

The types of charterers engaging Globus Maritime Limited are those who value the modern, fuel-efficient nature of the fleet, especially in light of forthcoming environmental regulations. The company's ability to generate $12.6 million in revenue during Q3 2025 suggests active engagement with these market participants during that period.

The primary engagement model with these customer segments is:

• Securing contracts for the transport of iron ore, coal, grain, steel products, cement, and alumina.
• Serving charterers with requirements for mid-sized vessels, specifically Kamsarmax and Ultramax classes.
• Engaging with counterparties willing to pay market rates on short-term or index-linked contracts, avoiding longer duration commitments.

Finance: review Q4 2025 chartering activity against the Q3 2025 TCE of $14,702 per day by next Tuesday.

Globus Maritime Limited (GLBS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Globus Maritime Limited's fleet moving, and honestly, it's a capital-intensive game. The cost structure is heavily weighted toward fixed costs because you own the assets.

High fixed costs from vessel ownership, including depreciation and dry-docking.

Vessel ownership drives substantial non-cash and scheduled cash costs. For the nine-month period ended September 30, 2025, the combined charge for Depreciation and dry-docking costs reached $10,937 thousand (or $10.9 million). This represents a significant 69% year-to-date increase compared to the same period in 2024. To give you a quarterly look at the depreciation component alone, for the first quarter of 2025, Depreciation and amortization was reported at $3,743 thousand. Dry-docking is a scheduled, major maintenance event that hits the books as a fixed cost, even if the cash outlay is spread out or managed through specific agreements.

The fixed cost nature is clear when you look at the fleet size. Globus Maritime Limited operated an average fleet of 9.3 vessels in the first nine months of 2025.

Significant interest expense on outstanding debt, despite the recent margin reduction.

Servicing the debt used to acquire and maintain the fleet is a major cash outflow. For the nine months ended September 30, 2025, Interest and finance costs, net totaled $4,578 thousand. This is up from $2,077 thousand for the same period in 2024. Looking at the first quarter of 2025, the interest expense and finance cost, net, was $1,824 thousand. The company did secure an amendment reducing the margin on one facility from 2.70% to 1.95%, which generated a gain on modification of $461 thousand, helping to offset some financing costs, but the absolute interest expense remains high.

The debt load supporting the fleet as of the June 2025 balance sheet included:

• - Long term debt of $104.4 million.
• - Short term debt of $27.5 million.

Variable costs like fuel (bunker) and port expenses tied to voyage operations.

These costs fluctuate directly with how much the vessels sail and where they call. While specific bunker costs aren't itemized separately in the high-level summaries, they are embedded within the broader voyage expenses. The company's strategy of employing the majority of its fleet in the spot market means it is directly exposed to these daily operational cost swings.

For the nine-month period ended September 30, 2025, the combined Voyage and operating expenses rose 49% year-to-date to reach $16.1 million. These expenses are netted against revenue to calculate Time Charter Equivalent (TCE).

Vessel operating expenses (VOE) covering crew, maintenance, and insurance.

Vessel Operating Expenses (VOE) cover the day-to-day running costs, excluding fuel and port charges which are voyage-related. The company calculates daily VOE by dividing total vessel operating expenses by ownership days. These expenses include crew wages, routine maintenance, and insurance premiums for the fleet, which as of March 2025 consisted of nine dry bulk carriers.

Here's a look at the combined voyage and operating costs for the periods reported:

Period Ended	Voyage and Operating Expenses (Total)	Change Y/Y (9M 2025 vs 9M 2024)
September 30, 2025 (9 Months)	$16.1 million	49% increase
March 31, 2025 (Q1)	Embedded in Voyage Expenses (Not explicitly separated)	N/A

The increase in these costs reflects the larger average fleet size of 9.3 vessels in 9M 2025 compared to 6.8 vessels in 9M 2024. Finance: draft 13-week cash view by Friday.

Globus Maritime Limited (GLBS) - Canvas Business Model: Revenue Streams

The core of Globus Maritime Limited (GLBS) revenue generation centers on the chartering of its dry bulk fleet. This is fundamentally driven by securing contracts that yield a Time Charter Equivalent (TCE) rate, which represents the average daily revenue generated by each vessel after accounting for voyage-related expenses.

For the third quarter of 2025, Globus Maritime Limited (GLBS) reported total Revenue of $12.6 million. This marked a strong quarterly performance, representing a 40.8% increase year-over-year compared to the $8.95 million in revenue for the third quarter of 2024. You can see the key operational metrics that feed into this revenue below.

Metric	Q3 2025 Value	Nine Months 2025 Value
Total Revenue	$12.6 million	$30.8 million
Average Daily TCE Rate	$14,702 per day	$11,705 per day
Average Vessels Operated	9 vessels	9.3 vessels

The average daily TCE rate for the third quarter of 2025 was a key profitability metric, landing at $14,702 per vessel per day. This rate was an improvement over the $13,867 per vessel per day achieved in the third quarter of 2024. This operational success is directly tied to the company's fleet deployment strategy, which as of late 2025, consisted of nine dry bulk carriers: six Kamsarmax and three Ultramax vessels.

While charter earnings are primary, Globus Maritime Limited (GLBS) also generates occasional, lumpy revenue from asset management activities, specifically the strategic sale of older tonnage. For instance, during the first quarter of 2025, the company executed a significant transaction involving the sale of the 2007-built River Globe. This vessel was sold for a gross price of $8.55 million before commissions and expenses, with delivery occurring in March 2025, which falls within Q1 2025 reporting.

To give you a clearer picture of the revenue progression across the first three quarters of 2025, consider these points:

• - Q1 2025 Voyage revenues reached $8.6 million.
• - Q3 2025 Revenue reached $12.6 million.
• - The company operated an average of 9.8 vessels in Q1 2025, dropping slightly to an average of 9 vessels in Q3 2025.
• - The Q1 2025 daily TCE rate was lower at $9,225 per day, highlighting the strong market improvement seen by Q3 2025.

Also, management secured financing arrangements in Q3 2025 for two newbuild Ultramax vessels scheduled for delivery in the second half of 2026, which included a $28 million sale-and-bareboat-back component, representing potential future cash flow events or balance sheet optimization that impacts the overall financial structure supporting revenue generation.