Globus Maritime Limited (GLBS): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the strategy for a modern dry bulk player, and Globus Maritime Limited definitely presents an interesting case study right now. Honestly, they are running a lean operation-9 vessels generating $12.6 million in Q3 2025 revenue with a solid $14,702 average daily rate-but the real focus is on the future. They are backing that short-term charter flexibility with serious capital, securing $53 million for two new, fuel-efficient Ultramax vessels set for 2026 delivery. If you want to see precisely how this Greek-based management team links its asset base, high-touch chartering relationships, and significant debt management into a clear path forward, check out the full nine-block canvas we've broken down below.

Globus Maritime Limited (GLBS) - Canvas Business Model: Key Partnerships

You're looking at the relationships Globus Maritime Limited relies on to keep its fleet moving and growing, which is the core of its business. These partnerships are where the financing, building, and day-to-day running of the ships happen.

The financing structure for the fleet renewal is a clear example of these critical external ties. Globus Maritime Limited has secured financing arrangements for the two Ultramax vessels scheduled for delivery in the second half of 2026. This includes a $25 million loan facility, which was amended in September 2025 with one of its existing Lenders, First Citizens Bank & Trust Company, to extend maturity dates and reduce the applicable margin to 1.95% over Term SOFR.

Also crucial for the newbuilds is a $28 million sale and bareboat back agreement arranged for the two vessels under construction. While the specific bareboat-back partner for this $28 million arrangement isn't detailed in the latest reports, a similar, earlier transaction provides a concrete model.

Here's a look at the known financing and asset-backed partnership details:

Regarding the construction of the two Ultramax vessels due in the second half of 2026, the total consideration for the construction was approximately $75.5 million, including extras. One of these is slated to be built at a reputable shipyard in Japan. Note that the GLBS Magic, delivered in September 2024, was built at Nantong Cosco Khi Ship Engineering Co., Ltd. shipyard in China.

Daily operations rely heavily on internal expertise. Globus Maritime Limited manages its fleet through its subsidiary, which provides in-house commercial and technical management services. The corporate office for these management functions is located at 128 Vouliagmenis Avenue; 3rd Floor, Glyfada; Athens, 166 74; Greece. The annual meeting of shareholders was held at the offices of Globus Shipmanagement Corp..

For securing employment for the fleet, which as of August 11, 2025, consisted of 9 dry bulk vessels totaling 680,622 deadweight tonnage (DWT) with an average age of 7.7 years, the company uses shipbrokers. While specific broker names aren't in the latest reports, the results of these chartering partnerships are clear in the operational metrics. For instance, the average daily rate achieved in the third quarter of 2025 was $14,702 per day.

You can see the structure of the operational partnerships below:

• - Financial institutions providing the $25 million loan facility for newbuilds: First Citizens Bank & Trust Company.
• - Shipyards in Japan and China constructing the two Ultramax vessels for 2026 delivery: One vessel confirmed to be built at an undisclosed shipyard in Japan.
• - Bareboat-back partners involved in the $28 million financing arrangement: Partner for the newbuilds is not specified, but an existing partner is an unrelated Japanese third party for the GLBS Magic.
• - Technical and commercial managers handling daily vessel operations and crewing: Globus Shipmanagement Corp. / In-house subsidiary management.
• - Major global shipbrokers facilitating short-term charter agreements: Specific names aren't public in the Q3 2025 filings, but they secure rates like the Q3 2025 average of $14,702 per day.

Finance: draft 13-week cash view by Friday.

Globus Maritime Limited (GLBS) - Canvas Business Model: Key Activities

You're looking at the core actions Globus Maritime Limited takes to keep the ships moving and the balance sheet healthy as of late 2025. It's a mix of day-to-day operations, smart financing, and planning for the next generation of vessels.

Operating and maintaining a fleet of 9 dry bulk carriers globally is the foundation. As of the third quarter of 2025, Globus Maritime Limited operated an average fleet of 9 vessels during that quarter, up from 6.7 vessels in Q3 2024. For the first nine months of 2025, the average fleet size was 9.3 vessels, a clear increase from the 6.8 vessels operated in the corresponding 2024 period. As of November 28, 2025, the operating fleet stands at nine dry bulk vessels with a total carrying capacity of 680,622 Dwt and a weighted average age of 8 years. This activity also involved managing fleet changes; for instance, the 2007-built River Globe was sold in March 2025 for a gross price of $8.55 million.

The next critical activity is securing short-term time charters at optimal daily Time Charter Equivalent (TCE) rates. The chartering strategy is nimble, focusing on short-term or index-linked arrangements, meaning all vessels are currently operating on short-term time charters, often referred to as spot charters. The results show this paid off in Q3 2025, where the Daily TCE rate hit $14,702 per day, marking a 6% increase over Q3 2024's $13,867 per day. However, the nine-month average TCE for 2025 was $11,705 per day, reflecting a 13% decline from the $13,450 per day achieved in the first nine months of 2024, due to weaker market conditions in the first half of 2025.

Strategic financial management is clearly a focus, especially given the market volatility. Globus Maritime Limited recently amended its CIT loan facility, which is a key debt restructuring action, successfully reducing the margin from 2.70% to 1.95% and extending the maturity. This action alone generated a gain on modification of $461 thousand. Furthermore, the company secured financing for its upcoming newbuilds through a combination of a $25 million loan and a $28 million sale-and-bareboat-back arrangement. This financial maneuvering helps maintain a robust balance sheet.

Overseeing the construction and delivery of new, fuel-efficient vessels is the long-term asset renewal activity. The company is continuing its expansion efforts with two Ultramax newbuildings under construction in Japan. These new, fuel-efficient vessels are scheduled for delivery in the second half of 2026. The total consideration for the construction of these two ultramax newbuildings was approximately $75.5 million.

Finally, compliance with evolving international maritime environmental regulations is managed through proactive steps. The company is diligently preparing for forthcoming rules like FuelEU Maritime and the IMO's revised carbon intensity regulations. A concrete step taken was successfully completing the first test voyage using biofuel, which sets the stage for aligning with future environmental mandates.

Finance: review the cash impact of the $28 million sale-and-bareboat-back by next Tuesday.

Globus Maritime Limited (GLBS) - Canvas Business Model: Key Resources

You're looking at the core assets Globus Maritime Limited uses to deliver its value proposition in the dry bulk shipping market as of late 2025. These aren't just paper figures; these are the physical and financial levers the company pulls every day.

The physical backbone is the fleet, which as of November 28, 2025, consists of 9 dry bulk carriers, totaling 680,622 Dwt capacity. This fleet is actively being modernized.

Here's the quick math on the fleet composition based on the latest available data:

The technical know-how is directly tied to maintaining this asset base. The weighted average age of the fleet as of November 26, 2025, stands at 8 years. This relatively modern age suggests better compliance with environmental regulations and potentially lower maintenance downtime, which is key for maximizing revenue days.

On the financial side, capital access is crucial for growth and stability. Globus Maritime Limited has successfully secured financing for its two newbuilding vessels, which are scheduled for delivery in the second half of 2026. This new capital structure is comprised of a $25 million loan facility and a $28 million sale and bareboat back agreement, totaling $53 million in newbuild financing. Also, the company recently amended an existing credit facility, which reduced the applicable margin to 1.95% from 2.70%.

The operational expertise is centralized through its management structure:

• - Management is based in Glyfada, Greece.
• - Operations are handled by the wholly-owned subsidiary, Globus Shipmanagement Corp..
• - The leadership, including President and CEO Athanasios Feidakis, specializes in the dry bulk sector.

You can see the tangible results of these resources in their Q3 2025 performance, where revenue hit $12.6 million, leading to a net income of $0.7 million. Finance: draft 13-week cash view by Friday.

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:

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:

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.

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:

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:

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:

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.

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.