$GLBS

GLOBUS MARITIME LTD

CIK:0001499780|SEC Filings

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUE:
Voyage revenues	$ 44,206	$ 34,532	$ 30,840
Management & consulting fee income	0	338	365
Total Revenues	44,206	34,870	31,205
EXPENSES & OTHER OPERATING INCOME:
Voyage expenses	(2,214)	(1,805)	(3,936)
Vessel operating expenses	(18,239)	(14,342)	(16,090)
Depreciation	(10,012)	(6,236)	(4,725)
Depreciation of drydocking costs	(4,513)	(3,507)	(4,185)
Administrative expenses	(4,151)	(3,694)	(3,541)
Administrative expenses payable to related parties	(2,680)	(3,785)	(713)
Reversal of impairment	0	1,891	4,400
Gain from sale of vessel	2,137	2	3,876
Other (expenses)/income, net	(19)	5	(14)
Operating income	4,515	3,399	6,277
Interest income	1,529	2,766	2,634
Interest expense and finance costs, net	(8,133)	(6,289)	(4,354)
Gain from the modification of the Loan	461	0	417
Gain on derivative financial instruments	27	467	388
Foreign exchange gains/(losses), net	(146)	88	(90)
TOTAL INCOME/(LOSS) FOR THE YEAR	(1,747)	431	5,272
Other Comprehensive Income/(Loss)	0	0	0
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR	$ (1,747)	$ 431	$ 5,272
(Loss)/Income per share (U.S.$):
-Diluted income per share for the period	$ (0.08)	$ 0.02	$ 0.26
-Basic income per share for the period	$ (0.08)	$ 0.02	$ 0.26

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
(Loss)/Income for the year	$ (1,747)	$ 431	$ 5,272
Adjustments for:
Depreciation	10,012	6,236	4,725
Depreciation of deferred drydocking costs	4,513	3,507	4,185
Payment of deferred drydocking costs	(5,115)	(2,344)	(10,433)
Provision for staff retirement indemnities	62	20	23
Reversal of impairment	0	(1,891)	(4,400)
Gain on derivative financial instruments	(27)	(467)	(388)
Gain on sale of vessel	(2,137)	(2)	(3,876)
Interest expense and finance costs, net	8,133	6,289	4,354
Gain from the modification of the Loan	(461)	0	(417)
Interest income	(1,529)	(2,766)	(2,634)
Stock based compensation	1,340
Foreign exchange (gains)/losses, net	85	(69)	64
Trade accounts receivable	460	37	(1,042)
Inventories	(991)	30	1,772
Prepayments and other assets	1,090	(584)	1,098
Trade accounts payable	(1,458)	2,936	(3,385)
Accrued liabilities and other payables	(613)	(87)	355
Deferred revenue	(249)	9	272
Net cash generated from / (used in) operating activities	11,368	11,285	(4,455)
Cash flows from investing activities:
Vessel acquisition	0	(105,090)	0
Net Proceeds from sale of vessel	8,362	11,498	35,097
Advances for vessel acquisition	(7,520)	(7,522)	(19,074)
Repayment of Sellers' credit	(19,000)
Vessels' improvements	(317)	(522)	(161)
Purchases of office furniture and equipment	(12)	(51)	(37)
Interest received	1,529	2,766	2,634
Net cash generated from / (used in) investing activities	(16,958)	(98,921)	18,459
Cash flows from financing activities:
Proceeds from long-term borrowings and financial liabilities	1,400	76,000	25,000
Repayment of long-term borrowings and financial liabilities	(8,232)	(7,043)	(6,250)
Prepayment of long-term borrowings	(1,879)	(2,567)	(10,505)
(Increase)/decrease in restricted cash	1,370	(200)	2,348
Payment of financing costs	0	(986)	(406)
Payment of lease liability - principal	(339)	(310)	(321)
Interest paid	(7,313)	(4,623)	(2,501)
Net cash (used in) /generated from financing activities	(14,993)	60,271	7,365
Net increase / (decrease) in cash and cash equivalents	(20,583)	(27,365)	21,369
Cash and cash equivalents at the beginning of the year	46,837	74,202	52,833
Cash and cash equivalents at the end of the year	$ 26,254	$ 46,837	$ 74,202

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
NON-CURRENT ASSETS
Vessels, net	$ 233,191	$ 248,979
Advances for vessel purchase	22,573	15,051
Office furniture and equipment	75	101
Right of use asset	0	852
Restricted cash	2,000	2,770
Fair value of derivative financial instruments	0	181
Other non-current assets	10	10
Total non-current assets	257,849	267,944
CURRENT ASSETS
Current portion of fair value of derivative financial instruments	113	442
Trade accounts receivable, net	654	1,114
Inventories	2,217	1,226
Prepayments and other assets	1,283	2,373
Restricted cash	450	1,050
Cash and cash equivalents	26,254	46,837
Total current assets	30,971	53,042
TOTAL ASSETS	288,820	320,986
EQUITY
Issued share capital	86	82
Share premium	285,742	284,406
Accumulated deficit	(109,834)	(108,087)
Total equity	175,994	176,401
NON-CURRENT LIABILITIES
Long-term borrowings, net of current portion	51,735	59,270
Financial liabilities, net of current portion	49,528	50,014
Provision for staff retirement indemnities	253	191
Lease liabilities	0	531
Total non-current liabilities	101,516	110,006
CURRENT LIABILITIES
Current portion of long-term borrowings	6,097	6,946
Current portion of financial liabilities	1,885	1,860
Sellers' Credit	0	19,000
Trade accounts payable and other	1,967	3,589
Accrued liabilities and other payables	913	2,156
Current portion of lease liabilities	0	332
Deferred revenue	448	696
Total current liabilities	11,310	34,579
TOTAL LIABILITIES	112,826	144,585
TOTAL EQUITY AND LIABILITIES	$ 288,820	$ 320,986